Petur Einarsson, the chief executive officer of Iceland’s Straumur Investment Bank hf, was dismissed after he was barred from acting as director of U.K. companies for failing to pay taxes.
Jakob Asmundsson, the bank’s chief financial officer, will take over as CEO effective immediately, according to a statement on the bank’s website.
Einarsson was the director of now-bankrupt London-based Cbridge Ltd., a company which provided financial advice to the aviation industry, the U.K. Insolvency 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. Cbridge went into voluntary liquidation in 2010.
Einarsson said yesterday in a telephone interview that the U.K. ruling was “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,” he said.