Illugi Gunnarsson, the Minister of Education, sold his apartment in Reykjavík’s fashionable west side to the holding company OG Capital in July last year. OG Capital was owned by Illugi between 2011 and 2012, and is currently owned by Haukur Harðarson, chairman of Orka Energy, an Icelandic company specialising in global geothermal resource development and operation in Asia, which also has ties to Illugi.
Read more: Hanna Birna resigns as Minister of Interior
At the time Illugi sold the apartment to OG Capital, he had already taken up his post as Minister of Education. According to OG Capital’s annual financial statements, the apartment was bought for 53,5 million ISK (363,599 Euros/ 396,414 US Dollars). The company took over an existing 34,5 million ISK loan (234,470 Euros/ 255,631 US Dollars) and took an additional loan for 28 million ISK (190,295 Euros/ 207,469 US Dollars). According to the Icelandic news agency Vísir, the financial statements show no further activities in 2013 apart from the purchase of Illugi’s apartment.
Read more: Icelandic politicians can learn much from last week’s events, says professor in political science
The minister currently rents the apartment from OG Capital. In December 2013, Illugi, then already Minister of Education, attended a meeting with Orka Energy and the district committee of Xianyang district in China.
Illugi claims he sold the apartment to OG Capital because of financial difficulties and maintains there is nothing unusual about his dealings with the company. However, many members of the opposition judge the minister´s action to be unethical and have called for his resignation as Minister of Education.
Illugi Gunnarsson, the Minister of Education, sold his apartment in Reykjavík’s fashionable west side to the holding company OG Capital in July last year. OG Capital was owned by Illugi between 2011 and 2012, and is currently owned by Haukur Harðarson, chairman of Orka Energy, an Icelandic company specialising in global geothermal resource development and operation in Asia, which also has ties to Illugi.
Read more: Hanna Birna resigns as Minister of Interior
At the time Illugi sold the apartment to OG Capital, he had already taken up his post as Minister of Education. According to OG Capital’s annual financial statements, the apartment was bought for 53,5 million ISK (363,599 Euros/ 396,414 US Dollars). The company took over an existing 34,5 million ISK loan (234,470 Euros/ 255,631 US Dollars) and took an additional loan for 28 million ISK (190,295 Euros/ 207,469 US Dollars). According to the Icelandic news agency Vísir, the financial statements show no further activities in 2013 apart from the purchase of Illugi’s apartment.
Read more: Icelandic politicians can learn much from last week’s events, says professor in political science
The minister currently rents the apartment from OG Capital. In December 2013, Illugi, then already Minister of Education, attended a meeting with Orka Energy and the district committee of Xianyang district in China.
Illugi claims he sold the apartment to OG Capital because of financial difficulties and maintains there is nothing unusual about his dealings with the company. However, many members of the opposition judge the minister´s action to be unethical and have called for his resignation as Minister of Education.
