Ten Raids Relating to Sjóvá Insurance Company Skip to content

Ten Raids Relating to Sjóvá Insurance Company

Iceland’s office of the special prosecutor yesterday conducted ten raids in relation to an investigation of the Icelandic insurance company Sjóvá, due to alleged violations concerning the operations of insurance companies and limited companies.

Sjóvá’s loan operations and investments are the reason for this investigation, Fréttabladid reports.

The facilities of Milestone, the owner of Sjóvá’s holding company, were searched. The homes of Milestone and Sjóvá executives were also searched, along with the home of Sjóvá’s former CEO Thór Sigfússon.

Furthermore, a raid was conducted at Askar Capital, which was in charge of asset management for Sjóvá’s real estate operations, according to Fréttabladid’s sources, as well as at other companies that were connected with Sjóvá.

One of the primary reasons for the house searches were Sjóvá’s real estate investments through its claims fund.

Sigfússon said that he is relieved that the investigation is taking place since he had been expecting it for the last several months. He added, however, that he is surprised that his home was searched as part of the investigation.

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