Geysir Green Energy Refuses to Disclose Information to Government Committee - The Reykjavik Grapevine

Geysir Green Energy Refuses to Disclose Information to Government Committee

Published August 26, 2010

The board of Geysir Green Energy will not give any information to a government committee in charge of investigating Magma Energy’s purchase of HS Orka.
As reported, the Prime Minister froze the purchase of HS Orka late last month, pending an investigation by an assembled committee looking into the legality of the sale. Geysir Green Energy, which owned 52% of HS Orka, had this share bought by Magma Energy earlier this year. Ásgeir Margeirsson, who was chairman of Geysir Green Energy, is now chairman of Magma Iceland.
A statement from Geysir Green Energy emphasized that they are “completely certain” that the sale is legal. But because, they contend, the government committee has no real power or legal rights, Geysir Green Energy is fully within its power to decline to disclose any information about the sale.
In addition, Geysir Green Energy has asked the president of parliament to go over municipal laws, and determine the legality of the committee itself.
The committee is scheduled to report its findings by the end of August, but this turn of events may lead to another extension. The previous extension was granted in the middle of this month.

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