Bank Subsidiary to Build Wellness Community in Capital Area

The capital-area municipality of Garðabær has signed a contract with Arnarland ehf, a subsidiary of Arion Bank, to build a new wellness community, Fréttablaðið reports. The community will “emphasize quality of life, nature, and health-promoting services” and be open to residents who are 50 years and older.

Per its website, Arnarland be designed with the United Nation’s sustainable development goals in mind and feature an on-site center for companies that “specialize in healthcare services, development, and innovation.” The pharmaceutical and medical supply concern Ósar, as well as its subsidiaries Icepharma and Parlogis, will be building their future headquarters within the neighborhood. “The companies and the residences will benefit from one another’s presence and increase the health-related services that are available to nearby communities,” remarked Parlogis CEO Hálfdan Gunnarsson.

Arnarland, which will be approximately 10 ha [24 acres] in size, will be built on a plot of land that has been owned by Landey, an Arion Bank subsidiary, since 2016. Landey recently changed its name to Arnarland ehf. Arion bank holds a 51% share in the neighborhood. The real estate company Fasteignafélagið Akurey, holds the other 49%. The real estate company is owned by father and son Kristján Jóhannsson and Jóhann Ingi Kristjánsson, who together, own a combined majority, or 64%, in Icepharma and Parlogis.

Arnarland ehf CEO Þorgerður Anna Einarsdóttir says the community will fill a real niche in the capital-area housing market.

“In our opinion, there’s a real shortage of high quality and spacious apartments for people who want to downsize when their chicks leave the nest. This neighborhood will place an emphasis on allowing residents to cultivate body and soul in a beautiful and nourishing environment.”

Isavia’s Former Service Director Found Guilty of Accepting Bribes

The former service director for Isavia, the national airport and air navigation service provider of Iceland, has been found guilty of accepting bribes in connection with the company’s purchase of tickets in the airport parking lot. RÚV reports that on Friday, the Court of Appeal overturned the previous ruling of the Reykjavík District Court in the case, which had found the service director guilty of fraud and money laundering, but not of accepting bribes.

As a result of Friday’s ruling, the service director also received a longer sentence: 15 months instead of 9 months, although 12 of these were suspended.

When the district prosecutor argued the case two years ago, the service director was said to have accepted roughly ISK 3.5 million [$27,110; €23,418] in bribes. The CEO of a tech company that sold Isavia parking tickets was also charged and said to have made a profit of ISK 4.5 million [$34,856; €30,110]. Friday’s ruling determined, however, that the former service director abused his position at Isavia to obtain illegal profits.

Both men were ordered to pay Isavia just over ISK 8 million [$61,963; €53,526]. Their assets were seized, and the proceeds of those seizures will be used to pay damages owed to Isavia.