Icelandic Tycoon Relocates Assets After Freezing Skip to content

Icelandic Tycoon Relocates Assets After Freezing

Icelandic businessman Jón Ásgeir Jóhannesson transferred ISK 110 million (USD 930,000, EUR 700,000) to two British companies which close associates of his represent after his assets in the UK were placed under a freezing order.

Jón Ásgeir Jóhannesson. Photo by Páll Stefánsson.

Steinunn Gudbjartsdóttir, chair of the winding-up committee of Glitnir Bank, told that the transfer could have serious consequences.

“It is possible to transfer funds after freezing,” Gudbjartsdóttir said. “The person in charge of the funds is notified of the order and if that person relocates funds after the notification it could have serious consequences.”

Fréttabladid reported on Saturday that the transfer had taken place the day after the freezing order was made.

The transfers were ordered on May 7, four days before freezing. It takes two days for such transfers to go through in the UK, then there was a weekend and so the transfers weren’t made until May 12, a day after the freezing was announced.

Jóhannesson said he had been paying off debts. “I couldn’t have made transfers from my account if it had been frozen,” he stated.

Gudbjartsdóttir explained that the freezing of assets doesn’t mean that funds cannot be transferred from accounts.

In Icelandic, the term kyrrsetning (“immobilization”) is used, but not frysting (“freezing”), which, according to Gudbjartsdóttir are two different things.

Therefore this violation against the “immobilization” order can have serious consequences and may even result in a prison sentence, she said.

Click here to read more about the affairs of Jón Ásgeir Jóhannesson.

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