Landsbanki Shareholders to Sue Björgólfur Thor Skip to content

Landsbanki Shareholders to Sue Björgólfur Thor

A group of shareholders in the collapsed bank Landsbanki believe that they can prove how the bank’s former owner Björgólfur Thor Björgólfsson deceived them, causing financial damage to 25,000 shareholders. They have established an interest group to take Björgólfur to court and other shareholders are welcome to join in on the lawsuit.

The group of shareholders has been gathering evidence in the past four years and plans to file charges against Björgólfur in the coming weeks. They believe that they can prove how by fabricating trade, Björgólfur systematically prevented Landsbanki’s shareholders and customers from gaining information about the high loans the bank was granting Björgólfur, RÚV’s news magazine Kastljós reported last night.

Björgólfur denies that there was anything dubious about his actions. His spokesperson Ragnhildur Sverrisdóttir released a statement in response to Kastljós’ coverage, saying:

“Vilhjálmur Bjarnason [the group’s leader] and his companions have based their assumptions of the alleged deception on the fact that Björgólfur Thor’s colleagues held a small stake in a company, which held a stake in Landsbanki. Such ownership is perfectly normal and all the information regarding the company was available at Landsbanki and the Financial Supervisory Authority.”

“Also, complete information on Björgólfur Thor’s obligations towards Landsbanki was available. The aforementioned stake had nothing to do with these obligations.”

“It is right to point out, that Björgólfur Thor’s settlement of debts included him settling all of his debts with Landsbanki. The bank’s loan to him and companies connected with him were certainly high, but at the same time the credits were high and the securities reliable, as can be seen in the settlement.”

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!

Share article