Hannes Smárason Seeking 60 Million ISK From Failed Bank - The Reykjavik Grapevine

Hannes Smárason Seeking 60 Million ISK From Failed Bank

Published March 6, 2013

Hannes Smárason, former CEO of FL Group, Icelandair, Glitnir, and former executive at deCode Genetics, is demanding that the winding-up committee of the failed Glitnir bank compensate him to the tune of 60 million ISK following a failed court case that Glitnir launched against Hannes in 2010.
In May 2010 the winding-up committee of Glitnir, which failed along with the other major Icelandic banks in 2008, filed for damages in a New York court against its seven former owners, Hannes being one of them, RÚV reports. Glitnir’s case against its former owners sought 260 billion ISK in compensation and accused the former owners of fraud and plundering the bank through criminal means.
The case was dismissed in December 2010 at the request of the defendants, as they argued that the case should be tried in Iceland.
The 60 million ISK Hannes is currently seeking is compensation for the proceedings in New York.
The history of Hannes Smárason and his involvement in the economic collapse of 2008 is long and complicated. As was the case with many of the ‘business Vikings’ active at the time (and still active today) he headed a wide range of companies that suffered or filed for bankruptcy in 2008 while he walked away with his wealth in tact.
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