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DnB NOR got security in Røkke's money maker

When DnB NOR bailed out Norwegian financer Kjell Inge Røkke from his pressing financial crises last fall, the bank made sure to get security in the shipyard group Aker Yards.

DnB NOR is considered to be Røkke’s largest lender, and when the bank gave the pressed financer a helping hand last fall in order to save Aker RGI out of the payment crisis, the bank made sure to get security in Røkke’s crown jewel, Aker Yards. The security amounts to 27.7 percent of the shares in Aker Yards, valued to almost NOK 500 million (USD 75 million), according to the Norwegian daily Aftenposten.

The paper has earlier written that the mortgaged parts in Aker RGI system increased from NOK 2.5 million to 7.2 million (USD 370,000 to 1,074,000) during 2002. The banks therefore had to hunt high and low after sections which were not mortgaged when the payment crisis hit the Røkke group.

DnB NOR ended up taking security in the Dutch company RGI (Europe) B.V., which is listed as the owner of 27.7 percent of the shares in Aker Yards. The company is today controlled by Røkke himself.

Aker Yards is the most profitable part in the Aker RGI system. For the last couple of years, the surplus from this company has indirectly contributed to keeping the Røkke group afloat by, among other things, covering the deficits at other sections. Experts have estimated Aker Yards equity to NOK 1.7 billion (USD 234 million).


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