Chief Financial Officer 2015 to 2016
January 2016 alevo.com wrote of Larus:
With more than 15 years’ experience in international capital markets and executive leadership, Larus Arnason carries the overall responsibility for finance matters for the Alevo Group. His varied career has included investment banking, proprietary trading and fund-raising with market leading firms such as Landsbanki, Iceland, and UBS in New York — where he was registered as both an Investment Adviser Representative and a Broker-Dealer, with dual authorization to buy and sell securities and offer investment advice to clients. Arnason holds a Business Degree in Operations Management from the University of Iceland, as well as a U.S. Series 7 license.
Larus labored on to pick up the pieces of the financial puzzle of Alevo and was the CFO when the AGMs to approve the accounts for 2012, 2013, 2014 & 2015 were presented. These accounts did not deliver the clarity and more in depth analysis that the 2016 accounts did.
This is maybe not entirely a coincidence. For the 2014 accounts (approved in December 2015) no separate mention was made of the consulting fee of $3 million made to Harrison Wellford. By arranging 3 yearly AGMs on the same day, and with much delay, the Board was able to pass through accounts where had there been more time shareholders would have likely been able to delve further into the details.
The presentation of the 2014 accounts, which are the responsibility of the board of directors, does not apply Swiss GAAP FER 15 (related party transactions). There was no reporting of payments to Clydemont Finance for over CHF 1,000,000 in 2014, as well as for other related parties (natural or legal persons) and also payments to TSG Global Solutions.
In December 2015 Larus revealed that Alevo had $4 million of liquidity left, with a monthly cash burn rate of $4.2 million. The focus of shareholders tended to be more on how to save the company rather than go into all the details of the different lines on the accounts that were presented which were in any case audited by BDO.
Jostein Eikeland rewarded him generously for this work with a contractual compensation package consisting of $480,000 with bonuses of 30% of the base, a car allowance of $16,800 as well as twice yearly paid for trips to his native Iceland.
Mr Arnason was replaced in 2017 by someone who is much better qualified and who cost less. Mr Arnason is not a member of any professional accounting body to which he would be expected to abide by their ethical standards.
