Fons Owner Prevents Freezing of Assets Skip to content

Fons Owner Prevents Freezing of Assets

Pálmi Haraldsson, the owner of investment company Fons, has deposited more than ISK 500 million (USD 4 million, EUR 3 million) in cash into the account of Glitnir Bank’s resolution committee to prevent the freezing of his assets.

Photo by Páll Stefánsson.

Glitnir’s resolution committee agreed to this arrangement since cash is considered a better collateral than Fons, Fréttabladid reports.

In 2006, Haraldsson moved the airlines Iceland Express and Astreus from the ownership of Fons to the subsidiary Northern Travel Holding. In 2008 the airlines were sold to the holding company Fengur, which is also in Harladsson’s ownership.

In April last year Fons was declared bankrupt and claims to the estate amount to approximately ISK 40 billion (USD 318 million, EUR 253 million).

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