Not-guilty corruption verdict appealed to Supreme Court of Iceland

Iceland’s state prosecutor has decided to appeal the recent Reykjavik District Court decision to acquit the three defendants in the suspicious loan case involving Exeter Holdings, Byr savings bank and MP Bank.

Ragnar Zophonias Gudjonsson, the former director of Byr, Jon Thorsteinn Jonsson, former chairman of the same bank, and Styrmir Thor Bragason, former director of MP Bank, were all found not-guilty of breach of trust last week in the so-called Exeter case. One of the case’s three judges entered a special verdict; voting to let Bragason off but find the other two guilty, reports.

Read more about the case here.

The state prosecutor has now made the decision to appeal the case to the Supreme Court of Iceland. Sigridur Elsa Kjartansdottir confirmed the decision yesterday.

The case is currently adjourned and waiting with the Supreme Court at least until September, if not longer.

Special Prosecutor into the banking crash, Olafur Th. Hauksson, will likely be pleased with the State Prosecutor’s choice, as the Exeter case was one of his team’s biggest test cases to date.