Iceland: Four prominent bankers convicted of financial fraud. Can Russia do the same?


The banking system of Iceland has experienced a major corruption scandal. Four leading bankers of the country - Hreidar Mar Sigurdsson, Kaupthing's former chief executive, former chairman Sigurdur Einarsson, former chief executive of Kaupthing Luxembourg Magnus Gudmundsson, and Olafur Olafsson, the bank's second largest shareholder at the time, were convicted of committing acts of financial fraud that triggered an economic crisis in Iceland

Also read: Iceland too cold to handle for the European Union

The bankers were sentenced over corruption at the Kaupthing bank. In 2008, the bank collapsed due to large-scale fraud.

The sentence has thus become the heaviest that has ever been brought down on  financial employees in the history of Iceland. Each of the above-mentioned convicts will spend more than five years behind bars. 

Also read: Iceland's economic miracle turns into default

It was said that the financial fraud committed by the convicts caused enormous damage to the economy of Iceland

Meanwhile, Russia continues taking attempts to eradicate corruption. According to a recent opinion poll conducted by WCIOM, more than 50 percent of Russians can see certain results of the actions of the authorities in this regard.


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