Other business ventures of Gísli Reynisson

Most of the information gathered here was dont by Sigrún Davíðsdóttir from RUV. In short here are his other business ventures:

In 2007 he founded an investment company called ProLab Incubator with some other people and the aim of that company was to invest in new technology firms. It was supposed to invest in 12 companies every year. To be able to do this one has to have a lot of cash and the means to control all the investments. Not much was heard from this company other than the announcement.

If it started in any form RUV could not find anything about it, but I do know that similar methods are well known when laundering money. If that was so in this case is unknown, but given the history and company Gísli was keeping in Latvia and through Landsbanki one can only wander. The money laundering methods are many, but most of them involve investing in debt ridden companies and filtering the money through them into bank accounts i Europe. Another is to invest in gray market companies or start up companies that could be successful and filter trough them.

In 2007 Gísli had bought most of the fish stores (Fiskisaga is his main store who controls the others) in Iceland, and most of the gourmet butcher stores (Gallery Kjöt) and the main cheese store (Ostabúðin), The hotel manager, investor and real estate king of Copenhagen and Latvia now ran the whole fish and gourmet meet market in Iceland. Doing business in those areas is pretty strange, and after Gisli died, Gallery Kjöt (gourmet meet retailer) went bust pretty quickly, just as the fish stores. He effectively ruined the fish retail market in Iceland, prices soared and it all went bust in the end.

Early 2008 Nordic Partners Hamé bought a food factory in the CHECK Republic for 200 million Euros, and the deal was to build up NPH status on the food processing market, but NPH had at least seventeen food factories in seven Eastern European countries.

Gisli Reynisson travelled mostly by private jets, as so many of the Icelandic business men responsible for the banking crisis. It was easy in his case since Nordic Partners had the private jet rental service called IceJet that operated from Reykjavik Airport total of six jets.

I agree with Sigrún Davíðsdóttir when she reports that most og Gisli Reynissons business ventures were reckless and seemed driven by intense drive to buy everything very quickly. But what stands out in Sigrúns overview of Gísli is that he almost all the time bought assets, like the D’Angleterre hotel and the fish stores in Iceland, and most likely everything else, for a massive overprice, and as soon as the crunch came, it all went bankrupt very quickly. Landsbanki financed most if this without any responsibility what so ever.

All his story in business is strange, even RUV reports it dubious but do not say it directly like is done here.

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