Business

Capelin Now Caught off Southeast Iceland

The behavior of capelin is still considered to be strange, even though parts of the fish stock has now migrated to its usual grounds off Southeast Iceland. The fish can also be found in large quantities off North Iceland. It lingered there for a longer time than usual this season.

Former FL Group CEO Acquitted in District Court

Former CEO and of investment company FL Group Hannes Smárason was this morning acquitted of charges of embezzlement from the company’s funds in Reykjavík District Court. The prosecution is to cover all costs, including ISK 10 million (USD 76,000, EUR 66,000) in defensive fees.

Prosecutor on Al-Thani Case: Clear Message to Bankers

Special Prosecutor Ólafur Þór Hauksson, who filed the charge against the Kaupþing four, who were convicted in the Al-Thani case on Thursday, believes that the verdict along with other recent convictions in economic violations reduce the likelihood of similar violations being committed in the...

Iceland Supreme Court: Al-Thani Deal ‘Deception’

The Supreme Court of Iceland concluded in its verdict yesterday when sentencing four former key executives of Kaupþing Bank to prison that Sheik Mohammed Bin Khalifa Al-Thani of Qatar’s acquisition of a five percent share in the bank two weeks before the banking collapse in 2008 was a deception...

Icelandic Bankers Sentenced to Prison

The Supreme Court of Iceland today upheld prison sentences on four former key executives and majority owners of Kaupþing Bank in the so-called Al-Thani case in what is the heaviest sentence ever given in Iceland for economic fraud.

Wants ISK 150 Million for Tax Evader Info

A whistleblower who offered the Icelandic Directorate of Tax Investigations data documenting tax evasion by individuals with links to Iceland several months ago is asking ISK 150 million (USD 1.1 million, EUR 1 million) for the information, according to a statement from the Ministry of Finance....

Funding for Codland’s Icelandic Fish Skin Products

Startup company Codland in Grindavík, Southwest Iceland, has received ISK 75 million (USD 563,000, EUR 496,000) in funding from Nordic Innovation for developing products from fish skin. Once a three-year research project has been completed, the plan is to build a plant in Grindavík and process 3...

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