During the bankruptcy proceedings of Samson, a holding company that was owned by tycoon father and son Björgólfur Gudmundsson and Björgólfur Thor Björgólfsson, through which they held their majority share in Landsbanki, it has turned out that the company’s book-keeping was full of glitches. Posts Tagged ‘Thor’
Landsbanki Major Shareholder’s Books a Mess
Wednesday, January 13th, 2010During the bankruptcy proceedings of Samson, a holding company that was owned by tycoon father and son Björgólfur Gudmundsson and Björgólfur Thor Björgólfsson, through which they held their majority share in Landsbanki, it has turned out that the company’s book-keeping was full of glitches. Iceland sugar tax scrapped
Wednesday, January 6th, 2010
The controversial 14 percent ’sugar tax’ on sweet beverages, biscuits, chocolate and sweets due to have gone into effect in 1st January was instead quietly dropped shortly before the New Year.
Iceland’s biggest brewery, which also produces soft drinks, laid off some 30 workers because of the tax hike and the predicted negative impact on business. The company will, however, not be re-hiring the workers. Olgerdin Egill Skallagrimsson denies that the lay-offs were really made due to the company’s difficult debt position.
“The alcohol tariff has recently increased by ten percent and by 42 percent in one year and that hasn’t changed,” said CEO of Olgerdin Andri Thor Gudmundsson.
Verne Holding Ownership Structure Criticized
Tuesday, December 22nd, 2009
The government has been criticized for supporting the construction of Verne Holding’s data center in Reykjanesbaer in southwest Iceland with Novator, a company owned by businessman Björgólfur Thor Björgólfsson, holding a 40 percent stake in the company. White Christmas in Iceland? Maybe in some places
Monday, December 21st, 2009
The weather forecast in Iceland over the coming days calls for recent weather patterns to continue, meaning that snow for Christmas in the south look unlikely. However, those in northern and eastern Iceland are still keeping their fingers crossed for a White Christmas.
Many people are currently travelling around Iceland returning home for Christmas or simply venturing to the towns for Christmas shopping, and snow is clearly not a friend of road transport. This doesn’t change the fact though, that many people dream of a white Christmas and no amount of traffic chaos can dampen their enthusiasm.
Oli Thor Arnason, meteorologist, says that the weather is likely to be calmer than it has been recently and that it is still not possible to accurately predict the weather on Christmas Eve due to changeable weather systems in the area. He adds, however, that snow is unlikely for the south and west, but likely for the north and east.
Current road conditions reflect this, with easy driving in the south and west but more difficult conditions in the north and east.
Do Desperate Times Call For Desperate Bjorgolfur?
Wednesday, December 16th, 2009Bjorgolfur Thor was handed Landsbankinn through privatization because he was supposed to have made a mint abroad and re-investing it in the Icelandic economy was seen as a positive move.
Landsbankinn’s bankruptcy within six years then turned out to be one of the biggest in history. Not just in Iceland but anywhere.
The bank’s IceSave legacy then ravaged the country, dividing it even further.
Both the bankruptcy and IceSave will cost the nation dearly for years, even decades to come.
The risk Bjorgolfur took with the bank wasn’t his own. The consequences are left with the present and future taxpayers of Iceland.
It then turned out that he did not even originally invest his own money in Landsbankinn. He borrowed half the price from the other bank to be privatized, Bunadarbankinn(later Kaupthing), whose new owners in turned borrowed the money to buy that bank from Landsbankinn.
Katrin Juliusdottir, minister of industry still thinks Bjorgolfur’s investment vehicle Novator is a suitable partner in Verne Holdings which has plans to build a data warehouse in Iceland in the next few years, an investment of $700 million.
The project as such is a wonderful one. It provides a different type of industry to tap into the Icelandic energy resources, and everyone knows foreign investment is needed.
But is it impossible for Iceland to attract foreign investment which isn’t tainted by the people who did this. Are our energy resources not attractive enough without these people being attached?
And what does the public which has seen its taxes raised, its purchasing power drop and its loans rise because of the collapse of the banks think about this venture being granted special tax breaks and incentives by the state?
On Kastljos tonight, Katrin Juliusdottir made it clear that the money involved is crucial to Iceland’s economy right now. She is probably right. But the message is a gruelling one. Iceland is so desperate that it is willing to sacrifice any morals it still has and sacrifice its self-respect for all the money it can get.
