The first OSP ruling: 2 years jail sentence
This morning, Reykjavik County Court ruled in the first case brought by the Office of the Special Prosecutor. Baldur Gudlaugsson was the permanent secretary at the Ministry of Finance in Iceland. He was charged in 2009 the the OSP for insider trading and breach of duty as a civil servant when he sold his shares in Landsbanki on September 17 and 18 2008 for ISK192m (now just ca €1,2m).
The County Court has now ruled: 2 years prison, whereof Gudlaugsson must serve at least a year, as well as paying back the proceeds of the sale.
Gudlaugsson was never a major player on the Icelandic business scene but he was closely connected to the Independence Party, especially to its former leader David Oddsson.
The ruling was completely in line what the prosecutor had asked for. It shows that in this fairly simple case the OSP was able to formulate charges and bring them through. The cases to come will be far more complex but at least this first step shows a firm grasp, which is promising.
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