Icelandic news translated into English

November 2, 2008

Tens of millions lost

Filed under: economy,jobs — newsfrettir @ 5:13 pm

Money bills
Formaco is one of many companies that are suffering from the bank crash and impossible currency trade. A payment from the company to Denmark, which was paid two weeks ago, is still lost in the bank system and has not arrived to the supplier in Denmark, says Ragnar.

Te payment was approx 280.000 danish króna and was paid to get movement back up in shipments to the country worth 30 million Icelandic króna. The payment was made through Landsbankinn and has been lost ever since. Questions have not been answered when Ragnar checks on the issue.

As imaginable this is very bad for the Formaco operations and stops the company from making income. Ragnar says it is time to the administration wakes up and realizes that if the industry has to suffer in the way it is today, most Icelandic people will be registered with the unemployement agency before long.

Formaco was established in 1997 and has produced windows and imported materials and gear for construction contractors. The company gave notice to 70 employees of the company before the end of last month because of recession in construction industry.

(News Article by *noname*)
Original Article in Icelandic

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