Is Bill Gates really buying Icelandic energy rights

The news-wire in Iceland is full of strange stories about Bill Gates being one of the 100 biggest shareholders in the Canadian energy corporation Magma Energy Corp that is buying HS Orka (HS Energy) with the Icelandic company Geysir Green Energy. I wrote about this deal last week and how strange it sounds.

Since then a lot has happened. The main TV station here has reported a few stories about this deal, but they have completely failed as journalists. They asked the CEO of Geysir Green Energy a simple question and he didn’t answer it, instead he just talked about the need to get more money into the deal. The reporter simply thought that was fine. Why ask a question when you are not seeking an answer?

The journalism here in Iceland is mostly about facts, no matter if they are right or wrong facts, just publish what people tell you to. No thinking, no investigation no nothing.  Every story about this deal is very strange. For example, GGE is buying the HS Orka firm for 13 billion ISK. Three billion will be a cash payment.  Four billion will be for the GGE shares in the company HS Veitur (HS Distribution) that is in the same office, has the same logo and is simply the distribution for the geothermal energy for HS Orka. So that is in in fact just a transfer of money on paper only, no real value since it is the same company.

The third payment is 6 billion as a bond or a debenture that should be payed in seven years. The strange part is that this is a collateral in the bonds themselves. This is called a business will or business promise. This is almost half of the payment is done by the trust.

This is what all the Icelandic banks used to do and in fact many companies that lost their heads in the frenzy of 2007. The value of a company was based on trust, not real assets.

GGE is bankrupt, everyone knows that. This is not stupid, this is insane. But sadly nobody in the media asks questions about this. Even the Left Green parliament member Atli Gíslason claims that this deal is wrong giving the correct explanation that GGE is financially in a bad situation, but he refuses to name why, and what companies are involved. The society of fear still has its power over people and events.

Now to Bill Gates.

This deal is reported by some media outlets and its all facts, about what the name of the company involved, how much it is worth, how much it needs to grow and so on. No questions about selling the pillars of Icelandic future, our energy. The rights go to foreign companies and Iceland soon starts to take the shape of Africa and Central- and South America, who are loosing their natural resources to large companies.

Then the bombshell hit the news-wires yesterday, after a big secrecy was claimed on who owned this Canadian company, it turns out that Bill Gates is one of the 100 biggest shareholders in this company. It is not confirmed, but it is claimed that he is.

After a detailed search on-line I found no connections between Bill Gates and Magma Energy. That is not an absolute truth that they are not involved, but at the moment, a strong indication that this is the old traditional way of the Icelandic business world, to promise a big name investor that will save all.

First it was the German bank that was a part of the Búnaðarbanki deal, that eventually was sold (given) to the group that promised this German bank, but when the truth came out, there was not bank involved. It was just a hoax. But the group still got the Icelandic bank for free because of this lie. Then there is the Sheik Al Thani that is under investigation for massive fraud in connection to Kaupthing.  See here. Now its Bill Gates.

The bottom line: The energy rights are being sold to a dubious Canadian company and a bankrupt Icelandic company. Nobody asks the right questions. I know there is more to this story involving the media silence, political life of town mayor Arni Sigfusson, Glitnir and a few others. An ugly story of fraud, political and economical backstabbing and massive cover up of money lost.