| Glitnir receives a 4 million króna fine |
| Tuesday, 02 June 2009 10:37 |
 The FSA has decided to put a 4 million króna fine on Glitnir for violations of the stock exchange law. The case is about planned share purchase of Birna Einarsdottir current bank governor of Islandsbanki which never took place. Glitnir announced the Iceland stock exchange on March 2007 about the share purchase of Birna of the bank, in total 7 million shares for 184,8 million króna. The bank intended to issue a loan for the purchase with the shares as an insurance. When Birna intended to use her right to vote in the main meeting on February 20th 2008 came clear that she was not the owner of the shares. The above mentioned loan was not issued because of a flaw in the loan contract and since the loan was not issued was not possible for the trade and ownership transfer to take place. The investigation of the FSA in the fall of 2008 showed that the trade in question were never made because of reasons not related to Birna and the purchase contract had been dismissed. The FSA came to the conclusion that Glitnir broke clauses of the law about stock exchanges since the corrected announcement was not sent when it should have been clear that the purchase by Birna of the shares in Glitnir did not take lace. The FSA says that according to the 126th article of the law is the issuer responsible to send an announcement to the FSA the very same day as main insider is trading with the financial acts of the issuer. According to the 127th article of the law is the issuer responsible to send information about the trades of administrators with shares of the issuer immediately and other financial acts related to them for public publishing.
News Article by noname Translated by Anya Original Article in Icelandic Trackback(0)
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And second question - could I get just 18.48 million loan to buy just small pakage of 700,000 shares? Or even 1.848 loan? With pieces of paper (aka shares) as security?
Anya. I guess I know why your are somewhat stressed lately. You read all these BS and then translate it - so have to go through this twice.
Try to find and translate some positive or funny news - about anything except these bunch of crooks and idiots aka bankers and politicians.