From Iceland — PM's Magma Committee Given Extension

PM’s Magma Committee Given Extension

Published August 17, 2010

The committee put together by Prime Minister Jóhanna Sigurðardóttir in order to assess the legality of Magma Energy’s purchase of HS Orka through the use of a Sweden-based puppet company has been given an extension to submit its findings.
Last month, the Icelandic government put a freeze on the sale of HS Orka to the Canadian-based company in order to do further investigation. A committee was soon assembled to do just that. Led by former Supreme Court judge Hjördís Hákonardóttir, the committee was turn submit findings this month.
However, PM assistant Hrannar B. Arnarsson told RÚV that the committee has needed more time to do their job, and so it has been granted. He would not comment further on the matter except to say that their findings are (tentatively) scheduled to be submitted at the end of the month.
In the meantime, the company has not yet made the final payment on HS Orka, and their investors are, according to Magma CEO Ross Beaty, “starting to get nervous”.

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