Magma Energy Achieves "Most Controversial Business Transaction" Award - The Reykjavik Grapevine

Magma Energy Achieves “Most Controversial Business Transaction” Award

Published December 28, 2010

In a review of the year’s business ventures, Magma Energy’s purchase of HS Orka has taken the number one position as the most controversial transaction of 2010.
The review, conducted by the business magazine Viðskiptablaðið, put the Magma purchase ahead of every other significant business event in the country, and in fact Magma’s is the only one on the top ten list that involves the significant role of a foreign company in the transaction.
Viðskiptablaðið’s interpretation of why the purchase was controversial is an interesting one. “Canadian geothermal energy company Magma Energy completed its purchase of HS Orka last summer,” their review reads in part. “Its Swedish daughter company now owns 98.53% of the company. The purchase sparked a great political argument and the Leftist-Green part of the government tried what it could to prevent the sale.”
No mention is made of the fact that Magma CEO Ross Beaty has repeatedly lied to Iceland about his intentions in this country, and to the foreign press about the potential geothermal energy can provide. Both categories of misinformation are what prompted artist Björk Guðmundsdóttir to start her campaign to stop Magma Energy, and also led to the creation of the online petition orkuaudlindir.is.
Related articles:
Magma Energy Lied to Us
Beaty Wants to “Neutralise Political Noise”
Canadian Publication Retracts Björk Interview After Magma Threatens Libel Suit
Eva Joly Says Magma Energy Deal Is Unbelievably Bad Business
Is the Magma Energy Purchase of HS Orka Final?
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