Magma Energy + HS Orka = Corruption

Magma Energy has been mentioned here before.

The company is now buying more share in HS Orka (HS Energy or HS Power) and the aim is that Magma Energy and Geysir Green Energy (see here as well) will own half and half or around 48% each, given that all the small owners will sell their share.

It seems that the privatisation of the energy rights has begun.

The sad part is that the prices of energy will rise, probably within one year. It is the duty of each person who is voted into public office to serve in the interests of its clients, the people who voted them into their jobs. One fails to see how that is is done by selling profitable companies that will keep prices down for the people and money coming into the local community.

According to our sources this is a part of a larger issue, Geysir Green Energy was never supposed to have been saved for the simple reason that it owes 23 billion ISK, and is in fact bankrupt. It was taken from the bankrupt Glitnir bank to Íslandsbanki, when it should have been put into receivership. The company has been loosing money big time, and in Germany they have lost over 4 billion ISK trying to drill for hot water. There are nothing but dry holes there. This loss adds to the the 23 billion ISK mentioned before. capacent

How can a bankrupt company do this? It is done with help from Capacent, who hired all the people from Glitnir energy department in one go. The architect for this scheme to save the investment company Atorka, is Árni Magnússon, the ex minister who was hired into Glitnir when he quit politics.

Árni Magnússon was a former minister of social affairs for the Progressive party. He has always had close connections to Finnur Ingólfsson the former minister of Industry also for the Progressive party who later became head of the Central Bank of Iceland. Finnur Ingólfsson then went to join the group who bought the bank Búnaðarbanki with Ólafur Ólafsson of Kaupthing and together they managed to get very rich, and drain the insurance company VÍS of all its funds.  (thanks for the correction and update DH)

Promens ehf is another company that is in reality totally bankrupt, just as Jarðboranir efh. All registered in Hlíðarsmári 1 in Kópavogur. arnisigfusson

The people who are really behind this very strange and corrupt scheme are Bjarni Ármansson the ex Glitnir manager who is returning home from Norway. Árni Sigfússon the town mayor of Reykjanesbær. Those men are all loyal to Davið Oddsson, and part of this is also to save the political life of Árni Sigfússon who has taken Reykjanesbær and run it to the ground financially. Our sources say that he is getting a fat bribe payment that will save his personal finaces too, as a price for selling the energy rights from the people who own them.

An interesting news story popped up yesterday on website. It said that the former Landsbanki boss Halldór J. Kristinsson is moving to Canada with his family. His new job is to be the CEO of a big energy and investment company there. And our sources confirmed our suspicion that he is also a part of this HS Orka manipulation deal.

This is just one case of the massive corruption that keeps on going right in front of everyone. The media don’t report anything, because this story has already been silenced by Morgnublaðið, Fréttablaðið and DV. Probably because the owners of those newspapers are the people involved and responsible for the whole economic disaster that is Iceland.


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