≡ Menu

Protests today at Reykjavík City Hall!

A parliamentary committee set up to oversee foreign investments in Iceland finally piped up yesterday and announced its doubts about the legitimacy of the sale of a share in HS Orka to a shell company in Sweden, set up expressly for the purpose of circumventing Icelandic laws.

Don’t Icelanders just do everything at the last minute. The sale is to be approved in the Reykjavík City Council today.

However, this gives a glimmer of hope to those of us who are vehemently opposed to the sale of our natural resources at bargain prices, in a deal fraught with deceit and fraud.  As does the revelation that there is a clause in Icelandic law that could allow the Minister of Business Affairs to annul the deal:

If the Minister for Business Affairs considers a particular foreign investment to threaten the security of the state or violate public policy, public safety or public health … he can stop such investment provided he make known his decision within eight weeks of receiving notification of the investment in question …

The Minister for Business Affairs is quoted in Fréttablaðið today as “wondering” about the legitimacy of the sale.

At any rate, there are protests scheduled this afternoon at 2 pm at Reykjavík City Hall, when the sale of the share in HS Orka is due to be finalized. If you are in Iceland and want to take a stand against corruption and greed, not to mention FOR the freedom and sovereignty of this country – BE THERE.

We’ve had some serious rain this morning, although it’s really fine raindrops, just lots of them. And of course there is the ubiquitous wind. I see a patch of blue sky from my window right now, though, so there is hope yet for a happy end to the day. 10°C right now, [that’s 50F]. The sun came up at 6.49 and set at 7.54.

[ps I’m almost done with Magma Energy and HS Orka. Soon I’ll be back to more uplifting things, like how the Icelandic banks shifted profits to offshore accounts without even attempting to hide what they were doing.]

And while we’re looking the other way …
More on that ludicrous Magma HS Orka deal
Magma Energy and the second coming
Of corruption, stupidity and the value of green energy



Comments on this entry are closed.

  • Ljósmynd DE September 15, 2009, 12:59 pm

    I wish you all the best!

  • snowball September 15, 2009, 1:50 pm

    it would be wiser to protest for the right to buy magma shares or at least a placement of magma shares at the reykjavik stock exchange. as far as i understand, the regular jon jonsson (read…icelander subject to currency restrictions) has no opportunity to buy magma shares. thats a clear disadvantage for icis. keep in mind, the next bubble will be green and companies like magma will most likely lead the hype. because of such deals (HS orka), their share price will have reached the moon in 5 to 10 years. icelanders should at least have the chance to buy a ticket before the train has left the station :-). isnt it?

  • Andrew September 15, 2009, 2:11 pm

    It appears that this new government isn’t a lot better than the old one! Happy demonstrating!

  • James September 15, 2009, 2:43 pm

    I wonder if any relevant experts (such as Icelandic professors of policy studies or law) have given opinion on whether the share sale violates public policy. It sounds fraudulent (ie intentional deception) if the sole raison d’etre of the Swedish shell company is to circumvent Icelandic law…

  • Easy September 15, 2009, 3:02 pm

    WOW!! That’s dumb!… why don’t we just protest next week? after everything is signed and ready. “ok, let’s protest this thing EXACTLY the same day and probably after they have closed the deal” We’re definitely going to achive alot!!

  • alda September 15, 2009, 3:25 pm

    Andrew – different government, actually. This is the city council we’re talking about – not the national gov’t.

  • Alexander E. September 15, 2009, 4:06 pm

    I was there just after 3 PM – two police cars, two police bikes and strong wind.
    Any comments from those who were there at two o’clock?

  • Jessie September 16, 2009, 12:56 am

    Someone should create a website with the name and party affiliation of each individual who voted in favor of this deal so as to remind people who not to vote for in the next city council elections.

    It’s good that people are taking a stand against this. It’s just a shame that no matter what the laws seem to be, there will always be individuals who will find ways to circumvent the laws for personal gain — a wonderful byproduct of capitalism. The fact that it is condoned by a governmental entity is a slap in the face.

  • hildigunnur September 16, 2009, 1:27 pm

    and Andrew, the city council is ruled by the same parties as the old govmt…