Arctica Finance Explained
Arctica Finance is an Icelandic securities brokerage firm headquartered in Reykjavík. It was established in 2008 by former key employees of Landsbanki, which failed during the 2008–2011 Icelandic financial crisis.[1] [2] [3]
History
In 2011, the company returned a 247 million ISK profit.[4]
In 2015, Arctica Finance bought securities brokerage firm H.F. Verðbréf for an undisclosed amount.[5]
Arctica Finance completed in April 2021 a Pre-IPO Private Placement round for the new airline Play with a total transaction size of $47 million in new equity.[6]
In 2019, the company returned a 304 million ISK loss after turning in a 200 million ISK profit the year before.[7]
Controversies
In September 2017, the company was fined 72 million ISK by the Icelandic Financial Supervisory Authority, which was based on the fact that dividends to employees had violated bonus rules.[8] [9] In March 2019, Icelandic district courts lowered the fine to 24 million ISK.[10] [11] In February 2021, the Supreme Court of Iceland rejected Arctica's appeal.[12]
In July 2021, the company was fined 700.000 ISK by the Central Bank of Iceland for breaking the laws on securities transactions by failing to adequately preserve the receipts received from clients.[13]
Notes and References
- News: Arctica Finance fær starfsleyfi hjá FME . 24 September 2021 . . 30 March 2010 . Icelandic.
- News: Annas Sigmundsson . Mala gull í kreppunni . 24 September 2021 . . 24 June 2011 . 10 . Icelandic.
- News: Ný ráðgjöf í turninum . 24 September 2021 . . 25 November 2008 . Icelandic.
- News: Guðni Rúnar Gíslason . 247 milljóna hagnaður hjá Arctica Finance . 24 September 2021 . . Icelandic.
- News: Arctica Finance kaupir H.F. Verðbréf . 25 September 2021 . . 30 September 2015 . Icelandic.
- Web site: Kaminski-Morrow2021-06-24T09:51:00+01:00. David. Icelandic start-up Play details IPO ahead of small growth market listing. 2021-09-24. Flight Global. en.
- News: Júlíus Þór Halldórsson . Afkoma Arctica féll um hálfan milljarð . 25 September 2021 . . Icelandic.
- News: FME sektar Arctica Finance um 72 milljónir . 24 September 2021 . . 5 October 2017 . Icelandic.
- News: Magnús Halldórsson . Arctica Finance sektað um 72 milljónir króna . 25 September 2021 . . 5 October 2017 . Icelandic.
- News: Magnús Halldórsson . Fallist á að arðgreiðslur hafi verið kaupauki en sektargreiðsla lækkuð . 24 September 2021 . . 8 March 2019 . Icelandic.
- News: Brynjólfur Þór Guðmundsson . Verða að endurgreiða tvo þriðju hluta sektar . 24 September 2021 . . 11 March 2019 . Icelandic.
- News: Hæstiréttur hafnar áfrýjunarbeiðni Arctica . 25 September 2021 . . 18 February 2021 . Icelandic.
- News: Hallgerður Kolbrún E. Jónsdóttir . Arctica Finance samdi við Seðlabankann og greiðir 700 þúsund í sekt . 24 September 2021 . . 7 July 2021 . Icelandic.
