Questions Raised Over Arctic Prime Fisheries and Its Ties to Icelandic Interests
On January 26, Jens Napãtôk’, the fisheries spokesman for the opposition party Naleraq, directed pointed questions to the Naalakkersuisut, suggesting that Arctic Prime Fisheries ApS might be more of a front for Icelandic interests than an independent enterprise.
Napãtôk’ has posed a series of inquiries—ten in total—under Section 37, linking the Greenlandic fishing group Arctic Prime to potential straw man operations. He highlighted the significant involvement of Gudmundur Kristjánsson, a prominent Icelandic businessman and key shareholder in the Icelandic fishing group Brim hf, in Arctic Prime since 2014.
Cod Quotas in Perspective
The stakes are high. Since 2021, Arctic Prime has held an annual cod quota of approximately 10,000 tonnes in East Greenland. The company, based in Qaqortoq, operates under a trio of entities: Arctic Prime Fisheries ApS, Arctic Prime Coastal ApS, and Arctic Prime Production ApS. Curiously, Napãtôk’ pointed out that Arctic Prime Fisheries is set to receive a 1,400-tonne cod quota off West Greenland for 2026, raising questions about the fairness of quota distribution when the company has consistently reported significant financial losses.
Financial Concerns
Among the pressing questions posed to Naalakkersuisut, Napãtôk’ sought clarity on several financial aspects:
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Long-term Benefits: “Considering that Arctic Prime Fisheries ApS has accrued notable losses, how does Naalakkersuisut reconcile this with the Fisheries Act’s goal of maximizing long-term benefits for Greenlandic society?”
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Negative Equity: According to Arctic Prime Coastal ApS’s 2024 annual accounts, the company is operating with a negative equity of DKK 228 million. Does Naalakkersuisut perceive Arctic Prime as a potential straw man for Icelandic interests due to this financial distress?
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Future Assessments: Will the inability of Arctic Prime Fisheries ApS to contribute taxes due to its losses influence future quota allocations?
Influence and Operations
In his latest inquiries, Napãtôk’ elaborated on the operations of Arctic Prime, hinting that the original justification for its establishment was to foster job creation in South Greenland. He emphasized Kristjánsson’s dominating role, asserting that Arctic Prime Fisheries ApS is fully owned by Arctic Prime Coastal ApS, a holding in which Kristjánsson possesses a third.
This raises eyebrows given that Arctic Prime has reported significant losses since 2014, with its negative equity suggesting deep-rooted issues that might undermine the sustainability of its operations.
Questions About Procurement
The Naleraq politician has also inquired about specific operational aspects:
- How many tonnes of ocean-going cod has Arctic Prime Fisheries procured from South Greenland between 2020 and 2025, year by year?
- How frequently has Greenland’s Fisheries and Hunting Control (GFJK) conducted inspections of Arctic Prime vessels during the same period?
- What has been the landing obligation for Arctic Prime’s cod quota in East Greenland from 2020 to 2025?
The Largest Foreign Player in Greenlandic Fishing
The matter at hand isn’t merely a financial inquiry; it speaks to broader implications for Greenland’s fishing industry. Kristjánsson, through his various holdings, emerges as the most significant foreign player in this sector, raising concerns about the local governance of resources.
Arctic Prime Responds
In response to the allegations, Arctic Prime Fisheries management firmly rejected the claims. “I can clearly dismiss the allegations,” stated Hentzar Petersen, the company’s director, emphasizing that Arctic Prime is a Greenlandic company with over 110 full-time employees who collectively contributed DKK 127 million to local and national taxes the previous year. He reiterated that the company is predominantly Greenlandic-owned and operates three factories entirely staffed by local workers.
Official Silence
Meanwhile, Peter Borg, the Naalakkersuisut’s minister for Fisheries, has opted not to comment until they have thoroughly reviewed and responded to the Section 37 questions submitted by Napãtôk’. The minister’s spokesperson informed Sermitsiaq that they now have ten working days to address these concerns.
As the situation develops, the scrutiny over Arctic Prime Fisheries may well reshape the dialogue surrounding foreign investment and local resource management in Greenland.