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Statoil sent millions to a hole in the wall

Norwegian Statoil entered into a NOK 115 million contract with Horton Investments Inc., a company with offices in a building threading to come tumbling down, located on the liberal tax paradise Turk Island in the Caribbean. The company is barely visible in public records and does not pay tax.

This information regarding the company that was contracted and paid NOK 40 million (USD 6 million) to help Statoil to enter the Iranian market, was revealed by the Norwegian financial paper, Dagens Næringsliv, Friday.

Not very impressive

The paper looked up the company’s offices on Turks Island, and found that the building was far from impressive even thought they had in fact been awarded a NOK 115 million contract (USD 16.5 million). In a house threatening to fall down, located behind a just as dilapidated wall, was the offices of Turks & Caicos First Secretarial. This is also the only address listed for Horton Investment Inc., the consultant company receiving millions from Statoil.

“Horton Investments is a company established by us, and that we are agents for,” said Miss C.B. Williams, the lady in charge.

Not very helpful

Besides this comment, the lady was very little helpful with providing information about the company. Turk Island is a very liberal tax paradise, and the formal requirements are apparently not that strict.

According to the public records, it was impossible to find out who the actual owner of Horton Investments Inc. is.


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