Former president of United Silicon accused of embezzling up to 500 million ISK

Former president of United Silicon accused of embezzling up to 500 million ISK

Magnús Ólafur Garðarsson, founder and former president of United Silicon, a silicon production plant in Iceland, has been charged with embezzlement. It’s believed that while working for the company, and even after quitting, Magnús embezzled up to 500 million ISK, which is around 3.9 million Euros.

Magnús is believed to have forged invoices from a company in Italy called Tenova, that supplies United Silicon with equipment. Then, through an elaborate scheme have United Silicon pay the invoices into an account outside of Iceland, Vísir reports.

This is not the first time Magnús is in the news for criminal activity, but when he was still president of United Silicon, the police seized his 20 million ISK Tesla since he was suspected of repeated speeding and causing an accident on Reykjanesbraut road.