Iceland’s Supreme Court have sentenced four bank bosses from Kaupthing bank to serve jail time.

In a refreshing move that other countries could make note of, the court ordered the bankers to serve between four and five and a half years in prison.

Pictured above the bankers are; Sigurdur Einarsson, former chairman of the board, Hreidar Mar Sigurdsson, the former chief executive, Magnus Gudmundsson, the former chief executive of the Luxembourg branch and Olafur Olafsson, one of the majority owners. They have been accused of hiding the fact that Qatari investor, Sheikh Mohammed Bin Khalifa Bin Hamad al-Thani, bought a stake in Kaupthing – but had actually borrowed the money illegally from the bank itself.

Visir.is report: