Embattled Norwegian Collection Agency Appeal Rejected

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00006329-embattled-norwegian-collection-agency-app/

Norway’s highest court has rejected an attempt by the founder of collapsed collection agency Finance Credit to have his full appeal heard. Finance Credit’s banks, meanwhile, have taken the heaviest losses after one of the biggest business scandals in Norwegian history.

Trond Kristoffersen, one of the two founders convicted of massive fraud at Finance Credit, will only be allowed to have parts of his appeal heard. His guilty conviction won’t be up for reevaluation.

Kristoffersen was sentenced to nine years in prison for fraud amounting to some NOK 1.5 billion ($222.6 million). He was also convicted of falsifying documents, filing incorrect accounts and siphoning off funds from the business.

For this complete story, please visit http://www.aftenposten.no/english/business/article1167541.ece.