Foreign Banks Cannot Collect Claims to Samson Skip to content

Foreign Banks Cannot Collect Claims to Samson

The Supreme Court of Iceland has confirmed the ruling of Reykjavík District Court in July that nine European and one Asian bank cannot submit claims to the insolvency estate of the holding company Samson, which used to be among the owners of Landsbanki.

The original owners of Samson. From left to right: Magnús Thorsteinsson, Björgólfur Thor Björgólfsson and Björgólfur Gudmundsson. Photo by Páll Stefánsson.

The reason for the ruling is that the claims weren’t phrased in the right manner in the Supreme Court’s view. The banks were claiming EUR 2.1 million (ISK 330 million, USD 2.7 million) in total, Fréttabladid reports.

Samson, which was owned by father and son entrepreneurs Björgólfur Gudmundsson and Björgólfur Thor Björgólfsson, had a more than 40 percent share in Landsbanki.

The foreign banks lent money to Samson with collateral in Landsbanki’s shares. In the banking collapse in Iceland in 2008, Landsbanki’s shares lost their value.

The banks then called in the entire debt on the maturity date and made claims to the estate of Samson, which went into moratorium on payments at the same time that the banks in Iceland collapsed.

The banks in question are the German banks Commerzbank, HSH Nordbank, Bayerische Landesbank, Bayerische Hypo- und Vereinsbank and Raiffeisen Zentralbank in Austria, the French banks Société Générale and Natrixis, the Faroese Eik Bank, the Italian bank UBI Banca International and the Asian bank United Overseas.

Click here to read more about Samson.

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