Billions of Claims Made to Valueless Company Skip to content

Billions of Claims Made to Valueless Company

Claims made to the bankrupt estate of Styrkur Invest, which was in majority ownership of Gaumur, an investment company owned by Icelandic tycoon Jón Ásgeir Jóhannesson and his family, amount to approximately ISK 40 billion (USD 308 million, EUR 226 million).

Jón Ásgeir Jóhannesson. Photo by Páll Stefánsson.

But Styrkur has no assets and therefore it is unlikely that the claimants will be compensated, Stöd 2 reports.

Styrkur’s only asset was an almost 40 percent share in Stodir, an investment group which has lost all its value.

The largest claimants to Styrkur’s bankrupt estate are Glitnir Bank with ISK 17 billion (USD 131 million, EUR 96 million), Landsbanki with ISK 12 billion (USD 92 million, EUR 68 million), the bankrupt estate of Baugur Group—of which Jóhannesson was CEO and later chairman—with ISK 9.8 billion (USD 75 million, EUR 55 million) and Íslandsbanki with ISK 960 million (USD 7.4 million, EUR 5.4 million).

The deadline for claims expires one week from now.

Styrkur Invest, formerly BG Capital, was the investment arm of Baugur Group and the largest shareholder in FL Group, later Stodir.

In the beginning of April 2008 there was an increase in share capitalization and Styrkur was taken over by new shareholders.

The largest shareholder in Styrkur became the investment company Gaumur, which at the same time was also the largest shareholder in Baugur Group.

Other shareholders include Kaldbakur, Hagar and the holding company ISP, which is in the ownership of Ingibjörg Pálmadóttir, Jóhannesson’s wife.

Click here to read recent news about Hagar.

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