Landsbanki bond used to finance private project

bjorgolfur-gudmundssonThe bond which the investment fund Fyrirtaekjabref Landsbankans bought from Bjorgolfur Gudmundsson in 2005 for ISK 400 million was used to finance the setting up of a memorial fund for Gudmundsson’s daughter.

According to the business paper Vidskiptabladid, the owners of Landsbanki felt at the time that it was quite natural to finance the founding of the fund; but the fund was actually begun at the beginning of 2005 when Gudmundsson and his wife deposited ISK 500 million.

Fyrirtaekjabref Landsbankans was a business investment fund owned by Landsbanki. Bjorgolfur Gudmundsson was majority owner and chairman of Landsbanki at the time.

His daughter Margret died in an accident in 1989 aged just 33. Since its establishment, the Margret Bjorgolfsdottir Memorial Fund has regularly donated money to all sorts of worthy causes.

Comments are closed.