Fear Norway is a free port for oligarchs – E24
The Solberg government ignored several of the Storting’s points when the ownership register was to be knocked through – including how large an ownership share one must have in order to be registered. It can help Russian oligarchs now, Rødt believes.
– It is a political scandal by the Solberg government went against the decision. Now it may be easier for oligarchs to use Norway as a free port against economic sanctions, says Storting politicians and deputy leader of the Red Party, Marie Sneve Martinussen.
The Storting decided in 2019 that Norway should be a pioneering country when it comes to openness on ownership issues.
A lower limit of 25 percent ownership for having to be registered does not correspond to being a pioneer country, the finance committee noted. Nevertheless, the Solberg government set at exactly 25 percent was sufficient.
– There is a very high limit which means that Putin’s supporters and others who want to hide their ownership, only have to be placed at 24 percent, then they are completely exempt from registration and publicity, Martinussen says.
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Believes there are oligarchs in Norwegian companies
That is why Martinussen sent one on Friday written question to the Minister of Finance Trygve Slagsvold Vedum in light of the extensive sanctions that have been implemented against Russian oligarchs.
Martinussen points out that the current government parties on several occasions in the previous period voted in favor of proposals that support a lower so-called threshold value. Vedum also sat on the finance committee when the decision took place.
– We believe Vedum can start this today. He has previously agreed to that, and I see no reason why he should not do so.
On Friday, E24 also asked the Ministry of Finance whether a change in the regulations is relevant. The Ministry has not yet responded to E24’s inquiries.
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The Storting also pointed out at the time that “The Oslo Stock Exchange currently operates with a flagging obligation of 5 per cent, and this is also the threshold that the US Financial Supervisory Authority operates with in its EDGAR register.” Nevertheless, the blue government opposed.
– You could not know then that Russia would invade Ukraine, but that is precisely why the principles of openness are so important, because they are the tool we have when the crisis comes, Martinussen says today.
– Is it likely that Russian oligarchs have already hidden ownership in Norwegian companies?
– I’m completely convinced of that. There have been several revelations about how much unknown ownership we have both in real estate projects, for example in Bjørvika in Osloand in financial investments in funds.
Sanctions are escalating
On Monday night, the EU froze assets and imposed a travel ban on a number of Russian billionaires.
Norway has said that it joins the EU’s list of sanctions, including those individuals.
On Thursday, it also became clear that eight Russian billionaires and people in Putin’s circle are affected by new US sanctions. The UK is simultaneously freezing the funds of two of the same.
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Full dispute over ownership register: – Goes directly against what we decided
– That it is people with dishonest intentions who are behind secret ownership is quite obvious. We have tax refugees and people who for political reasons want to hide ownership and who now have the opportunity to avoid the financial punishment the world community wants to place them as responsible for an aggressive and illegal invasion of international law, says Martinussen.
– The reason Putin can lead the war is the political and economic support he has from the oligarchs.
– Contrary to what we decided
The register of ownership is intended to prevent money laundering, corruption and other financial crimes, by making information available to the public.
The law should make it possible for the public to search for the names of so-called real rights holders, and thus get an answer as to who in reality owns a company.
The register should be particularly relevant in cases of complex ownership structures and foreign owners, for example in tax havens.
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But when the regulations passed by the Storting had been adopted by the government, it was completely watered down, according to several organizations and politicians.
The finished regulations sounds very different from what the Storting decided, in key points.
The Ecocrime Association, the Press Publicity Committee and SV’s Kari Elisabeth Kaski, who was spokesperson for the Finance Committee when the regulations were adopted and discussed in the Storting, reacted above E24 last summer.
– This was not a work accident. A lot of work has been put into the parties on this when we dealt with it. Therefore, it is very disappointing and surprising that the government delivers a not only weaker regulation, but which goes directly against what we adopted, Kaski said.
The then State Secretary Kari Olrud Moen (H) in the Ministry of Finance’s statement last summer to the E24 threshold of 25 percent applies to both direct and indirect ownership and control.
– A threshold value of 25 percent gives a good requirement for transparency, equal treatment across national borders and to avoid an unnecessarily extensive reporting burden, Moen wrote in an e-mail at the time.