DNB’s response ‘unsatisfactory’

Norwegian Trade Minister Monica Mæland is not satisfied with the answers she has received to a series of questions over how and why the country’s biggest bank, DNB, could make it possible for its customers to evade taxes. She’s demanding more information, and so is the Parliament’s disciplinary committee. The state is DNB’s largest single shareholder, […]

Embattled DNB boss won’t quit

Rune Bjerke, the embattled boss of Norway’s biggest bank, DNB, opted against resigning on Monday after delivering an impassioned account of DNB’s controversial but not illegal private banking practices. “I’ll fight for as long as I have something to fight for,” Bjerke told reporters at the bank’s press conference Monday afternoon. Bjerke added that it’s always […]

Solberg condemns unethical banking

Prime Minister Erna Solberg lashed out at the potential for corruption and tax evasion in the business world, just as she was gathering a record number of party faithful for her Conservative Party’s annual national meeting this weekend. She had some blunt criticism of Norway’s biggest banks, both of which are caught up in allegations they […]

DNB denied it assisted tax evasion

Large Norwegian bank DNB claimed in a report to the government in December 2014 that it does not operate its Luxembourg subsidiary for tax reasons and that its wholly owned unit DNB Luxembourg “does not help its customers avoid taxes.” Rather, the bank claimed, its employees “function as discussion- and conversation partners on financial issues, and offer legal […]

‘Panama Papers’ reveal more alleged Yara bribes

Newspaper Aftenposten reported on Thursday that it had documentation showing how a Swiss trading company allegedly paid more than USD 2 million bribes on behalf of Oslo-based fertilizer firm Yara. Both Yara and state prosecutors, however, claim the bribes were part of the huge corruption case for which Yara has already paid the biggest fine […]

Oil fund active in tax havens, too

It’s already being billed as the question behind possibly this spring’s hottest debate in Norway: Should the country’s huge “oil fund” continue to be allowed to have a presence in countries viewed as tax havens? Finance Minister Siv Jensen claims she’s ready to discuss the issue, which has landed on politicians’ agendas once again in the […]

DNB alerted customers to Norway’s tax amnesty

Just before news broke that Norway’s biggest bank had made it possible for wealthy customers to avoid taxes, it sent them a reminder that Norway itself had a tax amnesty program. It could apply to anyone who had used one of DNB’s “postbox” companies set up in the Seychelles and neglected to inform authorities of assets […]

Pressure keeps growing on DNB

Norwegian Trade Minister Monica Mæland, in charge of the state’s investment in Norwegian companies, said on Wednesday that the country’s largest bank, DNB, had denied having any dealings with tax havens as late as 2014. Now they’ve been found to have set up companies for customers that allowed them to evade taxes, and Norwegian-French corruption […]

The ‘Panama Papers’ stir up a storm

Reaction has been loud and swift after Oslo newspaper Aftenposten revealed how Norway’s biggest bank, DNB, made it possible for wealthy customers to avoid taxes. DNB’s chief executive Rune Bjerke, who has close ties to the Labour Party, is facing calls for his resignation and the scandal is already having political consequences. Customers say they’re disgusted and […]

Mæland sees need for ethics meeting

Norway’s beleaguered trade minister, Monica Mæland, was hit with yet another major case involving questionable ethical behaviour by major Norwegian companies this week. Already dealing with corruption cases at such big, partially state-owned firms like Hydro, Telenor and Statoil, Mæland decided it wa time to remind business officials once again about the state’s anti-corruption policies. Mæland […]