Gavia Invest sues Heiðar Guðjónsson over Sýn stake sale

Gavia Invest has filed a damages lawsuit against Heiðar Guðjónsson and his company, Úrsus ehf., over the 2022 sale of his stake in Sýn, mbl.is reported.

The case was formally entered in court on Tuesday. Einar Hugi Bjarnason, Gavia Invest’s lawyer, told mbl.is that his clients claim Guðjónsson possessed inside information and withheld information about Sýn’s financial position during the sale.

Gavia Invest believes Guðjónsson should have known that the company was facing a substantial fall in revenue.

In July 2022, Guðjónsson sold his entire 12.72 per cent stake in Sýn, held through Úrsus, for nearly ISK 2.2 billion. Gavia Invest bought the shares for ISK 64 each and subsequently became Sýn’s largest shareholder.

Guðjónsson also stepped down as Sýn’s chief executive. Gavia Invest later increased its holding, giving it 16.08 per cent of the voting rights in the company.

The company subsequently called for a shareholders’ meeting at Sýn, proposing that the company’s board be renewed. Jón Skaftason, Gavia Invest’s representative, then joined Sýn’s board.

Gavia Invest was reportedly established specifically for the purchase of Guðjónsson’s stake. Its backers included Reynir Grétarsson, Jón Skaftason, Andri Gunnarsson and investors linked to E&S 101.

According to Bjarnason, the parties now have six weeks to submit their written arguments.