Reykyavik Grapevine 24 Apr 13: Nine Former Kaupthing Employees Indicted

Charges were filed against nine former Kaupthing employees in Reykjavík’s District Court this morning, Vísir reports.

The nine men are accused of market abuse and breach of trust in the lead up to the bank collapse in October 2008. This particular case first emerged in April and was reported to be one of the largest of its kind, but it is in fact five different cases combined into a single charge.

This is the second large case involving former Kaupthing employees currently being heard in court. Another case, dubbed the Al-Thani case, involving former Kaupthing chairman Sigurður Einarsson, and the bank’s majority shareholder Ólafur Ólafsson, was scheduled to be tried this month but has been postponed.

The Reykjavík District Court will also be indicting six former Landsbanki employees today.

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