Embezzlement At University Of Iceland - The Reykjavik Grapevine

Embezzlement At University Of Iceland

Published November 22, 2013

Former chief financial officer at University of Iceland has been indicted for embezzlement of over 9 million ISK.

His actions were discovered after an internal investigation last year, which lead to him being immediately fired and reported to the police, RÚV reports.

According to the indictment, the man used the university’s credit card on 160 occasions for personal purpose, all in all for 1.4 million ISK.

Some of the transactions were made at Reykjavík’s finest restaurants such as Vox, Perlan, Humarhúsið and The Fish Market, plus a few at liquor chain store Vínbúðin. There were also two transactions at a hotel in Las Vegas.

He is also accused of having his own private limited company issuing two invoices to the University of Iceland, invoices which he then accepted and paid on behalf of the university.

The money however was paid into the man’s personal bank account. Furthermore, the man is accused of having the university pay four invoices to foreign companies for services that had nothing to do with the university, amounting to 4.6 million ISK.

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