Sigrún Davíðsdóttir's Icelog

Yet another unexpected turn in the al Thani case

with one comment

The al Thani case has taken yet another unexpected turn – it seems that there are only unexpected turns in this case. Instead of postponing the oral hearing until February next year, as Justice Pétur Guðgeirsson of Reykjavík County Court had decided after a meeting with the new defence lawyers, the case will be assigned to a new judge, Símon Sigvaldason. Guðgeirsson will be off due to illness. The oral hearing is now set to start 21 October. The Office of the Special Prosecutor and the defendants heard of this yesterday, according to Rúv.

The al Thani case relates to the share purchase of a Qatari investor from Qatar’s ruling family. He bought 5.1% of shares in Kaupthing in September 2008. It later transpired that Kaupthing financed the purchase. The case has strong parallels to a Qatari investment in Barclays in autumn 2008, saving the bank from seeking a bail-out from the UK Government (link to earlier Icelogs on the al Thani case).

This is the latest in a long wrestle over bringing the al Thani case to court. As reported earlier, the defense team of Sigurður Einarsson chairman of Kaupthing and Ólafur Ólafsson, the bank’s second largest shareholder, had used up all possibilities to have the case thrown out or postponed when they brought about a delay by simply resigning from the case and then refusing to obey the judge when he refused to accept their resignation.

The fact that the court itself has now taken action to diminish the delay indicates that further delaying tactics might prove more difficult. Those following the prosecution of bankers in Iceland are no doubt in for some interesting twists and turns in the different trial sagas.

Follow me on Twitter for running updates.

Written by Sigrún Davídsdóttir

April 25th, 2013 at 10:40 pm

Posted in Iceland

One Response to 'Yet another unexpected turn in the al Thani case'

Subscribe to comments with RSS or TrackBack to 'Yet another unexpected turn in the al Thani case'.


    The day everything the directors of these delinquent banks did in their mad greed-fuelled rush to transfer money to “Money Heaven” is exposed, one of the biggest of the financial scandals will be revealed and one which greatly contributed to the world crash.

    However Luxembourg must take its share of responsibility and cease to hide in a dark corner, claiming it is ‘ TINY LUXEMBOURG’, as it protects the Bankster and not the client and turns the Creditor into a Debtor with the wave of a Circus accountant’s pen!

    Luxembourg is not too tiny to be guilty of abuse of the consumer and of allowing scandalous treatment of clients of delinquent banks whilst it is seen to clearly protect those accused across Europe of crimes, is it?
    No one can claim there is nothing wrong with the Landsbanki administration in Luxembourg can they?

    By the same token, no one can say the Icelandic prosecutor has not done exactly what Luxembourg has failed abysmally to do, can they?

    The Iceland Prosecutor has shown such courage and has in my opinion been shown great DISRESPECT by the lawyers hell-bent on protecting the few who have caused such massive suffering to so many, decent, hard-working, honourable people who RESPECT the law and who deserve Justice.
    These lawyers appear to the world to be abusing their rights, just as criminals can be seen to abuse their rights to get off the hook and repeat their crime.

    How sad for Iceland. How sad for the world to see that the Justice system is abused so obviously by those who should be upholding it and respecting the hard job of a Judge and Prosecutor as he tries to protect the innocent and punish the guilty to make the world a better place.

    Luxembourg is a perfect example of this Bankster-protecting financial sector injustice system WE WILL NO LONGER TOLERATE .

    Insolvency in the case of Landsbanki Luxembourg appears to have been artificially delayed. This of course gives more time to run transfers to “Money Heaven” in Bankers Paradise.

    Creditors were magically transformed by false accounting into Debtors in order to seize their homes. This was done under the watch of the administration lawyer and continues right up until today as we receive false manipulated accounts to bully us into paying money we DO NOT owe and to win the Civil cases based on an ‘unsafe’ debt claiming Luxembourg jurisdiction. MANIPULATION, MANIPULATION, MANIPULATION!

