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Article: Bakkavor chiefs face loans probe.(news)(Exista)(Bakkavor Group HF)
- Article from:
- Grocer
- Article date:
- March 14, 2009
- Author:
CopyrightCOPYRIGHT 2009 William Reed Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Agust and Lydur Gudmundsson, CEO and chair of ready-meals giant Bakkavor, are facing investigation into loans they received from failed Icelandic bank Kaupthing.
This week it emerged Kaupthing had lent hundreds of millions of pounds to its largest shareholder Exista, a financial services company controlled by the Gudmundssons through a 77% stake. As Kaupthing collapsed, Exista sold off many assets as its future was cast into doubt. This included its controlling 39.6% stake in Bakkavor, which it sold to ELL 182, a Gudmundsson investment company. Kaupthing is under investigation as Icelandic authorities examine the failure of the country's three largest banks. Two ...