News

Welcome to visit us at The European Seafood Exposition in Brussels 23rd to 25th of April 2013

- according to an audit carried out by the British audit firm Baker Tilly LLP
• With respect to allegations from the Central Bank of Iceland as to the underpricing of Samherji’s products sold to related parties, Seagold Ltd, Samherji’s affiliate in the UK, commissioned an independent analysis and audit of the company’s operation.
• The task was carried out by experts from Baker Tilly UK Audit LLP (www.bakertilly.co.uk), an independent member of Baker Tilly International which is one of the world’s larger firms within its area of expertise, with a total staff of approximately 25,000.
• It was the clear and categorical conclusion of this audit that the transactions in question gave no cause for concern and that the business dealings of Seagold Ltd. with related parties were carried out in the same way as transactions between non-related parties. Thus, there was no cause for making any alterations, neither with regard to pricing nor pricing policy.
• Samherji has already published a report from IFS-FINANCE AND RESEARCH which arrives at the same conclusion; no problems exist relating to the pricing of Samherji’s products.
• During the period covered by the Central Bank investigation, Samherji/Ice Fresh Seafood exported products amounting to a total of ISK 113 billion. From its own products, the company’s sales to related parties came to ISK 15.4 billion; thereof ISK 14.3 billion, or approximately 93%, from transactions with Seagold.
• The conclusions of the audit conducted by Baker Tilly UK Audit LLP, as well as results obtained from IFS-FINANCE AND RESEARCH conclusively indicate that the Central Bank of Iceland’s allegations of underpricing by Samherji, in transactions with related companies, are without foundation.

With regard to the media coverage relating to the affairs of Samherji I, in my capacity of the company’s legal counsel, wish to make the following statement:

Allegations as to the undercutting
of prices from Samherji’s vessels to its subsidiary in Germany are completely unfounded and Samherji in Iceland is not transferring monetary assets out of Iceland to Icefresh GmbH. All
assertions to that effect are ridiculous and completely out of step with reality.

“Samherji has in every respect complied with the law both as regards foreign exchange transactions and in other
matters. The actions taken by the Central Bank of Iceland yesterday are completely unjustified and must either be based on incorrect
information or due to other reasons that we are not aware of” says Þorsteinn Már Baldvinsson, CEO of Samherji hf. As has been revealed, the Foreign Currency Department
of the Central Bank of Iceland has conducted a dawn raid on the offices of Samherji hf. The Central Bank of Iceland has not given Samherji’s management any explanation for these
actions.
 

The European Seafood Exhibition has been busy this year and it is clear that we are
experiencing a very lively market in the Seafood business. There seems to be a great demand for most species and prices are high.

- Útgerðarfélag Akureyringa established
A sales agreement was signed this weekend between a new Daughter Company of Samherji and Brim Seafood Company, selling Brim´s assets in Akureyri. The new company will be named
Útgerðarfélag Akureyringa. The agreement is signed with the reservation of approval due to competitive restrictions.

The ship Vilhelm Þorsteinsson EA arrived yesterday from it´s last fishing trip this year, fully loaded of frozen Herring products. The crew of Vilhelm has caught 50.000 tons this year worth 3,3 billion ISK, which is a record in catch value.

Björgúlfur EA 312 arrived in Dalvík harbor this morning fully loaded with 115 tons of fish. The catch was mainly Cod that goes directly on to the processing line in Samherji´s fish factory in Dalvík.  Including this fishing trip´s value of just over 25 million ISK Björgúlfur has passed catch value of 1000 million ISK this year, for the first time in it´s history. On this occasion the ship´s crew was greeted with a large cream cake.  

Kristina EA 410, the largest ship of the Icelandic fishing fleet arrived in Akureyri this morning having left Las Palmas a week ago. The ship will, in the next days,  be heading for Herring and Mackerel fishing in Icelandic waters.