My uncle is one of the jailed, mentioned in the article. One of Iceland’s most respected lawyers and teacher at the University of Iceland has gone on paper, and on radio, and on TV, saying that the Al Thani trials did not make any sense, for more than one reason. The most obvious mistake was that by the time the case went from local courtrooms to the federal level the prosecution had completely switched the focus of the case, going so far as to turn prosecuted into witnesses. (The courts also gave out 99% green light on all wire taps requested from the prosecutors to prepare the case, and let them put my uncle and others in multi-day isolation years after the events themselves... didn’t really get the reason for that)

The court ruling is very interesting. The foundation of the conviction is market manipulation, which, at least in Iceland, is highly interpretive by judges. It seems obvious when you read the ruling and the criticism that judges were ruling in favour of public opinion. That’s my opinion and reading of it, the public opinion is still very much against bankers, so ymmv when asking other people in Iceland.

The article also fails to mention how Kaupthing went bankrupt. Understandably as the article doesn’t go into any detail on anything at all really. But it involves credit lines shutting down completely following a raid by the British on UK offices of Kaupthing using terrorist law to seize files and shut down the bank’s UK presence.

You could maybe google translate this for better info: http://www.pressan.is/pressupennar/Lesa_Brynjar/al-thanimali...