FL Group again

flgroupbrothers

The revelations coming out regarding FL Group and its merry management team are getting wilder by the day. Palmi Haraldsson who one day was caught price-fixing as the head of the national coalition for vegetable producers and the next day turned up as billionaire investor, seems to have a hobby which is collecting shelf-companies to buy and sell in each other and borrow to inflate the values of his public companies.

Today we learn that the CEO of TM, one of Iceland’s biggest insurance firms bought stock in Glitnir and FL Group on behalf of the company for 2,5 billion ISK last January, without consent of the board. Seems like the decision was taken by its then new owners who still hadn’t secured approval from the Financial Authorities (yes, them clowns again) to exercise their control.

The new owners at the time? FL Group of course.

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