From Iceland — Nearly All of Iceland's Tycoons with Legal Residence Abroad

Nearly All of Iceland’s Tycoons with Legal Residence Abroad

Published April 15, 2010

The chances that any of the Icelandic tycoons who who helped ruin this island will ever be brought to justice grows slimmer when considering the fact that nearly all of them have legal residence in other countries.
Vísir compiled a fairly comprehensive list, noting that the UK seems to be the most popular second home of Iceland’s rich and famous. There, you will find Pálmi Haraldsson, Baugur couple Jón Ásgeir Jóhannesson and his wife, Ingibjörg Pálmadóttir, their former business partner Magnús Ármann, former director of FL Group Hannes Smárason, former Glitnir director Lárus Welding, former Kaupthing director and close friend of the president of Iceland Sigurður Einarsson, as well as fake-apologist tycoon Björgólfur Thor Björgólfsson.
Ólafur Ólafsson, who owned Kjalar, the largest shareholder of Kaupthing, also has legal residence in Britain, but is currently living in Switzerland. Former director of Landsbanki Halldór J. Kristjánsson lives in Canada, while both former Kaupthing directors – Hreiðar Már Sigurðsson and Ingólfur Helgason – have legal residence in Luxembourg, as does one of the largest debtors to Kaupthing, Skúli Þorvaldsson.
Lawyer Sveinn Andri Sveinsson told Vísir that where the tycoons live has little bearing on any investigations that may commence, although it may require having people extradited, which can often be a lengthy process.

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