DNB suffers its own ‘Black Friday’

The much-hyped phrase “Black Friday” has taken on an entirely new meaning for Norway’s biggest bank, DNB. Investors dumped DNB shares, and buyers got some deep discounts, after state officials launched an investigation into alleged money laundering involving the state-owned bank, DNB’s shares fell 4 percent when the Oslo Stock Exchange opened Friday morning. By late afternoon […]

DNB faces multiple investigations

Norway’s dominant bank, caught up in the biggest money laundering scandal to ever involve a Norwegian financial institution, is now facing various investigations both at home and abroad. The new chief executive at DNB, Kjerstin Braathen, has called the situation “serious” and stresses that “we must bring forth all the information we can.” Braathen just […]

DNB caught up in Icelandic corruption

Norway’s biggest bank, DNB, is under suspicion of having facilitated the transfer of USD 70 million from Iceland’s largest player in the fishing industry to shell companies set up in tax havens. From there, the money allegedly found its way to government officials in Namibia, who in turn granted the Icelandic company fishing quotas in […]

Cop charged with corruption back in court

An appeals court trial began again in Oslo on Wednesday for Eirik Jensen, the retired Oslo police officer who’s been charged and convicted by the Oslo County Court of contributing to the import of 13.9 tons of hash over a 10-year period from 2004. Jensen was also found guilty of corruption and was sentenced to […]

Ex-Yara executive wins compensation

Tor Holba, the former executive acquitted of fraud at Norwegian fertilizer and chemical company Yara, has won NOK 35 million (USD 4.1 million) in compensation from the state. It’s the largest amount of compensation ever paid out following an acquittal, reports website Rett24.no. Holba was charged along with three other Yara executives with corruption linked […]

Supreme court rejected cop’s appeal

Norway’s highest court (Høyesterett) has rejected an appeal from former Oslo Police inspector Eirik Jensen. That clears the way for a new trial back at the appeals court level, after appeals court judges had refused to accept a jury’s decision that acquitted Jensen of smuggling hash but convicted him of corruption. Jensen’s defense attorney had […]

‘Carton comrades’ sentenced to jail

Two former executives at Norway’s dominant dairy Tine and the TetraPak carton producer have been convicted for exchanging confidential information and engaging in bribery. A local court has now sentenced them both to a year in prison for corruption. Both men were trusted employees, but after newspaper Dagens Næringsliv (DN) first wrote about the wining, […]

Convicted cop’s appeals trial begins

Oslo’s largest courtroom was filling up once again on Tuesday, when Oslo police veteran Eirik Jensen launched his appeal of last year’s conviction on corruption and hash-smuggling charges. The appeals trial is due to proceed over the next five months. Jensen arrived at the courthouse just before proceedings began to select a 12-person jury to […]

Council of Europe dumps former MP

Karin Woldseth, a former Member of Parliament for Norway’s Progress Party, has been stripped of her title as an honorary member of the Council of Europe’s parliamentary group and banned from entering the Council’s building in Strasbourg. The punitive action came after an independent investigation determined that she violated the Council of Europe’s ethical guidelines […]

Ex-‘wonderboy’ files huge claim

Jo Lunder, once one of Norway’s most successful young executives, is now demanding compensation from the Norwegian state after the country’s white-collar crime unit Økokrim dropped a corruption case against him. Lunder claims his career and reputation have been ruined, and he wants NOK 529 million (USD 66 million) to cover his losses. Lunder’s claim […]