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And so the truth keeps coming out. The disgraceful actions of these men and also of the management of Landsbanki Lu is there for all to see, including Mme Hamilius the liquidator of the Landsbanki Luxembourg Bank. How much more has to be proven before she takes note?

http://icelandmonitor.mbl.is/news/politics_and_society/2016/10/06/iceland_finds_all_guilty_in_banker_market_abuse_cas/

Iceland finds all guilty in banker market-abuse case

Hreiðar Már Sigurðsson, Ingólfur Helgason and Sigurður Einarsson.

Hreiðar Már Sigurðsson, Ingólfur Helgason and Sigurður Einarsson. Photo: Iceland Monitor

Iceland’s Supreme Court has return a guilty verdict for all nine defendants in the Kaupþing market manipulation case, the court trial for which began in April 2015.

Back in June last year, the Reykjavik District Court found seven of the nine defendants guilty, acquitting two.

Birn­ir Sær Björns­son, Ein­ar Pálmi Sig­munds­son and Pét­ur Krist­inn Guðmars­son.

Birn­ir Sær Björns­son, Ein­ar Pálmi Sig­munds­son and Pét­ur Krist­inn Guðmars­son. Photo: Iceland Monitor

By fully financing share purchases with no other surety than the shares themselves, the bankers were accused of giving a false and misleading impression of demand for Kaupþingi shares by means of deception and pretence.

The Supreme Court has now overturned the acquittals, finding Björk Þórarinsdóttir (credit representative at Kaupþing) and Magnús Guðmundsson (former CEO of Kaupthing Luxembourg) also guilty alongside the other seven.

Magnús Guðmundsson, Bjarki Diego and Björk Þórarinsdóttir.

Magnús Guðmundsson, Bjarki Diego and Björk Þórarinsdóttir. Photo: Iceland Monitor

No punishment has been handed out to Þórarinsdóttir and Guðmundsson, however.

In addition, Hreiðar Már Sigurðsson, former Director of the bank, who had initially received no further penalty, having previously been sentenced in the ‘Al-Thani affair’, has now been given a sixth-month extension to his prison sentence.

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Sigrún Davíðsdóttir’s Icelog 14/04/16

Complaints against Landsbanki Luxembourg – and the Duchy’s sordid secrets

Twelve clients of Landsbanki Luxembourg have placed a complaint in a French court against the bank, now in administration, and its administrator Yvette Hamilius.

This is the culmination of a struggle over many years where a group of Landsbanki Luxembourg’s clients, who took out equity release loans with the banks, have been claiming that in spite of overwhelming evidence, i.a. criminal charges in Iceland, about the bank’s operations Hamilius has done nothing to investigate these matters. In addition, the clients claim she has harassed and intimidated them.

Further, not only has she taken no notice of charges brought in France last September by Justice Renaud van Ruymbeke against the bank, its directors and employees but has indeed chosen to discredit them publicly in Luxembourg media. As reported in the Luxembourg paper PaperJam, the complaints against Hamilius also concern money laundering since the charges in the van Ruymbeke case refer to fraud.

The saga of Landsbanki Luxembourg, its equity release loans, its other operations, the behaviour of the bank’s administrator and the unwillingness of the Luxembourg financial regulator, Commission de Surveillance du Secteur Financier, CSSF, to investigate both the bank’s operations and then the administrators  is a long and sad saga, which has often been brought up on Icelog (see earlier blogs here).

It can’t be said often enough – and I say it yet again – that it is impossible to understand the operations of the Icelandic banks without scrutinising their Luxembourg operations. Given the fact that managers and employees of all the three largest Icelandic banks have been investigated in Iceland and in some cases sentenced to prison and given that almost without exemption Luxembourg figures in these cases it is incomprehensible that the CSSF has not taken up a single case related to these banks.

The CSSF has recently set up a new office to protect the interests of depositors and investors. This may sound like good news, given the tortuous path of the Landsbanki Luxembourg clients to having their case heard in Luxembourg; CSSF has so far been utterly unwilling to consider their case. Interestingly, it’s the magistrate ruling on the Landsbanki administration Karin Guillaume who has been chosen to fill this post. As pointed out in PaperJam Guillaume has been under a barrage of criticism from the Landsbanki clients due to her handling of their case, which somewhat undermines the no doubt good intentions of the CSSF.

In addition, there is of course now the insight via the Panama leak into the operations of other banks in Luxembourg. When will the authorities in Luxembourg acknowledge that the many stories of financial malfeasance in the Duchy are a huge and ugly stain on this pretty little state at the heart of Europe? And when will other European countries bring enough pressure on the Duchy to confront the facts of the financial sector in Luxembourg: part of it is placed exactly there full well knowing that nothing seems sordid enough to wake the CSSF up to this disgraceful reality.

http://paperjam.lu/news/plainte-pour-blanchiment-contre-yvette-hamilius

Plainte pour blanchiment contre Yvette Hamilius
AUJOURD’HUI 15:30 Par Véronique Poujol 13/04/2016

La plainte du collectif des victimes intervient une semaine après la démission du Premier ministre islandais, cité dans l’affaire des Panama Papers.
(photo: Jessica Theis / archives)
Le collectif des victimes de Landsbanki Luxembourg a tenu parole et a déposé mardi 12 avril une plainte pour blanchiment, intimidation et harcèlement auprès du procureur de la République du tribunal de grande instance de Paris, contre la banque et sa liquidatrice, l’avocate Yvette Hamilius.

