The fisheries company Skinney-Þinganes has bought cod quota for 1,000 tons worth ISK 2 billion (USD 16 million, EUR 12 million) from Brim, as reported last week. Three years have passed since Landsbanki wrote off ISK 2.6 billion of the debts of Skinney-Þinganes’ subsidiary.

From Höfn harbor. Archive photo by Páll Stefánsson.

The acquisition went through in September and has been confirmed by the Directorate of Fisheries. Most of the quota originally belonged to Tjaldur SH, which is in the ownership of KG Fiskverkun, where the majority shareholder is the brother of Brim’s owner, ruv.is reports.

In 2009, when the debts of Skinney-Þinganes’ subsidiary were written off, the company reported a profit of ISK 3.6 billion, which its executives partly explained by the write-off.

The following year, Skinney-Þinganes reported more than ISK 1.5 billion in profits but RÚV couldn’t find information on its profits or losses for 2011, even though annual accounts for last year should have been submitted in August.

ESA