Media committee chair represents investor suing former Sýn CEO

Einar Hugi Bjarnason, a lawyer for Gavia Invest and chairman of Iceland’s Media Committee, is representing the company in a damages case against former Sýn CEO and shareholder Heiðar Guðjónsson, mbl.is reports.

Bjarnason said his role at the independent administrative committee does not affect his eligibility to pursue the case. The committee is responsible, among other things, for supervising media providers.

“This has no effect. I was aware of the situation and assessed that it would not affect my eligibility to serve as chairman of the Media Committee,” Bjarnason told mbl.is.

He said there was no connection between the case, which involves two legal entities, and his work as committee chairman.

Gavia Invest filed the damages claim over Guðjónsson’s sale of his stake in Sýn in July 2022. He sold his entire 12.72 percent holding, owned through Ursus, for nearly 2.2 billion Icelandic krónur. Gavia bought the shares at 64 krónur each and subsequently became Sýn’s largest shareholder. Guðjónsson also stepped down as the company’s CEO.

Gavia Invest alleges that Guðjónsson had inside information and withheld information about Sýn’s position when he sold the shares. The company maintains that he should have known that a significant fall in revenue was ahead.