    We are not just victims of fraud, mis-selling, false accounting but of bullying, harassment and psychological torture far too many in Luxembourg are fully aware of.
    In the manipulation of the SCR ratio which triggered the immediate demand for money we did not owe, we see cases where even the CASH was discounted to 95% of its value! Who adjusts CASH value? This is nonsense.

    Serious harassment of what were in fact elderly honest CREDITORS followed and continues as even THIS WEEK victims are being demanded payment of sums they simply do not owe with Banana Republic accounts and Shark-teeth interest rates which make civilised accountants roll over laughing!

    Luxembourg is looking RIDICULOUS as accountants all over Europe examine our accounts and laugh at their infamous stunts, avoiding dates, falsifying dates so that even in legal documents victims are said to have opened an account with Landsbanki BEFORE they had even been introduced to Landsbanki ! This is not a joke.

    What does a judge do when documents with FALSE dates are used to win Civil cases in other European courts as the administrator desperate to seize anything he/she can as fast as manipulation can, without careful examination to see if it is issue of fraud FAILS to do his/her job just as the Bankers failed to do theirs?

    WHO is the most guilty?

    What does European Law say about such lawyers or is Luxembourg exempt from being closely scrutinised by European codes of conduct?

    The scandalous Insolvency administration which up until today simply refuses to pay any attention to the serious allegations made against Landsbanki, continues to pretend we are criminals not creditors and clients of a Luxembourg bank which failed and is under Criminal investigation across Europe.

    This means that today there are many serious questions to be answered by the Landsbanki administration itself.

    Why did Franz Prost jump or was he pushed? Why was one lawyer allowed to be the sole administrator of such a serious and important case for so many problematic years and why has there been such an attempt at whitewash and harassment of victims AND their lawyers who seek JUSTICE and the truth to be revealed?

    Does a lawyer called ‘administrator’ not swear as part of the job, to be unbiased and above all to look into any Criminal allegations?

    Why were CREDITOR’s rents seized, homes seized with bailiffs terrorising them? Was this to terrify all 600 of us into paying what we did not owe to a failed bank in criminal proceedings for fraud? Was this to ensure the bullied ones terrified the others with their horror stories and paid the hungry administrator? Are these not dirty tricks pulled by lawyers to win at all costs by treading regardless on the justice they should be upholding?

    Why are victim’s lawyers also under attack for voicing what is a subject of Universal interest and is even being discussed in International Insolvency conferences?
    THE SCANDAL OF LANDSBANKI LUXEMBOURG is under discussion whether Luxembourg likes it or not.

    One could add, ‘HOW TO TURN A CREDITOR INTO A DEBTOR USING LUXEMBOURG LAW’?… or would one be attacked by Luxembourg law for expressing one’s views?

    The administrator is a lawyer, not a manipulation engineer who covers the tracks of the Bankster… right?

    Then how can an administrator not see the shocking false accounting for 5 years apart from the other serious allegations and ongoing Criminal Proceedings?

    How can a lawyer who is supposedly supervised by a Judge fail to act against obvious evidence of crime and manipulation of Creditors to Debtors?

    How can an administrator who is supposed to be supervised by a Judiciary who is sworn to ensure crimes are investigated, victims are given justice and there is no bias nor influence from the powerful who seek to bend the rule of law to suit their agenda, not also be questioned by Iceland and the European courts.

    Is Iceland and Luxembourg seeing too many lawyers protecting the Bankster by manipulating the justice system and twisting the Law beyond recognition? At least Iceland has had a determined Special Prosecutor with the guts to challenge manipulation!

    Is this not a contributory factor to the financial mess the world is in today? The protection of the useful guilty with strings to the powerful?
    The protected Bankster is got off the hook by the top cat lawyer manipulating the justice system and serving of self-interest placed above the protection of the public and the victims.

    The Banksters’ lawyers seem to be grabbing the Icelandic Prosecutor by the neck and manipulating the justice system just as the bankers manipulated the client.

