One of Norway’s largest commercial lawsuits has just commenced in Oslo District Court, where two of the country’s most famous billionaires – Kjell Inge Røkke and Christian Sveaas – are on opposing sides of a conflict stemming from the reconstruction of the offshore shipping company Solstad Offshore.
The case, which began on Tuesday, concerns alleged unequal treatment of shareholders in connection with the rescue of Solstad in 2023.
Sveaas’ company Kistefos and 46 former co-shareholders have sued Røkke’s Aker Capital, Solstad Offshore and Pareto Securities. According to the plaintiffs, minority shareholders were grossly discriminated against, while Røkke and Aker allegedly received unreasonable advantages during the reconstruction – a claim Røkke denies.
Although neither Sveaas nor Røkke attended the opening day, top executives from the involved companies were present. A number of prominent business figures are expected to testify during the case, which is scheduled to last 13 weeks.
Røkke himself is expected to give testimony, while Sveaas will not testify.
Solstad Offshore has struggled with financial problems for years. After a major consolidation in 2016–2017, where Aker stepped in as the main shareholder, the company underwent another comprehensive restructuring in 2020, which, according to Pareto, meant that almost all equity was lost.
Now the court must decide whether the 2023 rescue broke the rules for equal treatment of investors – and thus could have far-reaching consequences for both the Aker group and the Norwegian offshore industry.
-emte
