News


28.05.2021

LBI LOSES D&O CASE (GRETTIR CASE) AT THE LANDSRÉTTUR COURT OF APPEAL

On 28 May 2021, the Landsréttur Court of Appeal handed down a judgement in the Grettir case, by which the D&O Insurers, the former CEO, Halldor J. Kristjansson, and the former Head of corporate finance, Sigridur Elin Sigfusdóttir were acquitted. The individuals were acquitted on same grounds as in the first instance.

The acquittal of the D&O Insurers is based on the grounds that in the beginning of 2008, when the insurance was renewed, the company was negligent when giving information on the status of the company. The Court specifically addresses incorrect information on holding of own shares in the company, insufficient reporting of need for impairment of loans to large groups and insufficient information on large exposures. The Court also refers to market manipulation being conducted within the bank at the time of renewal the D&O policy.   

The Court found that the former CEO, Sigurjon Þ. Arnason, is obliged to pay LBI ISK 50.000.000 with default interest from the day the case was filed before the Reykjavik District Court in November 2011. The Court found that Arnason was liable due negligence in relation to not securing that a valid bank guarantee, securing a large loan exposure, was called when the loan was not paid back. The Court lowered the amount payable by Arnason at its discretion based on law on limited liability companies.    

Finally, the Court awarded legal cost to the D&O Insurers, the former CEO, Halldor J. Kristjansson, and the former Head of corporate finance of total ISK 36.000.000 payable by LBI.

LBI is currently reviewing the judgement with it’s legal team and considering next steps, including whether to request for appeal of the decision to the Supreme Court.

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19.05.2021

SCHEDULED PAYMENT ON 15 JUNE 2021

Pursuant to 9.1 (d) of the Conditions LBI hereby confirms, as the Euro Equivalent Available Cash, as determined on a Determination Date in respect of a Payment Date, is lower than the Distribution Threshold, LBI has decided not to make a payment of principal to the Bondholders on 15 June 2021 and to postpone such payment of principal until the scheduled Payment Date on 15 December 2021 unless postponed further.

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28.04.2021

LBI'S MANAGEMENT ACCOUNTS FOR Q1 2021

LBI’s Management Accounts for Q1 2021 and investor call presentation have been made available on LBI’s website under https://www.lbi.is/financial-info.

LBI will host an investor call to present and discuss the results on Tuesday 4 May 2021 at 14:00 (GMT), 15:00 London (BST) and 10:00 New York time (EST).

Please note that shareholders of LBI will need to register in advance to participate in the call by sending email to ir@lbi.is at the latest before 18:00 (GMT), 19:00 London (BST) and 14:00 New York time (EST) on Monday 3 May 2021.

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30.03.2021

ANNUAL GENERAL MEETING OF LBI EHF. - 14 APRIL 2021

In accordance with Art. 17.1 of LBI's ehf. Articles of Association the Annual General Meeting of LBI ehf., reg. no. 540291-2259, will be held at LBI's ehf. registered offices at Ármúli 21, 108 Reykjavík, on 14 April 2021. The meeting will commence at 10 AM.

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25.03.2021

LBI'S FINANCIAL STATEMENTS FOR 2020

LBI’s Financial Statements 2020 and investor call presentation have been made available on LBI’s website under https://www.lbi.is/financial-info.

LBI will host an investor call to present and discuss the results on Tuesday 30 March 2021 at 15:00 (GMT), 16:00 London (BST) and 11:00 New York time (EST).

Please note that shareholders of LBI will need to register in advance to participate in the call by sending email to ir@lbi.is at the latest before 18:00 (GMT), 19:00 London (BST) and 14:00 New York time (EST) on Monday 29 March 2021.

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