A grim message from the government.
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From the archive: Iceland opens fire on British vessel
Saturday, December 12th, 2009The cod war turned to violence yesterday when the Icelandic gunboat Thor opened fire on British fishery support vessels and was herself badly damaged in collision with the ocean-going tug Lloydsman.
Jónsi To Release Solo Album In March 2010!
Monday, December 7th, 2009
Parlophone Records today released a press release announcing the forthcoming release of ‘Go’, the highly anticipated debut solo album from Jón Thor Birgisson, aka Jónsi, lead singer of ...
Accused Of Stealing 120 Million From Landsbanki, Makes a 148 Million Claim Against The Bank
Friday, December 4th, 2009The human resource department of Landsbankinn must be examining its screening and hiring practises after the destructive forces it let into the bank in the last few years.
Haukur Thor Haraldsson the former head of the bank’s operational division is accused of having moved 120 million ISK into his own account in the days of the banking collapse.
Funnily enough he has made a 148 million ISK claim for lost wages on the bankrupt bank, like the government’s favourite economist Yngvi Orn Kristinsson.
Related posts:
Iceland bank investigator freezes assets in case
Wednesday, November 18th, 2009
The office of Iceland’s special prosecutor into the banking crisis has for the first time used its powers to freeze personal assets.
Stod 2 News reported last night that the office of Olafur Thor Hauksson has ordered the immediate freezing of Baldur Gudlaugsson’s accounts. Gudlaugsson is the former permanent secretary at the Ministry for Finance who sold his shares in Landsbanki immediately before the bank’s collapse. Stod 2 reported that the amount frozen is equivalent to the amount the shares’ sale generated.
When interviewed by Stod 2, Olafur Thor Hauksson would not confirm how much money has been frozen or whose money it is. He said those details will be made public as soon as the issue has gone to court.
Iceland bank crash investigator in the FT
Thursday, October 29th, 2009
British newspaper The Financial Times is running an article about Olafur Thor Hauksson, Iceland’s Special Prosecutor investigating the banking crisis. In the article Eva Joly, the famous fraud investigator and Hauksson’s key international adviser, complimented him as “very hard working and very honest”.
Joly illustrates her point by saying that despite working in Reykjavik and living in Akranes and despite occasional weather that can seriously inhibit driving, Hauksson has never been away from the office for more than half a day.
The article also quotes Joly as saying the investigations will take around five years to complete, Visir.is reports.
The FT article states that some doubt Hauksson’s ability to successfully lead the investigation – pointing to the fact that his previous experience is only as police chief in a town of 6,500 people.
Hauksson is interviewed in the article; undisturbed by the pressure, he feels he has grown well into his new job and asks people simply for patience. He says he and his staff have been working hard to first fully see the big picture before zooming in closely.
The original FT article can be read here.
Icelandic ministry worker could be suspended for insider trading
Monday, October 19th, 2009
Iceland’s Minister for Education, Science and Culture, Katrin Jakobsdottir was asked about what is going to happen to Baldur Gudlaugsson, a permanent secretary at the Ministry currently embroiled in allegations of insider trading.
Jakobsdottir said that a decision will be taken this week as to whether Gudlaugsson will be suspended while Iceland’s Special Prosecutor into the banking collapse looks into the case. The office of the Special Prosecutor, Olafur Thor Hauksson is currently looking into the fact that Gudlaugsson sold his shares in Landsbanki right before the collapse last autumn and very shortly after having sat in on a meeting with British Chancellor Alistair Darling, DV reports.
(Photo; DV.is)
Norway to provide 5 million dollars support for Nepalese PLA
Friday, October 16th, 2009
Norway has announced its support for the discharge and rehabilitation process of Nepalese Maoist army personnel. Norway has recently been encouraged by the Nepalese government’s renewed commitment in conjunction with the United Communist Party of Nepal (Maoist) to speed up the rehabilitation process, which is seen as crucial to establishing and maintaining security within the region.
The Norwegian government has announced that its USD 5 million aid package is conditional on formal action being completed by January 2010. The funding will be provided through the United Nations Peace Fund for Nepal.
