Arctica Finance
 | |
| Company type | Public company |
|---|---|
| Industry | Financial services |
| Founded | 2008 |
| Headquarters | , |
| Website | www.arctica.is |
Arctica Finance is an Icelandic securities brokerage firm headquartered in Reykjavík. It was established in 2008 by former key employees of Landsbanki, which failed during the 2008–2011 Icelandic financial crisis.[1][2][3]
History
[edit]In 2011, the company returned a 247 million ISK profit.[4]
In 2015, Arctica Finance bought securities brokerage firm H.F. Verðbréf for an undisclosed amount.[5]
Arctica Finance completed in April 2021 a Pre-IPO Private Placement round for the new airline Play with a total transaction size of $47 million in new equity.[6]
In 2019, the company returned a 304 million ISK loss after turning in a 200 million ISK profit the year before.[7]
Controversies
[edit]In September 2017, the company was fined 72 million ISK by the Icelandic Financial Supervisory Authority, which was based on the fact that dividends to employees had violated bonus rules.[8][9] In March 2019, Icelandic district courts lowered the fine to 24 million ISK.[10][11] In February 2021, the Supreme Court of Iceland rejected Arctica's appeal.[12]
In July 2021, the company was fined 700.000 ISK by the Central Bank of Iceland for breaking the laws on securities transactions by failing to adequately preserve the receipts received from clients.[13]
References
[edit]- ^ "Arctica Finance fær starfsleyfi hjá FME". Morgunblaðið (in Icelandic). 30 March 2010. Retrieved 24 September 2021.
- ^ Annas Sigmundsson (24 June 2011). "Mala gull í kreppunni". Dagblaðið Vísir (in Icelandic). p. 10. Retrieved 24 September 2021.
- ^ "Ný ráðgjöf í turninum". Morgunblaðið (in Icelandic). 25 November 2008. Retrieved 24 September 2021.
- ^ Guðni Rúnar Gíslason. "247 milljóna hagnaður hjá Arctica Finance". Viðskiptablaðið (in Icelandic). Retrieved 24 September 2021.
- ^ "Arctica Finance kaupir H.F. Verðbréf". Morgunblaðið (in Icelandic). 30 September 2015. Retrieved 25 September 2021.
- ^ Kaminski-Morrow2021-06-24T09:51:00+01:00, David. "Icelandic start-up Play details IPO ahead of small growth market listing". Flight Global. Retrieved 2021-09-24.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ Júlíus Þór Halldórsson. "Afkoma Arctica féll um hálfan milljarð". Viðskiptablaðið (in Icelandic). Retrieved 25 September 2021.
- ^ "FME sektar Arctica Finance um 72 milljónir". Viðskiptablaðið (in Icelandic). 5 October 2017. Retrieved 24 September 2021.
- ^ Magnús Halldórsson (5 October 2017). "Arctica Finance sektað um 72 milljónir króna". Kjarninn (in Icelandic). Retrieved 25 September 2021.
- ^ Magnús Halldórsson (8 March 2019). "Fallist á að arðgreiðslur hafi verið kaupauki en sektargreiðsla lækkuð". Kjarninn (in Icelandic). Retrieved 24 September 2021.
- ^ Brynjólfur Þór Guðmundsson (11 March 2019). "Verða að endurgreiða tvo þriðju hluta sektar". RÚV (in Icelandic). Retrieved 24 September 2021.
- ^ "Hæstiréttur hafnar áfrýjunarbeiðni Arctica". Viðskiptablaðið (in Icelandic). 18 February 2021. Retrieved 25 September 2021.
- ^ Hallgerður Kolbrún E. Jónsdóttir (7 July 2021). "Arctica Finance samdi við Seðlabankann og greiðir 700 þúsund í sekt". Vísir.is (in Icelandic). Retrieved 24 September 2021.