Kaupthing CEO Finnur Sveinbjornsson said on Stod 2 news the bank will not be writing off the debt, now roughly ISK 6 billion, and the process of collecting the debt is in progress.
Icelandic businessmen Bjorgolfur Gudmundsson and his son, Bjorgolfur Thor Bjorgolfsson, used the money to by a stake in Landsbanki, the nationalized Icelandic bank that was a major lender to the seafood business.
In 2003, the father-and-son's company, Samson, took an ISK 3.4 billion (€15.9 million/$22.6 million) loan from Kaupthing to purchase a 45.8
