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Quart festival may fall due to unstable investment

Foto: Heiko Junge (Scanpix)
The owners of the Quart music festival invested money from sponsor agreements and this year’s surplus in a skiing area on Sørlandet. It does not look good for the skiing area, and if the money is lost, the festival may be threatened.

“It was an unfortunate decision for the festival,” said Toffen Gunnufsen, head of the festival, to TV 2 Nettavisen. “I prefer to money in the bank.”

35 percent of the stock

The Norwegian paper Dagbladet wrote this summer that the business partners Arild Buli and Trygve Eftestøl, real estate investors, and Gunnufsen through the companies Quart Rett, Quart Kommunikasjon and Quart Servering invested in Gautefall Hotell Eiendom.

Buli confirmed to the paper Fædrelandsvennen Monday that NOK 5.5 million (USD 786.000) of the money from Quart was used to buy 35 percent of the stock in Buli and Eftestølel’s skiing facility at Gautefall.

“The money comes from prepaid sponsorships and collected equity after this year’s festival,” Buli confirmed.

Gautefall Hotell Eiendom AS is now threatened by liquidation and the money may disappear.

Blame each other

Gunnufsen participated in the decision to invest the money, but he blames the misfortune on Buli and Eftestøl.

“The interest was low, and Buli and Eftestøl wanted to invest the money in stead,” Gunnufsen said to TV 2 Nettavisen. “I was in the minority, and lost, but the money was in a limited company, so this is legal.”

After the money was invested in Gautefall, Gunnufsen sold his shares back to Buli and Eftesøl, and as a result the two of them have control of the festival’s commercial companies.

Despite of the dark clouds that may threaten the popular music festival, Gunnufsen remains an optimist.

“The money is not yet lost, and regardless, I think the festival will survive,” Gunnufsen concluded.

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