LÍV owners to be briefed on company situation

Owners of Faroese insurance company LÍV have been summoned to a meeting at its Tórshavn headquarters later today, where they will be briefed on the company’s current situation, Kringvarp Føroya reports.

The announcement follows Friday’s news that Jan Jakobsen, LÍV’s managing director for the past 14 years, is stepping down, and that the company is withdrawing from its investment in Globe Tracker—a decision that has cost LÍV and Faroese policyholders 174 million kroner.

The meeting, scheduled for 4:30 pm, will gather representatives from P/F Fakfelag, which comprises 21 Faroese trade unions, and Ognarfelagið LÍV, owned directly by the policyholders. Delegates from both groups have told KVF they have no prior knowledge of the developments and question why only the director is being sacrificed, as they believe Jakobsen has acted alone and without authorisation from LÍV’s board.