Government investment company investing heavily in tax havens – NRK

According to the class struggle, the company, which is wholly owned by the state, now investments of 12 billion in tax havens.

This is despite the fact that the then industry minister Trond Giske (Ap) in 2011 criticized the practice when VG revealed that the company then owned 2.4 billion in tax havens.

– Let me put it this way: We’re not going to give more companies the opportunity to invest through tax havens. What we do with companies that have already been doing so, we must make an assessment of, Giske said at the time.

Says they got the green light to continue

Communications Director of Argentum, Ingibjörg Meyer Myklestad, claim they were given the green light to continue investments in tax havens after meetings with the Ministry of Industry.

– We had a dialogue with the Ministry of Industry in 2011. Argentum was not contrary to the guidelines in the ownership report, and we were not required to make any changes, she said.

According to class struggle own Argentum fund in countries that are on OEDCs list of tax havens that the organization has strived to push to improve legislation.

– we set high standards for the funds we invest, says Meyer Myklestad adding that Argentum only invests in funds registered in jurisdictions that have signed a tax treaty with Norway.

Giske must see minutes

Former economics minister Giske Commenting on the case:

– Argentum answers and report against the Ministry of industry, I can not, however, catch up now, without having the minutes of meetings between company and Industry, he writes in an email.