The owners of Finance Credit Norge ASA, Trond G. Kristofferson ceo and Torgeir Stensrud chairman, have been remanded in custody following suspicions of fraud and accounting manipulation by banks financing the company to the tune of NOR 1.3 billion (US$ 177 million).
The Oslo preliminary court hearing allegations that the men had kept two sets of books, presenting one set that exaggerated their holdings to their banks, ruled that they should stay in custody for two weeks or more to allow investigators to conclude whether to press formal charges.
The banks, Bank 1 Oslo, Nordlandsbanken, Landesbank Kiel and the Sparebank 1 group, reported their suspicions to the National Authority for Investigation and
Prosecution of Economic and Environmental Crime (OeKOKRIM).
