Norwegian tax authorities publish individuals’ equity holdings

The Norwegian Tax Administration, Skatteetaten, has published its latest annually updated database containing full details of individuals’ equity securities holdings in Norway, which is accessible via a number of online search portals.

The Administration, which employs some 6,500 staff, falls under Norway’s Ministry of Finance and is tasked with maintaining and updating key databases, including the country’s National Registry, which holds information of everyone that resides or has resided in Norway.

Its equity securities holdings database is searchable by individuals’ names, post codes, as well as lower and upper age limits.

For example, a search via the database on the name ‘Bjørn Kjos’, the CEO of airline Norwegian, produces the following information:

Direct ownership

NameSharesShare class%
SNEISUNGEN HOLDING AS1 800Ordinary shares90%
SNEISUNGEN AS49 000Ordinary shares49%
OBSERVATORIET INVEST AS48B-shares24%
OBSERVATORIET INVEST AS15C-shares7.5%
OBSERVATORIET INVEST AS2A-shares1%
NORWEGIAN AIR SHUTTLE ASA42 9030,.2%
CONTEXTVISION AB1 7000.022%
ORKLA ASA975ca 0%
REC SILICON ASA750ca 0%

 Direct and indirect ownership

NameEstimated %
SNEISUNGEN HOLDING AS90%
CPB HOLDING AS77.708%
SNEISUNGEN AS49%
OBSERVATORIET INVEST AS32.5%
PORTILLO HOLDING AS32.5%
HBK HOLDING AS27.345%
FORNEBU NÆRINGSEIENDOM 1 AS27.345%
SOKNA HOLDING AS16.25%
STRATEGIC INVESTOR GROUP AS9.448%
NORWEGIAN AIR SHUTTLE ASA3.94%
NORWEGIAN AIR NORWAY AS3.94%
PILOT SERVICES NORWAY AS3.94%
CABIN SERVICES NORWAY AS3.94%
CALL NORWEGIAN AS3.82%
NORWEGIAN HOLIDAYS AS3.82%
NORWEGIAN GROUND HANDLING AS3.82%
NORWEGIAN CARGO AS2.561%
NORWEGIAN FINANS HOLDING ASA1.825%
BANK NORWEGIAN AS1.825%
AIRPORT COORDINATION NORWAY AS0.764%
WR ENTERTAINMENT ASA0.451%
CONTEXTVISION AB0.022%
SILVER PENSJONSFORSIKRING AS0.01%
BANKID NORGE AS0.01%
 (+ others listed as ‘0%’ holdings

(Source: dn.no, aksjeeiere.no)

In this list, HBK Holdings is key, because it is through HBK that Kjos retains a significant share in ‘Norwegian’ branded businesses, including the airline, but also anciliary services as well as the branded bank.

The database also facilitates searches on the holdings of some of Norway’s richest individuals, including Johan Johannson, Stein Eirik Hagen, Odd Reitan and Olav Thon.

However, searches can also be done by company name, to identify holdings by companies in other companies too. This means it is possible to track cross-holdings between companies, and identify individuals who own stakes in other businesses but remain the ultimate beneficiaries. This is also true for owners of local asset management businesses.

For example, on a search in the database of Odin Forvaltning AS – a member of the Norwegian Fund and Asset Management Association (VFF) – shows that it is 100% owned by Sparebank 1 Gruppen AS.

However, another local asset manager, Pareto Asset Management AS has a more developed ownership structure:

NameSharesShare class%
PARETO AS224 22286.184%
EL FINANS AS9 7363.742%
FEB INVEST AS7 3142.811%
SKRÅRUDSETHER INVEST AS7 3142.811%
CADDIE INVEST AS6 7842.608%
EKVOLD KRISTIN1 1990.461%
FELINE AS1 1990.461%
HAUGAN ANDERS1 1990.461%
ØAA-INVEST AS1 1990.461%

From the database, it is possible to find out that Pareto AS in turn is owned by:

NameSharesShare clas%
STØLE SVEIN35 000A-shares92.105%
SVELE AS3 000B-shares7.895%

This type of search is possible for other members of VFF, such as Forte Fondsforvaltning AS, Holberg Fondsforvaltning AS, SR-Forvaltning AS, and Storebrand Asset Management AS, meaning it is possible to identify the individuals who may benefit most from growth in the Norwegian fund industry.

 

ABOUT THE AUTHOR
Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 16 years he has been based in London writing about funds and investments . From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope.

Read more from Jonathan Boyd

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