Financial Times 23 Feb 12: Former Kaupthing chiefs indicted

The former chief executive and chairman of Kaupthing Bank have been formally indicted on charges of fraud and market manipulation in the latest phase of the investigation into the collapse of the Icelandic banking system in 2008.

Hreidar Mar Sigurdsson, the former chief executive of the failed lender, and Sigurdur Einarsson, the former chairman, have both been sent letters of indictment by the Icelandic Special Prosecutor and are due to appear in court in March. They are both expected to plead not guilty. The trial is not expected to start for several months.

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