Some investors are more equal than others

Former Glitnir CEO, Bjarni Armannson appeared in court yesterday to explain why his roughly 1.5% share in Glitnir was bought at the price of 29 per share instead of 26,6 as the market price that day. It is estimated that Bjarni profited an extra 500 million ISK on this. 

Nota bene it is not the Icelandic state that is investigating the economic crash but the chairman of the Union of Independent Investors who is claiming that by buying Bjarni’s shares at that price other shareholders Glitnir was discriminating between shareholders. 

Interestingly, Bjarni revelaed that it was Jon Asgeir Johannesson who he discussed the inflated price with at the time. Interesting because although Jon Asgeir was a large shareholder he was not a member of the board at that time. 

One of the drawbacks of the Icelandic economy in the past few years was that there was a small group of people who owned majority stakes in the banks and held incredible control behind the scenes.


2 Responses to “Some investors are more equal than others”

  1. 1 Stan January 15, 2009 at 4:51 pm

    Is this the same person who recenly returned some of his earnings?

  2. 2 drafnsson January 15, 2009 at 7:11 pm

    Yeah, that’s him.

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