Alleged insider trading Icelandic ministry worker resigns

baldur-gudlaugsson1Baldur Gudlaugsson, the under-fire permanent secretary from Iceland’s Ministry for Education, Science and Culture has announced he will resign from his post, according to a statement from the Ministry.

In a letter to all staff at the Ministry for Education, Science and Culture, Gudlaugsson says that all the media attention he has received in recent days due to his alleged insider trading (selling personal Landsbanki shares shortly after sitting in on a meeting with UK Chancellor Alistair Darling and shortly before the bank’s collapse in autumn 2008) have had, “A disturbing effect on my daily work, as well as beginning to have a negative effect on the work and trustworthiness of the entire Ministry”.

Gudlaugsson leaves his job in the hope that the Ministry and its staff will be able to continue and develop their work unencumbered by personal allegations against one man. He will leave his post at the ministry and in the government of Iceland at the end of this month, the statement says.

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