Truce in boardroom fight at Straumur-Burdarás Skip to content

Truce in boardroom fight at Straumur-Burdarás

By Iceland Review

Icelandic National Broadcasting Service, RÚV, reports that the fisheries mogul Magnús Kristinsson has been reinstated as vice-chairman at investment bank Straumur-Burdarás.

Magnús was abruptly dethroned as vice-chairman after investment bank’s annual general meeting on March 3 in a plot he attributed the chairman of Straumur-Burdarás, Björgólfur Thor Björgólfsson (Thor Bjorgolfsson) . He subsequently made public threats to call for a shareholder meeting to settle the issue.

RÚV cites a press release issued by Thor Bjorgolfsson. The release states that Magnús has been unanimously reelected the vice-chairman of the board. Thor Bjorgolfsson cites the recent turmoil in the Icelandic markets and “unfortunate publicity” as reasons for reinstating Magnús. Magnús Kristinsson refused comment.

Separately, Morgunbladid reports record after-tax earnings of ISK 19.1 billion at Straumur-Burdarás in the first quarter of 2006. Annualized return on equity was 89 per cent; the bank’s assets more than doubled year over year from ISK 109 billion to ISK 330 billion.

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