Indefence, currency restictions and bad PR

One Icelandic blogger is talking about how strange it is to have Magnús Árni Skúlason leading the Indefence group when he was forced to resign as a board member of the Central Bank of Iceland after only few weeks the summer of 2009. He was forced to resign after being accused and later admitting to bypassing the currency restriction laws. The blogger in question Teitur Atlason claims that Magnús Árni Skúlason had received tens of millions into his own pocked by helping companies and individuals to circumvent the law.

Atlason is disgusted (blog in Icelandic) that he is leading the protest against the Icesave deal, full of patriotic spirit. MÁS was in fact guilty of playing against the law, the bank he was supposed to protect, and in fact his nation, his currency who at that time had NEVER been so vulnerable and in so much trouble. In some nations this would be called treason. He sat in the board on behalf of the Progressive party.Magnús Árni and his loudspeaker

There had been rumours about this for a while, then it got into the newspapers. He actions might not have been illegal in that sense, but it was still against his own nation. According to MBL, companies such as Actavis, Össur and other large companies such as the fishing industry and the Aluminium companies were offered his services.

The foreign exchange dealer was a company called SchneiderFX. Magnús did not contact the companies formally or officially, he called large shareholders, board members and so on. All back channels and all very secret. But in a small society there are no secrets. Iceland Talks has learned that Magnús Árni Skúlason was effectively selling the services for this company, and to do so he called everyone, bankers, investors, board members and so on.

Indefence has not commented on this at all. They talk about what a great PR job they are doing but fail to fix this little flaw in their organisation. Could the reason for their lack of will to either get rid of Magnús Árni or at least put him at the back of the organisation and out of the limelight be that he is financing the organisation alongside his friends in the Progressive party? One can only wander.

Another Icelandic blogger calls this Indefence group and their signature episode at the Presidents home at Bessastaðir; “Unemployment and stagnation sponsored by Indefence“.

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