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Iceland’s Finance Minister defends Progressive Party member’s involvement in controversial merger bill

Tuesday 9th 2024 on 19:17 in  
Iceland

Iceland’s Finance Minister has stated that the direct financial interests of Þórarinn Ingi Pétursson, a member of the Progressive Party, in a bill that enabled the merger of Kaupfélag Skagfirðinga and Kjarnafæði Norðlenska might have been insignificant.

Þórarinn Ingi Pétursson, the chairman of the Althing’s Industrial Committee and a member of the Progressive Party, is believed to have not been incompetent when changes were made to the commodity laws this spring. In March, new commodity laws were approved by the Althing, which among other things granted meat processing plants an exemption from competition laws. This legal change was a prerequisite for Kaupfélag Skagfirðinga to proceed with the purchase of Kjarnafæði Norðlenska last week.

Pétursson’s involvement in the bill has been disputed. He is the chairman of the Althing’s Industrial Committee and was the proponent of the bill. He owns a 0.8% share in Búsæld, which in turn owns a 43% stake in Kjarnafæði Norðlenska. He was on the board of both the company and Norðlenska, but resigned when he became a member of the Progressive Party.

Finance Minister Sigurður Ingi Jóhannsson stated that there was nothing abnormal about Pétursson’s involvement in the matter. “He has been upfront. Everything is on the table regarding his interests,” Jóhannsson said. “His asset registration shows his ownership in a farmers’ association that owns a part of a larger company. Direct interests are of course insignificant in this context.”