Oil Fund targets tax dodgers in portfolio

Norway’s enormous sovereign wealth fund known as the Oil Fund is once again flexing its financial muscle around the world, pouncing this time on companies like Nike and Apple. It dislikes how such multi-nationals in which it invests have been avoiding taxes in countries where they do business, even when the practice is legal. Oslo […]

Norway shows up in ‘Paradise Papers’

Norway’s Oil Fund, its biggest bank and around 1,000 wealthy citizens are all showing up in documents leaked from a law firm specializing in tax havens, and from 19 registers of companies in places known as havens of secrecy. It’s not illegal to stash funds in tax havens, but the documents dubbed as the “Paradise […]

DNB’s troubles cut into CEO’s bonus

Rune Bjerke, chief executive of Norway’s largest bank DNB, has had his annual bonus trimmed by more than 10 percent after a year of controversies that hurt the bank’s reputation. Bjerke still received nearly NOK 2 million on top of his annual salary and benefits, but that was NOK 322,000 less than in 2015. Newspaper […]

Record numbers reveal hidden fortunes

More than 500 Norwegians admitted to tax authorities last year that they had stashed fortunes abroad, to avoid Norway’s controversial tax on net worth. The value of their overseas holdings was nearly double that reported in 2015. Tax authorities, in an effort to prod Norwegians into revealing overseas bank accounts and other assets, have had an amnesty program […]

DNB’s reputation takes a beating

DNB still ranks as Norway’s biggest and most profitable bank, but its standing among consumers, regulators and top politicians has taken a dive this year. From revelations of the use of tax havens leaked through the Panama Papers last spring, to reports last week that it will start charging customers to withdraw cash even from […]

Telenor chair backs Brekke

Gunn Wærsted, who recently took over as board chair of Telenor, was harsh in her criticism of Telenor’s former leadership but says she has confidence in new CEO Sigve Brekke, even though he was found to have embellished his resumé. “That hasn’t been a theme at any of the board meetings since I took over […]

DNB’s board still under scrutiny

The much-criticized board of Norway’s biggest bank, DNB, survived at least one shareholder’s attempt that it be all but overthrown this week. Both board leader Anne Carine Tanum and four other members were re-elected, but only pending the results of investigations into whether the board has shirked its responsibilities. At issue is DNB’s highly controversial operations […]

Billionaire family active in tax havens

One of Norway’s most prominent families, with a fortune built on shipowning and shipping operations, reportedly has set up no less than 42 companies in tax havens. Leif Ø Høegh, speaking on behalf of the Høegh family, claims there have been no attempts, however, to hide family fortunes from tax collectors. “It’s clear that that we’re […]

DNB boss got a standing ovation

Rune Bjerke, embattled chief executive of major Norwegian bank DNB, has received at least some encouragment as he continues to deal with the uproar over disclosures about the bank’s tax haven use. His own employees and middle-managers at the bank gave him a standing ovation at a meeting last week, in a spontaneous show of support. Newspaper Dagens […]

Transparency calls get even louder

Norwegians have begun taking to the streets with their growing demands for more transparency, within business and finance, government and even sports organizations and the royal family. Their demands follow a string of corruption cases at some of Norway’s biggest companies, questionable use of public funds by athletics officials and widespread disgust over disclosures of tax haven […]