Landsbankinn’s tax fraud division


Former chief of the Icelandic Tax Office, Indridi Thorlaksson voices his concern about the fact that the former head of Landsbankinn’s tax division, Kristjan Gunnar Valdimarsson was registered as the manager of four limited companies registered in the Caribbean island Tortola.

Tortola is a popular hiding place for those who do not want to pay their share to the society they make their money from. Morgunbladid tells the story of  Proteus Global Holding S.A., Kargile Portfolio Inc, Peko Investment Company Ltd. and Marcus Capital Ltd. which bought shares in Landsbankinn and held onto them until the bank’s employees wanted to use their share-options. At some point, all of these companies were amongst the 20 largest shareholders in the bank. 

“I think it all points to the fact that they are evading tax” says Indridi. He thinks by keeping the shares in Tortola profits were made from currency fluctuations, which therefore should have been taxed. But as the companies were registered in Tortola, they didn’t have to pay tax, but just 300 USD in renewal-fees.


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