Kistefos will be responded to after a letter threatening legal action

Kjell Inge Røkke-dominated Aker received notice of a potential lawsuit from Kistefos from Christen Sveaas. The latter wants more information about the controversial refinancing of shipping company Solstad Offshore.

Photo: Solstad Offshore/Christer Baugh

Published:

Less than 30 minutes ago

Just updated

On Friday, there was a new development in the saga of the billionaire clash between Kjell Inge Røkke and Christen Sveaas.

Sveaas' investment firm Kistefos is considering taking direct action against several actors involved in the restructuring of the shipping company Solstad Offshore.

In an announcement to the stock exchange, Al-Aker referred to a letter from Kestevos that stated this.

– They asked us several questions. It is part of the basis that Kistefos will use in its assessment of potential litigation. “We will answer them,” Aker’s communications director, Atli Kigen, tells E24.

Read on E24+

The stock star may have more in store

Kistefos will not comment

Aker did not set a deadline to answer Kistefos' questions.

Kegen points out that there was a period of dialogue, and Kestevus was able to exchange some information, before Kestevus now returned and asked for more information.

Kigen says Keistevos did not send any summons. He says that otherwise it is nothing new, and he will not delve into the contents of the letter.

Previously, Kestevos had wanted Solstad Offshore to be behind a lawsuit, but that request was dropped. Now Kestevos himself is considering taking the lead in the lawsuit. It is not known what caused this reversal.

Solstad dispute

Solstad's refinancing is almost complete despite a highly publicized shareholder dispute between billionaires Kjell-Inge Rucke and Kristen Sveis.

The agreement provides for, among other things, the transfer of significant parts of the fleet to a new company called Solstad Maritime, while the old Solstad Offshore will continue to be listed in Oslo Børs.

Solstad Offshore owns 27% of Solstad Maritime, which is due to go public again within a year.

Aker was central to Solstad's refinancing. Following completion of the project, Aker will own just over 40 percent of Solstad Maritime (New Solstad) and just under 33 percent of Solstad Offshore.

However, the process did not go smoothly.

In December, investor Christine Sveyas and his investment company Kistefos launched a full-scale attack on Kjell Inge Røkkes Aker regarding values in the shipping company.

A period of public bickering followed, with Rocky and Svis using the media to attack each other.

Kistevos initially believed Solstad's shareholders should vote on whether the company should stand behind a lawsuit against its board and those responsible for the refinancing.

A dialogue between the two parties could not be reached, and Kystevos finally withdrew the request for a public meeting.

Kigen points to Kistefos when asked why Kistefos chose to do it this way.

– We have no further comments on this matter now, writes Kistefos CEO Bengt Rem in an email.

Solstad: – All shareholders have made money

Investment firm Sveaas considered that the refinancing treated shareholders differently in favor of Aker.

The potential lawsuit revolves around Kistefos' desire to hold players liable for damages caused by values that Kistefos believes other shareholders are missing.

It was rejected by Solstad Offshore CEO Lars Peder Solstad. He is among the players that Kestevos is considering filing a lawsuit against.

– There is no basis for a lawsuit. It was a difficult and complicated refinancing process, he wrote in a letter to E24.

-Next, we can see that all shareholders have made profits on their shares. He wrote that the price development after the refinancing provided a good return for both large and small shareholders, and we have no further comment.

Solstad's refinancing is now almost complete, despite a much-discussed shareholder dispute.