The Icelandic police and Coastal Guard apprehended 100kg’s of illegal drugs in a thrilling raid on a yacht that was trying to escape into international waters after docking in Djupivogur in the east of Iceland this weekend.  The price on the streets is estimated to be worth hundreds of millions of ISK. Three men around [...]

  How did the banks of a country the size of a single London suburb manage to burn through so many billions? And what is being done to recover assets for the creditors of the banks? Only a few months ago many believed that Iceland was just another victim of the global financial crisis. In [...]

The retail group, which owned stakes in a number of major British chains, from House of Fraser to Hamleys, transferred a ski chalet in France, two properties in London and a property in Denmark to Mr Johannesson’s investment company, Gaumur, last autumn. Erlendur Gislason, of Logos, the joint administrator of Baugur, said he was looking [...]

The significance of the relevation behind the Independence Party’s acceptance of 55 million ISK from FL Group and Landsbankinn should not be underestimated. It is one of the biggest newsstories in Icelandic history. Here is why: FL Group was a company listed on the Icelandic Stock Exchange where Jon Asgeir Johannesson of Baugur Group and [...]