Up to 38 defendants may face trial in Landsbanki case

As many as 38 people may contest the charges at trial in the Landsbanki fraud and money-laundering case, mbl.is reports. A total of 71 people were charged, and several accused of lesser offences have pleaded guilty.

Those denying the charges include two alleged ringleaders and four others said to have played key roles. The number of defendants could rise further if people who have yet to decide on a plea also deny the charges.

The trial could be larger than the Bankastræti Club case, which involved 25 defendants and went to trial in 2023. It may be the largest criminal case heard by a district court in a long time.

At a preliminary hearing at Reykjavík District Court on Wednesday, 33 defendants or their lawyers appeared. Sixteen cases were dealt with as guilty-plea cases, although there was disagreement in some over whether the conduct involved negligence. The judge is expected to rule on those cases in the coming weeks.

Prosecutors sought sentences of between one and eight months for those whose cases were dealt with on Wednesday. In most cases, they asked for 30 to 60 days. For defendants linked to more than five million in proceeds, prosecutors sought six to eight months without suspension. Defence lawyers argued for lighter, suspended sentences.

Four other cases are expected to be separated from the main proceedings and heard individually in the coming weeks. At least two more preliminary hearings are scheduled before a decision is made on the main trial. The judge confirmed that cases involving defendants who pleaded guilty would be separated from the main case.