A bizarre statement from the former management of Landsbankinn if there ever was one.

According to the State TV, Bjorgolfur Thor’s company, Novator Pharma was granted a 206 million GBP loan in 2007. This was the single largest loan made by Landsbankinn, four times larger than the next one. According to Icleandic law, connected parties are not allowed to borrow more than 25% of the bank’s owner’s equity.

The management has replied that Bjorgolfur was not a connected party when the loan was granted, as he did not own more than 20% in the bank at the time, and he did not sit on the board of the bank.

Bizarre, as Bjorgolfur was the largest single shareholder along with his father, and everyone is fully aware that the board and the whole management was their representatives.

Related posts:

1. Bjorgolfur & Bjorgolfur Thor Personally Responsible For Billions
2. Landsbankinn loved to party, with the Independent Party
3. Fraudsters in Isolation – Arrests Finally Made In Iceland
4. The Money Train
5. InDefence Honored By Young Independence Party Members