Landsbanki Major Shareholder's Books a Mess Skip to content

Landsbanki Major Shareholder’s Books a Mess

By Iceland Review

During the bankruptcy proceedings of Samson, a holding company that was owned by tycoon father and son Björgólfur Gudmundsson and Björgólfur Thor Björgólfsson, through which they held their majority share in Landsbanki, it has turned out that the company’s book-keeping was full of glitches.

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

Loan agreements are lacking in the case of many high transactions, including to four offshore companies in Tortola, worth ISK 800 million (USD 6.4 million, EUR 4.4 million) in total, Stöd 2 reports.

Information on the ownership structure of these offshore companies has been requested from Novator, Björgólfsson’s investment company. There are indications that the four companies in Tortola were also owned by Björgólfsson and his father.

Björgólfur Gudmundsson, Ágúst Leósson and Sigthór Sigmarsson, who had a seat on Samson’s board, explained that the financial director of Samson had been ill, which is why there are glitches in the company’s books.

The liquidator of the bankrupt estate of Samson is currently trying to sort out the claims to the estate, which are worth ISK 80 billion (USD 640 million, EUR 440 million) in total. It is uncertain when the bankruptcy proceedings of Samson will be completed.

Click here to read more about Samson and Tortola.

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