The Supreme Court of Iceland confirmed the conviction of money laundering by a former city representative in Reykjavík for Júlíus Vífill Ingvarsson, Indicator reports, but reduced his sentence from 10 months in prison to six, probation.
While Júlíus was found guilty in December 2018 in the Reykjavík District Court, he has repeatedly asserted his innocence and appealed the case. He still denies guilt.
As reported, Júlús pleaded not guilty in September 2017 and told the court that he believed he was the target of a political attack and accused the head of the investigation of being a member of the Left-Green Party. However, he admitted that he had not paid taxes on tens of millions of ISK that he had transferred to a foreign bank account.
Proceedings against him began that year following a major leak of Panama Papers the year before.
As documents in the leak revealed, Júlíus founded the company Silwood Foundation in Panama in 2014. This company was intended to take care of his account in the bank Julius Bär in Switzerland. In the e-mail communications that are revealed in the leak, special emphasis is placed on keeping Júlíus’ share in the company as hidden as possible.
Furthermore, Júlíus’ relatives have accused him of having betrayed them because of his share in the inheritance from his parents. He kept this windfall secret from the tax authorities and kept his financial transactions secret from the city despite the legal obligation to notify all interests.
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Source: The Nordic Page