The discharge and rehabilitation programme was originally implemented after the Comprehensive Peace Agreement was announced in 2006. Last year Prime Minister Prachanda formed a surprise coalition government headed by former Maoist rebels after a decade long civil war. Norway has been a vocal supporter of the Nepalese peace process.
Prachanda had claimed earlier this year that the process would be completed in a matter of months in order to coincide with the UN mission expiry. The lack of progress has meant greater efforts on the part of UN countries to speed up the formalities with some such as Norway literally paying the price.
The former insurgents are still being held in UN-run detention camps. The rehabilitation of the 4,000 disqualified Maoist members has long been identified as the key to completing the overall peace process while ensuring ongoing stability for the once volatile nation.
The Norwegian Ambassador to Nepal, Thor Gislesen said: “It is now imperative that the discharge process proceed without further delay and according to the plans agreed upon by the parties”. He continued, “The disqualified personnel deserve to be rehabilitated into society. Norway is committed to work with the parties and the UN to support this important process.”
EDA Film Review: God Bless Iceland – Not Enough Mustard
Monday, October 12th, 2009Unfortunately the trailer is better than the movie.
So I’ve said it. The first documentary about the Icelandic economic disaster to hit the theatres does not deliver what it promises. Helgi Felixsson, a documentary film-maker who’s lived in Sweden for most of his life saw the potential in a nation coming apart at the seams last winter. His distance from Icelandic society is too apparent in the result. Maybe the film could have done with collaboration from people who are more knowledgeable.
The good parts are the footage from the riots and demonstrations, but the feeling remains that it could have been done even better. It is sort of like if they’d halved the battle of Gondor in the Return of the King. A middle class, flat-screen hogging, gas-guzzling, overweight nation toppling its democratically elected government in time of relative world peace? Come on? You must be able to do better. The build is slow and the collective anger and frustration on display in Reykjavik last winter is not given enough momentum.
Some pieces are haunting. Geir Haarde’s internal convulsion before addressing the nation, then total lack of judgement when he declares that he never considered the demonstrations personal. Asgeir Fridgeirsson’s turn as Bjorgolfur Thor’s very own version of Smithers is comically sad. Bjorgolfur’s own absence from reality is vile and disturbing.
If the intent was to show the effect of the crash on Icelandic families, then the decision to follow teamster Sturla Jonsson around shows astonishing lack of judgement on the behalf of the filmmaker. Sturla is one of the least sympathetic victims of the Icelandic crash, when you consider that his fight originally revolved around lower petrol prices, against the grain of everything humanity should be fighting for. It is one thing to build a home with your bare hands but a collection of cars and a motocross cycle confirmation present to his son only make him look foolish. His parliamentary campaign was sad, especially when he’s sitting at home dreaming of a seat in parliament because it would be nice to get a job.
Eva the witch is on the other hand a brilliant character. Her declaration of having a completely changed mindset regarding paying her mounting debts is one many can sympathise with. The God-fearing policeman displayed an extraordinary character in tough situations where you almost felt like the men in black would like nothing more than to turn their batons the other way. But the film’s subject are not typical Icelanders in any way, maybe we have to wait for Gunnar Sigurdsson’s documentary to see their side.
Helgi’s decision to film Jon Asgeir Johannesson, Geir Haarde and Bjorgolfur Thor while they thought the camera was off has been much criticized. It is impossible to argue against such dirty tricks which are likely to chase these villains away from cameras where more clever interviewers could have gotten a better “peek into their soul”. Helgi’s tricks only work as marketing stunts for his movie, he doesn’t really get anything interesting from these exercises and the paying customer has to ask whether that was all it was?
There are too many dull moments, the interesting bits to few and the best bits cut short too early. On the whole for a dish that is supposed to be served hot, there just ultimately isn’t enough mustard.
But the trailer is brilliant.
Hollow Cries Of McCartyism
Sunday, October 11th, 2009Progressive Party Chairman Sigmundur David Gunnlaugsson was asked on the evening news of both channels what two experts from a hedge fund related to Landsbankinn and Bjorgolfur Thor were doing with him in Norway?
He did not really answer the question. Instead he became indignant and accused those who asked of McCarthyism and claimed he did not know whether these men had done business with the bank or Bjorgolfur Thor. He could maybe visit his father’s investment fund, located at the same address as the hedge fund in question and hope to pop into them to ask them that question.
