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Two former executives at Iceland's Glitnir bank which collapsed in the 2008 financial meltdown were sentenced for fraud for the 53 million euro losses they incurred.
It was the first major trial of Icelandic bankers linked to the crisis.
All three of the island's top banks collapsed in quick succession in October 2008 due to big debts incurred during a rapid overseas expansion.
A Reykjavik court sentenced Glitnir's former chief executive and the former head of corporate finance each to nine months in jail, of which six months were suspended for two years.
Prosecutors said the two approved outside the regular decision-making process a loan to a company which owned shares in Glitnir so that the company could in turn repay a debt to another bank, costing the bank 53.7 million euros.
Written by Petros Petridis
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