From Iceland — Reply Received From Huang Nubo

Reply Received From Huang Nubo

Published November 1, 2011

Chinese investor Huang Nubo has responded to the Ministry of the Interior’s request for more information on the man and his intentions in Iceland. The next step in the process remains uncertain.
As many readers might be familiar with, Huang Nubo is a Chinese venture capitalist who has worked primarily in the tourist industry. Last August, he told Icelandic authorities he wanted to build a large luxury hotel in the northeast of the country.
The matter has been controversial – non-Scandinavians cannot directly invest in Iceland, but must ask for special permission from the government, which Huang Nubo has done. However, he has also hinted that if the process takes too long, he will take his money elsewhere.
To this, Minister of the Interior Ögmundur Jónasson asked for more information on Huang Nubo and his investment plans, responding, “We are talking about a very big case here. A matter that has not just received a lot of attention in Iceland, but also the world over. People are investigating this, and it’s been a very controversial issue here. We intend to handle it well. We’re not procrastinating or delaying in any way. We are showing it the proper treatment.”
RÚV now reports that Huang Nubo has not taken his money elsewhere yet, but has responded to the request. The ministry said it would not be possible to tell until later this week if sufficient information has been provided to base a final decision on, or whether more information will be required.

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