The sole Fin whaling company in Iceland, Hvalur ehf, has bought half the shares in one of Iceland’s largest waste disposal and recycling companies (Íslenska Gamafelagið). What’s that all about? Diversification?
And it was reported yesterday that three shareholders of Hvalur hf are suing the company in order for it (the company) to redeem their shares plus penal interest. It seems these shareholders allege that Kristján Loftsson (the company’s owner) bought discounted shares acquiring additional interests at the expense of other shareholders. The sum involved amounts to more than $10 million and is about 5% of the company’s value. The shareholders allege contraventions of company law. It could come to court in September. I don’t understand the intricacies of the argument but was struck by Kristján’s comment that if the shareholders are successful there is a possibility that this could force the company to dissolve.
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A one boat whaling company worth $200 million?
Capitalism is a broken system, and money has always been a group delusion. It is long past time we changed systems, I recommend moving to the Banks-Rodenberry system myself; maybe even the MacFarlane subtype, if you are a little more freewheeling.
Hopefully it will force the barbaric company to shut down.
They can read the writing on the wall, and they need another income stream to make sure the company can still exist once whaling finally fucking dies. Same as BP investing in renewable techs, and grouse moors investing in… oh well, not every industry is going to survive I guess.