Icelandic tech company Vélfag has responded to reports that an Icelandic company has been subject to economic sanctions due to the activities of the Russian shadow fleet, stating that its links with sanctioned fishing company Norebo have been dissolved.
‘The current ownership of Vélfag is held by the company’s founders, who own 18% shares in the company. The remaining 82% of shares are owned by Titania Trading Limited (TTL), based in Hong Kong, which is fully owned by a Swiss investor,’ stated CEO Trausti Árnason.
He commented that Norebo JSC acquired a majority share in Vélfag in 2022, prior to the conflicts and trade sanctions, but sold all its shares in the company in 2023 to TTL.
‘Norebo has no current connection to the ownership, control, or operations of Vélfag,’ he said, commenting thatVélfag has responded to all inquiries from supervisory and banking authorities regarding its ownership structure in a clear and transparent manner and has worked in good cooperation with all relevant bodies.
‘The sanctions against the company have had a significant impact, despite the company having provided full transparency. The company will continue to fully cooperate with the authorities to resolve the matter and restore its reputation and strongly opposes being included in a case based on assumption or insufficient investigation.’
Vélfag was founded in 1995 by Bjarmi Sigurðargarðarsson and Ólöf Lárusdóttir – and the company this year celebrates its 30th anniversary.
‘The company and its staff remain committed to operating responsibly and with integrity, based on Icelandic innovation and manpower, and developing cutting-edge processing solutions for the global seafood industry,’ he confirmed.
‘Vélfag has no current operations in Russia and is based in Ólafsfjörður and Kópavogur, with a development team in Akureyri, and a total of 33 employees.’
