Straumur’s Einarsson Banned From U.K. Business on Tax Dodge

Petur Einarsson, the chief executive officer of Iceland’s Straumur Investment Bank hf, was barred from acting as a director of companies in the U.K. for failing to pay taxes, according to the Insolvency Service.

Einarsson was the director of now-bankrupt London-based Cbridge Ltd., a company which provided financial advice to the aviation industry, the service said in a Feb. 13 statement on its website.

He was found to have paid himself more than 100,000 pounds ($152,000) out of the company’s profits to “fund his own lifestyle but he made no attempt to pay the mounting corporation taxes owed by the company,” according to the statement. The company went into voluntary liquidation on June 4, 2010.

“This disqualification sends out a clear message; if you run a business in a way that is detrimental to your customers or to your creditors we will target you and remove you from the business environment,” said Mark Bruce, a chief examiner at the Insolvency Service, in the statement.

Einarsson said today in a telephone interview that the ruling is “incredibly harsh and unfounded.”

The executive said he lost more than $1 million in claims when the company failed and that he only took salary from the company during the two years in question.

“The person that has lost the most from this was me,” Einarsson said.

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.

To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.net.

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