Magnús Þorsteinsson
Encyclopedia
Magnús Þorsteinsson is a businessman and chairman of Avion Group
. He was a high profile investor and entrepreneur
with interests in aviation
and financial services
.
and Björgólfur Thor Björgólfsson
.
The Icelandic businessmen, together with Russian partners, founded a bottling company
Baltic Bottling Plant, which was sold to Pepsi. They moved to brewing and founded a brewing company Bravo International OOO in August 1996 which became Bravo International JSC in December 1997. Bravo Brewery became a success on the premium beer Botchkarov.
Danish journalists noted that the Committee on External Economic Relations in the Mayor's office was responsible for foreigners in Saint Petersburg. The committee's chairman was Vladimir Putin
.
In 2005 an article in The Guardian wondered where the Icelandic money comes from and noted that in the 1990s these Icelandic businessmen "were not only ploughing money into the country but doing it in the city regarded as the Russian mafia
capital. That investment was being made in the drinks sector, seen by the mafia as the industry of choice." Competitors in the Saint Petersburg brewing market faced problems. Ilya Weismann, deputy director of a competing beverage company Baltic, was assassinated on January 10, 2000. Then Baltic director general Aslanbek Chochiev was assassinated. One competing Saint Petersburg brewery burned to the ground.
Bravo Brewery became the fastest growing brewery in Russia. Heineken
bought the brewery for $400m in 2002.
and Magnus Thorsteinsson was appointed Honorary Vice-Consul. The opening ceremony was held on March 10, 2000.
in 2002 and a majority share in Landsbanki
with other controversial business partners, Björgólfur Thor Björgólfsson
and Björgólfur Guðmundsson
. Magnús lost most of his fortune in the 2008 financial crisis due to the high leverage in his investments.
Avion Group
Hf. Eimskipafélag Íslands is a large Icelandic investment company, focused on investments in the transportation industry. The company was formed on January 1, 2005, from several long standing companies. In 2005, Eimskipafélag Íslands was ranked the second fastest growing business in Europe by the...
. He was a high profile investor and entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
with interests in aviation
Aviation
Aviation is the design, development, production, operation, and use of aircraft, especially heavier-than-air aircraft. Aviation is derived from avis, the Latin word for bird.-History:...
and financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
.
Beverage businessman in Saint Petersburg
Magnús began his investments in St. Petersburg together with Björgólfur GuðmundssonBjörgólfur Guðmundsson
Björgólfur Guðmundsson was the chairman and former owner of West Ham United FC. Björgólfur was Iceland's second businessman worth more than a billion dollars — his son, Björgólfur Thor Björgólfsson being the first. He was ranked by Forbes magazine in March 2008 as the 1014th-richest person in the...
and Björgólfur Thor Björgólfsson
Björgólfur Thor Björgólfsson
Björgólfur Thor Björgólfsson , known internationally as Thor Bjorgolfsson, is an Icelandic businessman and entrepreneur, and former chairman of the financial firm Straumur-Burðarás and chairman of investment firm Novator Partners.He has been declared "Iceland's first billionaire", and was ranked as...
.
The Icelandic businessmen, together with Russian partners, founded a bottling company
Bottling company
A bottling company is a commercial enterprise whose output is the bottling of beverages for distribution.Many bottling companies are franchisees of corporations such as Coca-Cola and PepsiCo who distribute the beverage in a specific geographic region...
Baltic Bottling Plant, which was sold to Pepsi. They moved to brewing and founded a brewing company Bravo International OOO in August 1996 which became Bravo International JSC in December 1997. Bravo Brewery became a success on the premium beer Botchkarov.
Danish journalists noted that the Committee on External Economic Relations in the Mayor's office was responsible for foreigners in Saint Petersburg. The committee's chairman was Vladimir Putin
Vladimir Putin
Vladimir Vladimirovich Putin served as the second President of the Russian Federation and is the current Prime Minister of Russia, as well as chairman of United Russia and Chairman of the Council of Ministers of the Union of Russia and Belarus. He became acting President on 31 December 1999, when...
.
In 2005 an article in The Guardian wondered where the Icelandic money comes from and noted that in the 1990s these Icelandic businessmen "were not only ploughing money into the country but doing it in the city regarded as the Russian mafia
Russian Mafia
The Russian Mafia is a name applied to organized crime syndicates in Russia and Ukraine. The mafia in various countries take the name of the country, as for example the Ukrainian mafia....
capital. That investment was being made in the drinks sector, seen by the mafia as the industry of choice." Competitors in the Saint Petersburg brewing market faced problems. Ilya Weismann, deputy director of a competing beverage company Baltic, was assassinated on January 10, 2000. Then Baltic director general Aslanbek Chochiev was assassinated. One competing Saint Petersburg brewery burned to the ground.
Bravo Brewery became the fastest growing brewery in Russia. Heineken
Heineken
Heineken is a Dutch beer which has been brewed by Heineken International since 1873. It is available in a 4.6% alcohol variety in countries such as Ireland. It is the flagship product of the Heineken company and is made of purified water, malted barley, hops, and yeast. In 1886 H...
bought the brewery for $400m in 2002.
Consul of Russia
In 2000, Saint Petersburg opened an honorary consulate in Iceland. Thor Bjorgolfsson was appointed ConsulConsul (representative)
The political title Consul is used for the official representatives of the government of one state in the territory of another, normally acting to assist and protect the citizens of the consul's own country, and to facilitate trade and friendship between the peoples of the two countries...
and Magnus Thorsteinsson was appointed Honorary Vice-Consul. The opening ceremony was held on March 10, 2000.
New businesses
Magnús acquired 51% of stocks in Air Atlanta IcelandicAir Atlanta Icelandic
Air Atlanta Icelandic is a charter and cargo airline based in Kópavogur, Iceland. It specialises in leasing aircraft on an ACMI /wet lease basis to airlines worldwide needing extra passenger and cargo capacity. It also operates charter services for Icelandic tour operators...
in 2002 and a majority share in Landsbanki
Landsbanki
Landsbanki, also commonly known as Landsbankinn in Iceland, is a private Icelandic bank with international operations...
with other controversial business partners, Björgólfur Thor Björgólfsson
Björgólfur Thor Björgólfsson
Björgólfur Thor Björgólfsson , known internationally as Thor Bjorgolfsson, is an Icelandic businessman and entrepreneur, and former chairman of the financial firm Straumur-Burðarás and chairman of investment firm Novator Partners.He has been declared "Iceland's first billionaire", and was ranked as...
and Björgólfur Guðmundsson
Björgólfur Guðmundsson
Björgólfur Guðmundsson was the chairman and former owner of West Ham United FC. Björgólfur was Iceland's second businessman worth more than a billion dollars — his son, Björgólfur Thor Björgólfsson being the first. He was ranked by Forbes magazine in March 2008 as the 1014th-richest person in the...
. Magnús lost most of his fortune in the 2008 financial crisis due to the high leverage in his investments.