Eik bank managers fined DKK 150m

Marner Jacobsen, Odd Bjellvåg and Fritleif Olsen have been sentenced to pay DKK 150 million to Financial Stability.

Established in October 2008 as part of an agreement between the Danish State and the Danish banking sector to secure financial stability – Financial Stability instituted proceedings against the former Eik Bank, accusing the management of being responsible for the bank’s bankruptcy in autumn 2010.

Bjarni Olsen, the fourth management member, was acquitted of all charges.

Betri may foot the bill

Odd Bjellvåg, former vice president of Eik bank, has revealed that the former Eik management are covered by a special insurance provided by Betri Trygging for circumstances such as this one. 

It is conceivable, Bjellvåg adds, that Betri Trygging has reinsured this amount through another insurance provider.

Neither Ingunn Eiriksdóttir, CEO of Betri Trygging, nor any of the three former bank managers wish to comment on the matter.

Translated by prosa.fo