Oil Executives still in power Skip to content

Oil Executives still in power

Morgunbladid is reporting that, according to the National Commissioner of the Icelandic Police, seven senior executives involved in last year’s controversy surrounding price fixing in Iceland’s major oil companies are still holding key positions in the comany, despite widespread resentment among the public. One of the CEOs who was investigated by the Office of Fair Trade is still CEO. The vice-chairman of another oil company is now CEO. Others involved in the initial investigation are now holding positions as Manager of Investment and Risk Control, Marketing Director, Manager of Consumer Affairs Department and Head of Purchasing and Risk Control. No specific names were given.

The initial controversy involved allegations of price fixing between Skeljungur (Shell), Olís, and ESSO. It received huge press coverage at the time and resulted in the resignation of the mayor of Reykjavík, Thorólfur Árnason. Organizations most seriously affected by the price fixing, including the City of Reykjavík and the National Coast Guard, are considering claims for damages.

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