Norwegian billionaire Kjell Inge Røkke testified in Oslo District Court this week. The case centers on a major shareholder conflict involving his company Aker and the offshore shipping firm Solstad Offshore. Financier Christen Sveaas leads the lawsuit against Røkke and Aker. Minority shareholders claim Røkke unfairly increased his stake in Solstad through a controversial refinancing deal. They argue the deal severely disadvantaged other investors. The trial is now in its ninth of thirteen scheduled weeks. This case highlights critical principles within Norway's corporate governance framework. It also tests the balance of power between majority and minority shareholders in Nordic tech hubs and traditional industries alike.
Røkke answered questions briefly as he entered the courthouse. When asked what was important for him to say, he replied simply, 'Facts.' The financier has been described as both a 'tiger' and a 'lion' during the proceedings. Hours of audio recordings have been played in court, but Røkke's own voice had not been heard until now. He reportedly called in via WhatsApp, which his financial advisors claimed they lacked the equipment to record. Since moving to Switzerland, Røkke is rarely seen in Norway. He is using some of his 61 annual tax-free days in the country to give testimony.
The legal core of the dispute is Norway's equal treatment principle for shareholders. This is a fundamental rule in Norwegian corporate law. When a company needs to raise more capital, existing shareholders typically have pre-emptive rights to new shares. The plaintiffs accuse Solstad Offshore's board and management of violating this principle. They claim the board approved Røkke's rescue plan without putting it to a full shareholder vote. The plaintiffs allege Røkke and Aker used pressure and threats to get their way. The board can deviate from the principle if it believes the action is best for the company. It must also ensure no unreasonable advantage is given to other shareholders. Judge Helen Engebrigtsen must decide if these conditions were met.
This is not Røkke's first major conflict with minority shareholders. In 2002, he attempted a compulsory buyout of minority shareholders in Aker RGI at a price many deemed too low. The minority shareholders eventually won in the Supreme Court and secured a higher price. A key figure from that past case has now switched sides. Bengt Rem, once Røkke's right-hand man and finance director, is now leading Sveaas's legal team as head of Kistefos. This adds a layer of personal history to the high-stakes commercial dispute.
The outcome of this case carries weight beyond the parties directly involved. It serves as a benchmark for shareholder rights in Norway's corporate landscape. A ruling against the board could make company directors more cautious about approving similar rescue plans. It could empower minority investors in future disputes. The case also underscores how Norway's tight-knit business community often sees former allies become courtroom adversaries. For international observers, it provides a clear view into the legal mechanisms that underpin Norway's digital transformation and its broader economy. The final judgment will be closely watched by investors and legal experts across the Nordic region.