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Ex-Exista Chairman Found Guilty in Iceland Share Buy

(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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