Owners of the initial capitalization of Skagafjördur Savings Bank (Sparisjódur Skagafjardar) expressed their concerns last weekend about how the savings bank is managed, claiming it is not managed with their interests in mind.
Gísli Árnason, one of the capital owners, announced in a written statement to the media that Sigurjón Rúnar Rafnsson, assistant director of Skagafjördur Cooperative (Kaupfélag Skagfirdinga), and Gísli Kjartansson, the director of the Savings Bank in Borgarnes had arranged the shares of the initial capitalization in such a way that they, along with individuals and companies related to them, now hold the majority of the votes of the Skagafjördur Savings Bank, Fréttabladid reports.
Árnason went on to say that Rafnsson and Kjartansson had hindered the Savings Bank from growing by preventing an increase in the initial capitalization for the last few years.
Last April it was announced that the Skagafjördur Savings Bank and Siglufjördur Savings Bank would merge. The merger, which is to be finalized today, has caused serious disputes among parties that hold an interest in the Savings Banks.
“Normal people are being run over,” said Bjarni Jónsson, the representative of the company Fraedaveitan ehf., which is one of the capital owners of Skagafjördur Savings Bank. Fraedaveitan has sent a complaint to the Financial Supervisory Authority of Iceland (FME) about the merger.
“The merger is being finalized with the benefits of other financial institutions in mind,” Jónsson concluded.
Fréttabladid was unable to reach Rafnsson and Kjartansson before publishing this story.