By  on October 7, 2008

LONDON — In the wake of the financial crisis in Iceland, Baugur, the Icelandic investment company whose interests incorporate a large chunk of the British high street, is in serious spin mode.

The company’s chief executive officer, Gunnar Sigurdsson, issued a statement Monday saying the company won’t be affected should Iceland’s banks sell their overseas assets to support the country’s struggling economy and falling currency. “In response to the speculation that Icelandic banks may sell overseas assets, we would like to make it clear that this will have no impact on Baugur’s operations or its portfolio companies,” said Sigurdsson. “In the individual cases where Icelandic banks have direct shareholdings in our portfolio companies, we would emphasize that these are all minority shareholdings.”

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