CEO of Icelandic Financial Investments Backs Out Skip to content

CEO of Icelandic Financial Investments Backs Out

By Iceland Review

Páll Magnússon who was recently hired as CEO of Icelandic State Financial Investments (ISFI) has announced to Minister of Finance Steingrímur J. Sigfússon that he will not assume the position and withdrew his resignation as town clerk for Kópavogur yesterday.


Copyright: Icelandic Photo Agency.

“It is impossible for me to serve the position under political interference as politicians have in fact demanded that laws and regulations on official hiring be pushed aside in the affairs of the ISFI,” Magnússon said in a statement issued yesterday, Fréttabladid reports.

Helgi Hjörvar, Social Democrat MP and chairman of the Althingi parliament’s Economic and Trade Committee, who had called Magnússon’s appointment “a scandal”, commented that he had made the right decision in backing out.

It was not surprising, Hjörvar added, given that the ISFI’s credibility had suffered because of the mistakes that were made in hiring Magnússon as CEO.

The ISFI’s board stepped down earlier this week.

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