His explanation was that these men had become concerned that Iceland would become the victim of hedge funds once currency controls would be lifted. Which reminded one blogger of ads from a home security company starring Iceland’s most famous petty thief.
The Progressive Party is not above falsely accusing Johanna Sigurdardottir of treason, as they did last week when they claimed the only hangup on a loan from Norway was her slow response. But ask them to disclose their relationship with a dubious hedge fund and you get cries of McCarthyism.
Seldom has a trip to Norway turned into such ridiculous farce.
Just Some Private Business Downtown
Saturday, October 10th, 2009Gisli Marteinn Baldursson, Independence Party city council member doesn’t want the state to be responsible for the debts of “some private business downtown”, i.e. IceSave.
Except Landsbankinn is not just a private business downtown. It was privatized by David Oddson from the Independence Party, into the hands of Independence Party favorites Bjorgolfur Gudmundsson and Bjorgolfur Thor. The chairman of the board of Landsbankinn was simultaneously the CEO of the party. Independence Party hopefuls rose quickly to prominence within the bank. The CEO, Sigurjon Arnason was a youth party member and so was MP candidate Thorlindur Kjartansson, whose responsibilities included marketing IceSave.
The connection with Geir Haarde’s government and David Oddson’s Central Bank was wide and varied. Landsbankinn was anything but a private business downtown.
What Is Going On In Norway?
Saturday, October 10th, 2009A good question from Lara Hanna’s blog, one of the most active ones in pointing out corruption in Iceland.
What on earth are Sigmundur David Gunnlaugsson and Hoskuldur Thorhallsson of the Progressive Party, doing in Norway?
The official spin is that they are explaining the economic situation in Iceland, and perhaps fishing for a loan without IMF’s conditions.
But why are two managers of a failed Icelandic hedge fund in the podium with them? Boreas Capital which has ties with Landsbankinn and is run by close friends of Bjorgolfur Thor.
And why is the hedge fund registered at the same address as an investment company owned by Sigmundur David’s father?
I heard a disturbing statement on a radio talk show this week where one of the hosts was praising the Progressive Party for having cleaned house the most. Sure does not rhyme with the feeling most people who are familiar with the business sector have. Sigmundur David is just a reincarnation of the old special business interests which the party needs to protect, and the beneficiary of a privatization.
He sure would do well explaining what these men were doing with him in Norway?
Besides, news from Norway state that prime minister Jens Stoltenberg has made Norway’s position clear to the Icelandic government. No loans without the IMF.
Who’s Demanding A Seat At The Table? Is It You?
Monday, October 5th, 2009Who’s got a seat at the table when the government decides how to tackle household debt? Is it you?
No, it is a group of middle aged economists and officials whose livelyhood has been dependent on looking out for the interests of industries and corporations. Then they drive off in their SUV’s to their comfortable homes. It is not you.
There is no seat at the table for the Households Interest Group, and there is no seat for you. You cannot afford lobbyists and therefore you cannot buy government policy. You’re not FL Group and you´re not Landsbankinn. You cannot afford a Gudlaugur Thor or a Steinunn Valdis. The politicians are unavailable to you.
Who’s there to compare the figures with the write offs that are granted to failed businesses and to risky businessmen? Is it you? Did you grant a 50 billion write off to Toyota-owner and fish-magnate Magnus Kristinsson alone, when it supposedly takes 200 billion to give all the households some breathing room? Was it really you? No it was Landsbankinn, where he’d previously managed to walsh in and borrow that money. It wasn’t you. You did not have a seat at the table.
Who’s there to write off debts for Bjarni Armannsson when he says it would be irresponsible treatment of money to pay the debts of his business? Is it you? No it is Birna Einarsdottir and the rest of the people who used to work for him. With friends like that, Bjarni doesn’t need to talk to you.
Who called us up to warn us about the banks falling? Who managed to get their stash away? Was it you? No, you weren’t at the table so you couldn’t warn us like someone warned Gudbjorg Kristinsdottir. Someone at the table advised to sell her 3,5 billion share in Glitnir. Then Glitnir wrote off 4 billion in debt for her before she bought Morgunbladid. Did you warn her? Why didn’t you warn us? Oh, you weren’t at the table. There was no room for you.