    We have in the Scandalous Landsbanki case documents of accounts for the abusive Security Cover Ratio SCR demand made by the Landsbanki Lawyers, which show that not only were houses which had been valued after mid 2007 and which had gone up in value due to restoration, suddenly manipulated by the Luxembourg accountants to have dropped THEIR estimate which was already too low ( that was confirmed by one of the surveyors used by Landsbanki ) to 60% of the artificially low value which they had told the surveyor to adopt, BEFORE the restoration.

    This is impossible. This is clear manipulation and the surveyor told clients that Landsbanki had instructed them about the range they wanted the villa valued at.
    People were told their villas were worth up to one million more, in some cases, than the Landsbanki valuation they were instructed to give.
    The Bank was insolvent and they were desperate for cash from ICESAVE in UK and Holland and for assets in Spain, Portugal and France. They needed money and a loan. They offered:

    The loan cases differ depending on whether the bank was already insolvent as those taking out loans in 2007 and 2008 know very well.
    It is plain to see there was a mad rush to give loans in 2007 and 2008 and thanks to the Icelandic SIC Report we can see why.

    The bank was insolvent and needed the assets to get a loan from the Luxembourg bank to artificially delay the Insolvency.

    Then there were those who took out loans earlier and those who had loans backed by Lex Life as they were told it would protect them, especially in Spain.
    MIS-SELLING in every direction and the administrator sees nothing wrong?

    There were even false loans offered by Landsbanki Commerical representative to victims in order that they sign the administrators’ Transaction offer to pay Landsbanki off, save their homes from repossession and above all to STOP the Criminal proceedings against the Bank.
    There are separate ongoing Criminal proceedings in this Landsbanki tangled web of intrigue and deception involving all levels of personnel. There is one case in particular where one who arranged many loans and had ‘friends in the office’ tried to get the victims in Spain and France interested in loans to pay off the Landsbanki loan, in order to put a halt to the Criminal proceedings by getting them to sign the Transaction Ultimatum. There was no loan forthcoming, just PROMISES and delay tactics to get the victims to sign away the criminal proceedings!

    One even had a criminal record and had been sentenced to years in prison. This is all coming out as the can of worms is wide open and one thing leads to another.

    Does Luxembourg see that they cannot continue to bury their heads in the sand and blame iceland for everything , when some of their judiciary should be questioned about the way they have failed to handle this case and Iceland should start looking carefully at the damage Luxembourg has done to make things go from bad to worse by treating the victims with such callous disdain?

    Even more seriously, we have before us account documents showing that Landsbanki Luxembourg accountants had dropped the value of CASH in their personal accounts, to 95 % of the value!
    Incredible? …. No… Landsbanki Luxembourg!

    The artificially manipulated devaluation of the value of the property and the incredible devaluation of the CASH by 5% meant that these Circus accountants in Luxembourg were able to re-classify CREDITORS as DEBTORS and take them out of any claim process and protection as a client of a failed Luxembourg bank.

    The most shocking cases who have protested that they were CREDITORS have seen the most harassment from Luxembourg.

    These CREDITORS have had their lives destroyed, many have died, there have been many suicide attempts and serious stress-related illness brought on by this abuse of the Justice system as the administrator and the Luxembourg Judiciary continue their travesty of Justice regardless of the fact that they are abusing CREDITORS and clients who once trusted in Luxembourg Banks.

    Iceland has had all the bad press whilst Luxembourg thinks it can pretend nothing is wrong in Luxembourg, by sweeping everything under a dirty carpet and pointing a finger at other countries.

    Is it not the scandalous administration of Landsbanki that has brought the most discredit to Iceland as they do not refer to Landsbanki as ‘Landsbanki Luxembourg’ but rather Landsbanki, the ICELANDIC bank?

    There was much talk about ICESAVE as it was Iceland, but what about Landsbanki LUXEMBOURG?
    How long can they go on pretending there is nothing wrong with the administration in LUXEMBOURG?

    MERRY SUMMER EVERYONE… at least that cannot be postponed or manipulated into going away!

    George Ward

    27 Apr 13 at 1:15 pm

Leave a Reply