Iceland awash

From The Independent, February 10 2005:

The favourite theory doing the rounds is that Reykjavik is awash with Russian mafia money. Iceland, they reason, is precisely halfway between Moscow and New York, making it the perfect stop-off point for a Russian oligarch to launder the odd billion roubles. Plus, wasn’t the Russian connection cemented by presidents Reagan and Gorbachev’s choice of Reykjavik as their setting to end the Cold War?

Icelanders, naturally, assert that the Russian money notion is nonsense. But everyone knows where it comes from. Three years ago, a trio of Icelanders led by Bjorgolfur Thor Bjorgolfsson sold a Russian brewing business he built from scratch from a disused Pepsi plant to Heineken for more than pounds 200m. Mr Bjorgolfsson, who, like most of his peers is in his late 30s, used his spoils to acquire most of Landsbanki through his company, Samson Global Holdings. He also has a 30 per cent stake in Actavis, the pharmaceuticals company set to float on the London Stock Exchange this year. Hence the theory that Icelandic companies are awash with Russian money.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s