Bank worker swindled 5.5 million

A former employee of Norwegian bank DnB NOR has confessed to gross embezzlement, fraud and falsification of documents that amounted to NOK 5.5 million (USD 991,458). The male employee from Trøndelag, northern Norway, gave himself up to the police in July last year and told officers that it was a ” big relief” to confess […]

Lithuania criticizes Norwegian bank

The Lithuanian state finance regulator has attacked Norwegian bank DnB NOR for “unprofessional behaviour” after it allegedly sold structured savings products to amateur investors who went on to lose NOK 200 million (over USD 37 million). 640 Lithuanian investors were sold the structured savings products worth around NOK 1.55 billion (nearly USD 288 million) in […]

Country’s biggest bank hit with huge fine

State financial regulators slapped Norway’s biggest bank, DnB NOR, with a huge fine on Tuesday and ordered it to refund earnings that they claim were based on insider trading. The bank has agreed to pay the total demand for NOK 26 million (about USD 4.3 million) but insists it hasn’t broken the law. The case […]

Business news in brief, February 2010

Young Norwegians slow to pay their bills A collection agency in Oslo told newspaper Aftenposten this week that claims against Norwegians aged 18 to 25 have risen by more than 50 percent in the past two years. Cases rose from 115,621 to 174,142 at collection firm Lindorff, and managing director Heidi Skaaret had two explanations: “For […]