Six defendants in the Kaupþing market manipulation case, the biggest case of this type in Iceland’s history, have been handed prison sentences ranging from one year to four years and six months.
Treasury Minister Eddie Teare has hailed the depositors’ compensation scheme as a success after reporting to Keys that investors had now received full refunds.
Highlights at 9 January 2015
- 100p in the £ dividends paid to creditors
- £930.2m of assets recovered
- 92.3% of loan book recovered
- KSFUK claim sold for £18.5m
The results today that it is possible to bring complicated financial cases to court and get conviction,” Ólafur Hauksson head of Office of the Special Prosecutor said to Icelog, now that the Supreme Court has ruled in one of the OSP’s major cases, the al Thani case.
During December 2014, one facility was redeemed in part realising approximately £18,000. Cash balances decreased by approximately £1.1 million during the month, largely due to liquidation expenses.