Glitnir and Magma: Too Many Coincidences? - The Reykjavik Grapevine

Glitnir and Magma: Too Many Coincidences?

Published August 11, 2010

An Icelandic blogger has drawn a number of compelling parallels between Glitnir and Magma Energy.
Agnar Kristján Þorsteinsson, the blogger in question, points out the following:
Glitnir created Geysir Green Energy in Suðurnes, which bought a portion of HS Orka, and was at the time run by Ásgeir Margeirsson, who is now the chairman of Magma Iceland. In an article that appears in the Scientific American in 2009, Ásgeir and director of Glitnir’s energy commission, Alexander Richter, both express the dream of expanding Iceland’s energy technology into other parts of the world.
When Ásgeir quit as chairman of Geysir Green Energy to chair instead Magma Iceland, he was replaced by Alexander Guðmundsson, who was previously supervisor of Glitnir’s financial sector under then-director Lárus Welding.
When Magma acquired its majority stake of HS Orka, the media reported that Íslandsbanki (formerly Glitnir) has leaked to Magma the offers that competitors were bidding for HS Orka.
Agnar then speculates on just how closely Magma Energy and Glitnir/Íslandsbanki officials work together today.

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