News
Bjarni Benediktsson Sold Assets Hours Before Financial Crisis

Bjarni Benediktsson Sold Assets Hours Before Financial Crisis

Jenna Mohammed
Words by

Published October 6, 2017

Leaked documents suggest current Prime Minister Bjarni Benediktsson sold all his remaining assets in a Glitnir bank fund called “Sjóður 9“ only hours before the financial crash in 2008.

Bjarni’s name has been associated in the Panama Papers scandal, however he has dismissed any accusations of misconduct. Investigative journalists at the Guardian have no evidence of any crimes committed but the implications are dire. As elections are quickly approaching on 28 October, after his government collapsed over a convicted child sex offender, this does not put him in any better position than before.

Documents show that Bjarni withdrew 30 million ISK from Sjóður 9 four days before the Financial Supervisory Authority took over Glitnir. He requested that 21 million ISK be sold on 6 October. When asked last year if he sold any assets from the fund before the crisis, Bjarni said at the time that he had “some assets at one point” but nothing of importance. Leaked documents prove he had a total of 160 million ISK in March 2008.

Bjarni had a close relationship with Glitnir. This questions his credibility and his transparency about his role as an MP and his ties with one of the bank’s most valued clients. Again, documents suggest on 6 October Bjarni had been in contact with Glitnir executives regarding assets in the same fund belonging to his uncle – worth a little over 1 billion ISK.

Bjarni tells the Guardian that after the crisis he believed it was “not appropriate” to conduct business with the bank. He says, “I sold my shares and equities, resigned all my board positions, and focused on my political career.”

Reports by Ingi Freyr Vilhjálmsson of Stundin and Jóhannes Kr. Kristjánsson of Reyjavik Media are in partnership with the Guardian.


News
Reykjavik Primary Schools To Offer Free Student Supplies This Autumn

Reykjavik Primary Schools To Offer Free Student Supplies This Autumn

by

Reykjavík City Council just took another step towards increasing equality for all students, regardless of their family’s income level, RÚV

News
US Fighter Jets Patrol Northwest Iceland Today

US Fighter Jets Patrol Northwest Iceland Today

by

Residents of the Westfjörds will have to exercise some patience today, as US fighter jets will be flying loudly in

News
Icelandic Special Forces Descend Upon Illegal Bird Hunters

Icelandic Special Forces Descend Upon Illegal Bird Hunters

by

A group of middle-aged men who were apparently shooting birds for sport were stopped by the Special Forces last Saturday.

News
Icelandic Pilot Whales Stuck, Rescued, Then Come Back

Icelandic Pilot Whales Stuck, Rescued, Then Come Back

by

A valiant rescue effort to herd a pod of pilot whales in west Iceland was successful, but now the whales

News
Island Life: Exporting Hay, Glacial Floods, And Happy Campers (Or Lack Of)

Island Life: Exporting Hay, Glacial Floods, And Happy Campers (Or Lack Of)

by

Farmers in northeast Iceland were delighted to learn that they can export hay to Norway. The northeast has had a

News
(G)A(Y)irwaves Is Coming: Hayley Kiyoko Announced For Airwaves 2018

(G)A(Y)irwaves Is Coming: Hayley Kiyoko Announced For Airwaves 2018

by

Lesbians all around Iceland nearly seizured yesterday as it was announced that pop icon Hayley Kiyoko will be performing at

Show Me More!