Who’s there to point out to the government that increased financial breathing room for individuals and small businesses could bring about the most fantastic businesses in the nation? Start ups that could follow the lead of CCP and bring home the bacon through innovation. It is not you. You don’t have a seat at the table because they are all taken by aluminum companies, Chamber of Commerce, fisheries and agriculture. There is no seat for you.
Who is going to stand up to all this? Who is going to demand a seat at the table? Is it you? We backed you when you went after the VR Pension Fund chairman position and we cheer you on when you fight our cause. We elected four of you when you said that the nation would get to have its say, but we won’t do so again because you lied. Who else is going to fight their way to the tables where we are not invited? Is it you?
Who’s there to argue that unemployment, exodus and social unrest are more destructive in the long run than fair renegotiation of debt? Not you? Then in the long run you’ll be dead, then, now and always buried in debt.
Who’s got a seat at the table when the government decides how to tackle household debt? Is it you?
No, it is a group of middle aged economists and officials whose livelyhood has been dependent on looking out for the interests of industries and corporations. Then they drive off in their SUV’s to their comfortable homes. It is not you.
There is no seat at the table for the Households Interest Group, and there is no seat for you. You cannot afford lobbyists and therefore you cannot buy government policy. You’re not FL Group and you´re not Landsbankinn. You cannot afford a Gudlaugur Thor or a Steinunn Valdis. The politicians are unavailable to you.
Who’s there to compare the figures with the write offs that are granted to failed businesses and to risky businessmen? Is it you? Did you grant a 50 billion write off to Toyota-owner and fish-magnate Magnus Kristinsson alone, when it supposedly takes 200 billion to give all the households some breathing room? Was it really you? No it was Landsbankinn, where he’d previously managed to waltz in and borrow that money. It wasn’t you. You did not have a seat at the table.
Who’s there to write off debts for Bjarni Armannsson when he says it would be irresponsible treatment of money to pay the debts of his business? Is it you? No it is Birna Einarsdottir and the rest of the people who used to work for him. With friends like that, Bjarni doesn’t need to talk to you.
Who called us up to warn us about the banks falling? Who managed to get their stash away? Was it you? No, you weren’t at the table so you couldn’t warn us like someone warned Gudbjorg Matthiasdottir. Someone at the table advised to sell her 3,5 billion share in Glitnir. Then Glitnir wrote off 4 billion in debt for her before she bought Morgunbladid. Did you warn her? Why didn’t you warn us? Oh, you weren’t at the table. There was no room for you.
Who’s there to point out to the government that increased financial breathing room for individuals and small businesses could bring about the most fantastic businesses in the nation? Start ups that could follow the lead of CCP and bring home the bacon through innovation. It is not you. You don’t have a seat at the table because they are all taken by aluminum companies, Chamber of Commerce, fisheries and agriculture. There is no seat for you.
Who is going to stand up to all this? Who is going to demand a seat at the table? Is it you? We backed you when you went after the VR Pension Fund chairman position and we cheer you on when you fight our cause. We elected four of you when you said that the nation would get to have its say, but we won’t do so again because you lied. Who else is going to fight their way to the tables where we are not invited? Is it you? Or will you remain quiet until they cut off the TV and the Internet? And then only rise up to demand a seat by the TV and access to the Internet? Is that really the you that you’ll tell your grandchildren about?
Who’s there to argue that unemployment, exodus and social unrest are more destructive in the long run than fair renegotiation of debt? Not you? Then in the long run you’ll be dead, then, now and always buried in debt.
This Is The New Old Iceland
Thursday, October 1st, 2009Morgunbladid today points out that one year from the economic collapse, Iceland’s most notorious businessmen still hold on to their companies.
Jon Asgeir Johanesson – Hagar (Hagkaup, 10-11,Bonus) / 365 Media (Channel 2, Frettabladid)
Karl & Steingrimur Wernersson – Lyf & Heilsa Drugstores
Agust & Lydur Gudmundsson – Exista (VIS, Lysing, Siminn, Oryggismidstodin) / Bakkavor
Palmi Haraldsson – Iceland Express
Strangely…or not so strangely considering who is Morgunbladid’s editor in chief, Bjorgolfur Thor is not mentioned. That eraser sure must be working.
He owns Nova, CCP, Verne Holdings, Novator