Former Icelandic bank bosses jailed. 12 December 2013Last updated at 13:32 ET Kaupthing was the largest of the Icelandic banks to go into administration in 2008 Four former bosses from the Icelandic bank Kaupthing have been sentenced to between three and five years in prison. They are the former chief executive, the chairman of the board, one of the majority owners and the chief executive of the Luxembourg branch. They were accused of hiding the fact that a Qatari investor bought a stake in the firm with money lent - illegally - by the bank itself. Kaupthing collapsed in 2008 under the weight of huge debts. For years, Kaupthing and other Icelandic banks had aggressively pursued overseas expansion plans, but when they went into administration, they brought the country's economy to its knees. Just a few weeks before the collapse, Kaupthing announced that Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani had bought a 5.1% stake during the financial crisis in 2008.
The move was seen as a confidence boost for the bank. Legal costs Deceived. Zimbabwe 100 Trillion Dollar Bill Banknote 2008 Uncirculated in Sequential Number: Home & Kitchen. Former Icelandic bank bosses jailed. 12 December 2013Last updated at 13:32 ET Kaupthing was the largest of the Icelandic banks to go into administration in 2008 Four former bosses from the Icelandic bank Kaupthing have been sentenced to between three and five years in prison. They are the former chief executive, the chairman of the board, one of the majority owners and the chief executive of the Luxembourg branch. They were accused of hiding the fact that a Qatari investor bought a stake in the firm with money lent - illegally - by the bank itself.
Kaupthing collapsed in 2008 under the weight of huge debts. For years, Kaupthing and other Icelandic banks had aggressively pursued overseas expansion plans, but when they went into administration, they brought the country's economy to its knees. Just a few weeks before the collapse, Kaupthing announced that Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani had bought a 5.1% stake during the financial crisis in 2008.
The move was seen as a confidence boost for the bank. Legal costs Deceived. The American Dream By The Provocateur Network. PBS Frontline Secret History of the Credit Card.