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Ex-Exista Chairman Found Guilty in Iceland Share Buy

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(Corrects story published yesterday to say illegally purchased instead of issued in first paragraph and corrects reason for fine in second paragraph.)

May 30 (Bloomberg) -- Former Exista hf Chairman Lydur Gudmundsson was found guilty of having illegally purchased new shares in the company to retain control after the collapse of Iceland’s banking sector in 2008, a Reykjavik court ruled.

Gudmundsson received a 2 million kronur ($16,267) fine for paying less than the nominal value in the 50 billion kronur share issue, according to the ruling. Bjarnfredur H. Olafsson, a lawyer who represented the chairman and a former board member in failed lender Kaupthing Bank hf, was acquitted, the Reykjavik District Court found.

Exista, which was renamed Klakki hf in September last year, is a holding company that owned a stake in Kaupthing. Today, the company owns stakes in insurer VIS hf and Skipti hf, a holding company.

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net.

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