Sýn board reports insider information concerns to regulator
Wednesday 2nd September 2026 on 12:16 in
Iceland
Sýn’s board has reported possible mishandling of insider information to Iceland’s Financial Supervisory Authority, mbl.is reports. The disclosure concerns the sale in 2022 of Heiðar Guðjónsson’s entire 12.72% stake in the company to Gavia Invest.
Sýn disclosed the matter to the stock exchange on Wednesday. The company said the report followed a review of older operating data conducted during preparations for its 2026 budget, which led to further examination of whether information about an updated internal operating forecast in 2022 had been handled in accordance with applicable rules.
After seeking an independent legal opinion, the board decided to notify the Financial Supervisory Authority and provide it with relevant documents. Board members considered to have a conflict of interest recused themselves from the matter.
The issue relates in part to an updated internal forecast concerning the development of IoT revenues that appears not to have been circulated within the company in accordance with its procedures. Sýn said it was not taking a position on whether laws or regulations had been breached and had received no conclusion from the authority on the matter.
The disclosure comes after Gavia Invest filed a damages lawsuit against Heiðar and his company Úrsus ehf. The case was formally brought before a district court on Tuesday. The lawsuit is not directed against Sýn.
Einar Hugi Bjarnason, Gavia Invest’s lawyer, told mbl.is that his clients maintain that Heiðar possessed insider information and withheld information about Sýn’s position when he sold the shares. In Gavia’s view, he should have understood that a substantial fall in the company’s revenues was ahead.
Heiðar sold his entire stake in Sýn, held through Úrsus, in July 2022 for almost 2.2 billion Icelandic krónur. Gavia bought the shares at 64 krónur each, becoming Sýn’s largest shareholder, and Heiðar also stepped down as chief executive.
Gavia later increased its holding to 16.08% of the company’s voting rights and called for a shareholders’ meeting to propose changes to Sýn’s board. Jón Skaftason, then Gavia’s representative, subsequently joined the board.