The father/son team of Bjorgolfur Gudmundsson and Bjorgolfur Thor are personally responsible for a 5 billion ISK loan from Kaupthing.
The loan was granted by Bunadarbankinn (later Kaupthing) to buy Landsbankinn from the state during the privatization in 2003. Vb.is reported on the loan which was originally 11 billion ISK and it is said to be ironic that they paid the state for the bank in full but six years later owe it 5 billion because of the same purchase.
Bjorgolfur Gudmundsson is believed to be personally bankrupt or close enough. Bjorgolfur Thor has assets abroad and is the largest individual shareholder in pharmaceutical company Actavis. It has not come to light yet whether the father and son have managed to move assets into tax-havens away from the preying eyes of the government.
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