Klaveness to Pay $5 Mln Fine in ‘Cabu’ Case
- Business & Finance
Cabu Chartering AS, a company indirectly owned by Torvald Klaveness, yesterday accepted a $5 million fine from the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (OKOKRIM), linked to commission payments to a broker during the period from July 2003 to March 2004.
“The fine is related to matters that are more than ten years old, and based upon the fact that in OKOKRIM’s opinion the company did not quickly enough adjust to the new corruption legislation introduced in 2003,” said the company’s lawyer Bjørn Stordrange.
The company, on its own initiative, notified OKOKRIM about the matter in 2010, at the same time as it initiated its own extensive internal investigation. Since then the company has cooperated with OKOKRIM in its investigation, amongst other by granting unlimited access to all documents from its internal investigation and through statements from those involved.
“This is a case that Klaveness would very much like to have been without, and the company is accordingly pleased that it is now closed,” added Stordrange.
May 16, 2014