Ólafur Þór Hauksson

Lárus Welding, the former CEO of now-defunct Icelandic bank Glitnir, is one of three people arrested and remand in custody yesterday as part of the Special Prosecutor’s investigation into Glitnir’s working methods before the 2008 banking crash. Read the full story

The Supreme Court of Iceland has confirmed a Reykjavik District Court decision to remove the freezing order on the assets of former FL Group boss Skarphedin Berg Steinarsson. Read the full story

Multimillion krona funding from now bankrupt companies FL Group and Old Landsbanki to the Independence Party will be paid back over seven years, it was revealed in the Icelandic parliament yesterday. Read the full story

The holding company Stodir made ISK 1.2 billion (USD 9.3 million) after taxes and deductions in 2009 after massive losses a year before. Read the full story

Representatives of the Icelandic Tax Investigation Bureau searched the headquarters of Stodir Invest (formerly FL Group) today. The tax investigators took the decision in order to secure evidence for an investigation they are carrying out. Read the full story

FL Group announced today that it has been rebranded as Stodir and has acquired of a 39% stake in the Baugur Group under the new name. With the transaction, Stodir´s equity will increase by ISK 25 billion.

The transaction was conducted by means of a share swap and issuance of new shares in Stodir. The completion of this transaction is subject to shareholder approval at Stodir’s shareholder meeting, scheduled for late July. Stodir´s largest shareholder is Styrkur Invest which is majority owned by Gaumur.

Baugur Group recently sold off all its assets in Iceland and has said it will focus only on retail investments in the UK, Scandinavia and the US. Baugur’s core operations will be managed out of London and its largest retail investments include Iceland, House of Fraser, Mosaic Fashions, Hamley’s, Whistles, Goldsmiths, Magasin du Nord, Illum and Saks.

Further financial information about Stodir will be provided when Stodir presents its second quarter results on 29 August.

For more information on Stodir visit www.flgroup.is

The International Investment company FL Group is to publish first quarter 2008 results on the 8th of May.

A presentation for shareholders and market participants will be held in Reykjavik Iceland at the Hilton Nordica hotel at 16:30 GMT, May the eighth.

More information can be found at the FL Group website

About the group:
FL Group is an international investment company with core investments in financials and insurance. The company maintains a flexible approach to value creating investments in private equity with a special focus on property companies, along with capital markets activities.

FL Group invests using the company’s balance sheet, bringing flexibility in asset allocation and horizons.

After Baugur Group’s changes today, Styrkur Invest now holds 39.05% of shares in FL Group. According to Styrkur Invest spokesman and its CEO, Eirikur S. Johannsson, these changes are planned to promote value for investors and investee companies like FL Group and should have little or no effect on FL Group’s operations.

FL Group reported in a press release, “Following a share capital increase in Styrkur Invest, major shareholders in Styrkur Invest will be shareholders of Baugur Group and related parties (47.1%) and Kaldbakur, an investment vehicle for Samherji hf. (33.6%). Styrkur Invest’s sole asset is a 39.05% stake in FL Group, there of Styrkur Invest has bought 1.75% shares today at ISK 7.28 per share.”

Eirikur S. Johannsson, former Managing Director of Investments at Baugur Group, has been appointed CEO of Styrkur Invest. Eirikur S. Johannsson will remain a Board Director of FL Group and Jon Asgeir Johannesson will remain FL Group´s Chairman.

The international investment company FL Group (OMX: FL),  announced today that further to its statement in September 7th 2007, the company confirms that in light of current financial market conditions, it will not be making an offer for Inspired Gaming. FL Group continues to be impressed by the Inspired Gaming business and management team and remains a supportive shareholder.

Read more about this on the FL Group website

Forbes reports that offer talk abandonment hurt Inspired Gaming, see more here.