Icelandic pension fund bosses resign after Panama Papers exposure

Two chief executive officers of Icelandic pension funds have resigned, after being exposed in the Panama Papers scandal.

According to Iceland Review, Kristján Örn Sigurðsson has resigned from his job as CEO of the United Pension Fund in Iceland Kári Arnór Kárason has resigned from his job as CEO of the Stapi Pension Fund, after they were both found to be registered owners of offshore companies.

The most recent case involving Sigurðsson was covered on the Kastljós television programme on 25 April, revealing he would have been contractually required to seek pension fund board approval for any such personal financial dealings, but failed to do so.

United Pension Fund's head of operations Ólafur Haukur Jónsson is now set to temporarily take over as CEO until a new boss is recruited.

A copy of the former CEO’s resignation statement on the affair can be found below, as reported by Iceland Review:

“In light of the debate about me and the fact that my name can be found in the Panama Papers, I want to make the following clear:

I have always ensured in my work to work with integrity and obey laws and rules.

I believe it is important due to this discussion about me that the United Pension Fund should not suffer damage. I have therefore informed the Board of the Fund that I wish to be released from my position in the hope that reconciliation will settle on the Fund and its operations.

I have worked for 19 years with the United Pension Fund where I have made many good friends and I want to thank all those good people for a good working relationship through all these years.

With respect,

Kristján Örn Sigurðsson”

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