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Iceland Indicts Ex-FL Group Chairman Smarason for Embezzlement

Iceland’s special prosecutor indicted Hannes Smarason, the former chairman of FL Group hf, on charges of embezzling 2.875 billion kronur ($23.5 million) from the investment company before it was renamed Stodir.

Smarason in 2005 transferred the cash from an FL Group account to one controlled by a friend, who used the money to buy Sterling Airlines A/S, according to a copy of the indictment e-mailed by prosecutors today.

Smarason didn’t answer two calls to his mobile phone seeking comment.

He stepped down as CEO of FL Group in December 2007, a year in which the company lost 67.2 billion kronur, according to its financial statements. FL Group changed its name to Stodir hf after placing a moratorium on its debt payments at the end of September 2008. Creditors of the company agreed in 2009 to swap debt for shares in Stodir.

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