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Former Kaupthing CEO jailed

By Aðalsteinn Kjartansson
Hreidar Mar Sigurdsson, former chief executive of Kaupthing bank, has begun serving his five and a half years prison sentence.
Hreidar Mar Sigurdsson, former chief executive of Kaupthing bank, has begun serving his five and a half years prison sentence. Vísir
Hreidar Mar Sigursson, former chief executive of Kaupthing bank, has begun serving his prison sentence. He was among four of the former bosses of the bank who were sentenced to prison earlier this year for fraud. He was sentanced to five and a half years in prison.

See also: Iceland jails former Kaupthing bank bosses



According to information Vísir has gathered he is now in Hegningarhúsið prison at Skólavörðurstígur in Reykjavík. He will most likely be moved to either Kvíabryggja or Sogn in the next days.



Ólafur Ólafsson, one of the majority owners of bankrupt Icelandic bank Kaupthing, who was sentenced to four and a half years in prison, is now serving his sentence at Kviabryggja penitentiary, an open prison, used to house prisoners who have no previous convictions or are not considered likely to misuse the proportionate freedom at Kviabryggja. No fence or bars are used at Kviabryggja.

See also: Fancy facilities: Icelandic banker heads to prison



The Kaupthing foursome was accused of hiding the fact that a Qatari investor, Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani, bought a stake in the firm. Al-Thani had bought the stakes with money illegally loaned by Kaupthing.



Sigurdur Einarsson, former chairman of the board, was sentenced to four years in prison, while Magnus Gudmundsson, the former chief executive of the Luxembourg branch, was sentenced to four and a half years in prison.

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