Baugur hands over keys of British HQ

Baugur handed over the keys of its British headquarters to administrators PricewaterhouseCoopers today with the majority of staff made redundant with one week’s pay.

From The Guardian

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2 Responses to “Baugur hands over keys of British HQ”


  1. 1 Roy February 12, 2009 at 6:20 pm

    “Baugur has been in limbo since the Icelandic banking system imploded last year, cutting off access to funds. Its financial affairs have been described as “messy” by one person who has seen the books owing to a network of cross-shareholdings. They are also complicated by the fact that the collapsed Icelandic banks are also investors and lenders to Baugur businesses.”

    This “network of cross-shareholdings” has been going on since day one and everyone in the government knew about it but allowed it to continue unhampered. The elite have siphoned the country dry and have now hidden all of this wealth in the Caymans and Liechtenstein
    and we will never see a single eyrir of this ill gotten wealth! Anyone for bringing back tar and feathering?

  2. 2 Vilhjalm A. February 12, 2009 at 9:16 pm

    In China they hang or chop off the heads of persons guilty of corruption, and the trial is a mere formality. Sure, small-time bribery is part of the system. But no scandals like Madoff, the Icelandic banks, and the mother of all swindles, the American mortgage-backed securities.
    You Icelanders have to develop a blood-lust for revenge.


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