Four investment funds authorised in January by the Supreme Court to pose questions to court-appointed assessors have withdrawn their request. The request was filed due to planned legal action against the State in connection with legislation on the treatment of offshore króna assets.
The Supreme Court had authorised the funds to present five of the eleven questions on which they had originally requested authorisation to obtain a reasoned expert opinion.
According to a letter from representatives of the funds to the Government attorney, in view of the agreement between the Central Bank of Iceland and the funds, under which the Bank purchases specified króna-denominated assets from them, they had decided to withdraw the request.
With this development, there is no longer any outstanding legal action against the Republic of Iceland in connection with the authorities' implementation of the capital account liberalisation strategy.