Saturday, December 12, 2009

Political Corruption in Iceland - investment fiasco

One of the Insurance company in Iceland , Sjova, had a property investment plan in Macau in the far east.
Another company ,Vafningur, bought the investment plan,through a cpmpany in the British Virgin Islands.
The plan , was about buying 68 luxury apartments in Macau , near Hong Kong.
According to a Icelandic news paper , DV, Independence Party chairman ,and member in parliement ,Bjarni Benediktsson,was in control of this invesment.
Bjarni,his father and Karli and Steingrími Wernerssons,invested with the Insurance company money in Macau.

Now ,that the Insurance company is now in govermnet hands,the insurance company,Sjova, has had to pump billions of kronas ,to get out of that investment.
Bjarni ,the Independence party leader ,has denied having taken any part in this investment .
Bjarni was chariman of the company that took part in this Macau investment.