Larus Welding, the former chief executive officer of failed Icelandic lender Glitnir Bank hf, and Gudmundur Hjaltason, an ex-director at the bank, were sentenced to nine months in jail for fraud, a court ruled.
The executives were sentenced today by the Reykjavik District Court. They were indicted 12 months ago for having “misused their position and grossly endangered the bank’s funds” by lending 102 million euros ($134 million) to Milestone ehf without guarantees or collateral, the prosecutor said then.
