Philip Green Meets Baugur and Minister of Commerce Skip to content

Philip Green Meets Baugur and Minister of Commerce

British billionaire businessman Philip Green met with representatives of Baugur Group and Iceland’s Minister of Commerce Björgvin G. Sigurdsson at noon on Friday to discuss the economic situation in Iceland.

“Green is concerned like everyone else. He employs thousands of people, like us, and does not want things to turn bad because that could have [even worse] consequences. He wants to do what he can to help,” member of the board of Baugur Group Ingibjörg Pálmadóttir told Fréttabladid.

Pálmadóttir said the meeting had been Green’s initiative.

Baugur Group is an Icelandic investment company that has become considerably influential in the United Kingdom, owning some of the largest retailers on the British market.

Baugur is the largest shareholder in Stodir Invest, which was the largest shareholder in Glitnir Bank. After the state acquired 75 percent of shares in Glitnir Bank two weeks ago, Stodir requested a moratorium on its payments.

There are now speculations that Green is purchasing Baugur’s assets in a “fire sale” as presenter of RÚV’s political chat program Silfur Egils, Egill Helgason, said while interviewing Baugur chairman Jón Ásgeir Jóhannesson yesterday.

Jóhannesson, who has criticized the state’s and Central Bank’s acquisition of Glitnir Bank, said Baugur may not have much of a choice, arguing that the nationalization of Glitnir had caused a chain reaction, bringing Iceland’s other two largest banks to bankruptcy and deeming Baugur’s assets worthless.

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