Within a month of bidding for Landsbanki, he engineered the merger of Pharmaco and its chief competitor, Delta.

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But he was itching to leave again and did so after Pharmaco sold the rights to its beverage brands and asked Thor's dad to dispose of the assets.

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After graduating in 1991 he returned to Iceland to pay off student loans, working for his father, who oversaw the brewery and soft drink units of Pharmaco, a drugmaker.

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Claiming that some of the bottling equipment had arrived late and didn't work as promised, Ingimarsson and his British partner tried to renegotiate with Pharmaco for a lower sale price.

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They accused Thor's dad, representing Pharmaco's interests, of trying to cut a side deal to grab a stake in the company and later of forging shareholder agreements to transfer the entire company to Thor and himself.

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