Le collectif des victimes de Landsbanki Luxembourg, réduit aujourd’hui à 12 parties, a engagé une plainte en France auprès du procureur de la République du tribunal de grande instance de Paris contre la banque luxembourgeoise et sa liquidatrice, l’avocate Me Yvette Hamilius. Déposée le 12 avril, la plainte reproche à la liquidatrice d’avoir tenté «à diverses reprises de réaliser le produit de l’action criminelle détenu par la société Landsbanki Luxembourg en liquidation».

Car la banque luxembourgeoise a été renvoyée à l’automne 2015 devant un tribunal correctionnel en France pour escroquerie, après y avoir commercialisé auprès de centaines d’épargnants des prêts toxiques connus sous le nom d’equity release. Le juge d’instruction français Renaud Van Ruymbeke avait considéré que les montages equity release relevaient de l’infraction d’escroquerie. Le fait que la liquidatrice initie des démarches en France et au Luxembourg pour récupérer l’argent emprunté par les clients de la banque constituerait de ce fait une opération de blanchiment.

Les avocats des victimes, MMe Maxence Laugier du Barreau de Lille et Bernard Maingain du Barreau de Bruxelles, considèrent que la banque et sa liquidatrice ont posé des actes susceptibles d’être qualifiés de «discrédit de la justice», «intimidation de la victime», «blanchiment et tentative de blanchiment», «tentative d’escroquerie à jugement» et «harcèlement».

Responsabilité pénale de la liquidatrice

«La banque Landsbanki Luxembourg s’est appropriée, à la suite d’une escroquerie, une créance et diverses garanties au préjudice des victimes», notent les avocats. «À ce stade de la procédure pénale impliquant un renvoi devant le tribunal correctionnel à Paris, la liquidatrice de la banque Landsbanki Luxembourg ainsi que cette dernière essaient, par divers procédés frauduleux, de percevoir sur les comptes de la liquidation des sommes d’argent à charge des victimes en réalisant, en fin de compte, les actifs frauduleusement engagés ou en exécutant la créance frauduleusement acquise», poursuivent-ils.

«Il y a manifestement», signalent-ils encore, «tentative de blanchiment, la qualité de liquidatrice et les conditions d’intervention de celle-ci ne l’exonérant nullement de sa responsabilité pénale, et ce d’autant que la liquidatrice ne pouvait ignorer l’état d’avancement de la procédure pénale en France.»

Le collectif des victimes reproche en outre à l’avocate luxembourgeoise ne n’avoir «aucune attention» à leur égard, et d’avoir «multiplié les procédures en se prévalant de créances dont la validité est éminemment contestable compte tenu de l’état d’avancement des procédures pénales».

Reste à voir le sort que le pôle financier de Paris fera de cette plainte, alors que le nom de la banque a été abondamment cité dans l’affaire des Panama Papers, provoquant la démission du Premier ministre islandais Sigmundur David Gunnlaugsson.

Contactée par Paperjam, Me Hamilius, occupée par une audience, n’était pas en mesure de commenter cette annonce.

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4th February 2016 Breaking news:

http://icelandreview.com/news/2016/02/04/bankers-sentenced-supreme-court

Former Landsbanki CEO Sigurjón Árnason and three of his subordinates were sentenced today in the Supreme Court of Iceland for market manipulation, RÚV reports. Sigurjón received an 18-month prison sentence, in addition to the three and a half years he already received in the first part of the case, the so-called Imon Case, in October of last year. Thus, his sentence has been extended to five years.

In addition to Sigurjón, Ívar Guðjónsson, former head of proprietary trading at the bank, Júlíus Steinar Heiðarsson and Sindri Sveinsson, former subordinates of Ívar, were accused of across-the-board market mismanagement, for keeping share prices high by purchasing large numbers of the bank’s shares for almost a year before the financial crisis.

Ívar received a two year prison sentence, Júlíus received one year in prison and Sindri nine months. The Supreme Court’s sentences were all heavier than those which the accused had received in the Reykjavík District Court.

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FROM THE ERVA.ES WEB SITE 11th October 2015.

http://erva.es/2015/10/11/marbella-courts-invalidates-landsbanki-foreclosure/

Marbella Court Invalidates Landsbanki Foreclosure

(Mme. Yvette Hamilius, aka Mme. Yvette Horribilius)

Court Number 1 in Marbella has ruled that a mortgage foreclosure claim brought by Landsbanki should be set side and declared null and void.

The Court was satisfied with the allegations, submitted by a Landsbanki Equity Release Victim, concerning faulty and/or insufficient notification of claim and defective filing.

Landsbanki representatives attempted to rectify their error at a later stage during the process, being rejected forthwith by the presiding Judge.

Landsbanki has the right to appeal with the Malaga Appeal Court, which they may do within the next 20 days. This option appears unlikely as there are no objective grounds to do so; there are crucial documents missing and the ruling is clear.

If Landsbanki do not appeal or they go ahead and lose the appeal, the foreclosure route will be closed for good, forcing Landsbanki to issue declaratory proceedings, slower and with ample scope for the victim to argue the fraudulent nature of the contract.

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How rogue ‘financial advisers’ in Spain stung British pensioners for millions

A Telegraph Money investigation has found pensioners falling prey to rogue ‘advisers’ along the Costa del Sol. Their nightmare serves as a timely warning for people retiring in the UK

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