Complex sentence: Icelandic businessman Jón Ólafsson, who also has run afoul of Oddsson, has filed a libel suit against Hannes due to statements Hannes made on his website insinuating that Jón Ólafsson had made his fortune importing contraband drugs.
Split into simpler sentences: Icelandic businessman Jón Ólafsson, who also has run afoul of Oddsson. Olafsson has filed a libel suit against Hannes due to statements Hannes made on his website insinuating that Jón Ólafsson had made his fortune importing contraband drugs.