Who is Magma Energy Sweden AB?
Magma Energy Corp. and Magma Energy Sweden AB are, essentially, one and the same. The “Sweden AB” suffix was added when it came to light that Magma Energy Corp. was not permitted to purchase shares in Icelandic natural resources because corporations outside the EEA would not guarantee EEA regulation of resources. Thus a Swedish shelf company was established to skirt Icelandic laws. The listed president of said Gothenburg-based shelf company is Lyle E. Braaten, a long-practicing Vancouver based lawyer and secretary and general counsel of Magma Energy Corp. Said Mr. Beaty of this: “It’s legal nonsense that comes out of particular Icelandic laws that say the only companies that can be involved in the Icelandic energy business are European community companies. So Canadians, or anywhere else in the world for that matter, can only get involved by incorporating a subsidiary in the EU.” Due to an agreement between the Canadian and Swedish governments regarding taxation, Sweden was ideal for Ma
