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District Court Lifts Injunction On Stundin
The injunction on media outlets Stundin and Reykjavík Media issued by the Reykjavík District Commissioner in October 2017 has been lifted today by the local District Court. As we recently wrote, Stundin was ordered to cease any reporting on former Prime Minister…
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Independence Party’s Privileged Relationship With Icelandic Media: At What Cost?
The past few years have been complicated for the International press. As the choke on media and freedom of the press is tightened all over the world, the present looks grimmer than ever. The U-turn taken by governments and powerful individuals when…
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PM Denies Requesting Injunction On Media
Prime Minister Bjarni Benediktsson categorically denies having requested that the District Commissioner place an injunction on media coverage of his pre-crash financial dealings, saying that it has made him look bad. As Grapevine reported, the District Commissioner of Reykjavík issued an injunction…
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Freedom Of Press Threatened In Iceland: District Commissioner Issues Injunction
The District Commissioner of Reykjavík issued an injunction yesterday against media outlets Stundin and Reykjavík Media, prohibiting them from doing any future reporting on the financial dealings of Prime Minister Bjarni Benediktsson and his family with Glitnir bank just before the economic…
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A Timeline Of The PMs Offshore Company, Wintris
The focal point of the current political scandal involving PM Sigmundur Davíð Gunnlaugsson is an offshore company located in an Island called Tortola, a part of the British Virgin Islands in the Caribbean. The company’s name is Wintris Inc. The company was…
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Íslandsbanki Creditors Want To Sell Bank To Icelandic Government
Creditors have submitted a request to sell its shares in Íslandsbanki’s holding company to the Icelandic government. The proposal is already proving to be very divisive. Íslandsbanki announced yesterday that main changes from the already proposed stability contribution is that “Glitnir will…
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Creditors Closer To Pay Out
The outlook for hedge funds caught in Iceland’s $85 billion banking failure may be looking up, reports Bloomberg. The administrators overseeing claims against one of the three banks that defaulted in 2008, Glitnir Bank hf, say recent talks with a government committee…
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Debt Relief Package Might Fall Short
There might not be enough money to finance the household debt relief package the Progressive Party promised voters during election season. Tryggvi Þór Herbertsson, a former Independence Party MP in charge with coordinating the debt relief project, told RÚV that things are…
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Chinese Investors May Buy Part Of Icelandic Bank
A group of Chinese investors are currently in negotiations over buying a portion of Islandsbanki, though this is not the first time such negotiations have been reported. Reuters reports that the investors group is comprised of “Chinese bank ICBC, insurer China Life…
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Prison Sentences For Five Former Glitnir Bankers
Reykjavík District Court yesterday sentenced five Glitnir bankers to four to five years in prison for market manipulation and fraud. DV reports that former Glitnir stockbroker Elmar Svavarsson, former Glitnir Director of Capital Markets Jóhannes Baldursson and former Glitnir Head of Private…
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Finance Minister Pushes Creditors
Finance Minister Bjarni Benediktsson has warned that defunct banks Kaupthing, Glitnir and Landsbanki could go bankrupt unless creditors agree to a “haircut on debts”, reportsReuters. In the aftermath of the 2008 crash Iceland installed capital controls, limiting much needed investment, but these cannot…
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“Meet the new boss, same as the old boss…”
This summer’s special income/tax issue of the Icelandic business magazine Frjáls Verzlun is at once a bottomless source of nauseating news and a testament to the pervasive incompetence and disgraceful cowardice of Iceland’s political class. The magazine reveals that the con artists…