Updated: 'I knew I was sitting on a bomb' / News / The Foreigner

Updated: 'I knew I was sitting on a bomb'. The former district leader of Kolo Veidekke decided to sell the family's shares in the company just before the case aroused attention. Odin Kringen disposed of the family’s holdings before the asphalting fraud was made public, because he “knew he was sitting on a bomb”, he tells Dagens Næringsliv. Last week, Mr Kringen admitted he had engaged in illicit cooperation on asphalt tenders with competitor NCC Roads in Mid-Norway for several years.

koloveidekke, asphalt, odinkringen, nccroads, oslostockexchange, oekokrim, arntangell



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Updated: 'I knew I was sitting on a bomb'

Published on Tuesday, 1st February, 2011 at 10:41 under the news category, by Nicoleta Dumitrache Sincan.
Last Updated on 1st February 2011 at 15:14.

The former district leader of Kolo Veidekke decided to sell the family's shares in the company just before the case aroused attention.

Asphalt work, Sinsenkrysset, Oslo (illus. ph.)
Asphalt work, Sinsenkrysset, Oslo (illus. ph.)
Photo: Ane Sangnes/Veidekke ASA


Odin Kringen disposed of the family’s holdings before the asphalting fraud was made public, because he “knew he was sitting on a bomb”, he tells Dagens Næringsliv.

Last week, Mr Kringen admitted he had engaged in illicit cooperation on asphalt tenders with competitor NCC Roads in Mid-Norway for several years.

“We gave the impression we were competing, but actually sat together in the same room. We then divided the market and settled up between us,” he said.

The former Kolo Veidekke director explained he chose to sell the shares to a value of around five million kroner, as he understood the stock would fail when news of the scam became public.

“I knew what disaster had hit Veidekke. I figured this would influence the share price considerably when it was revealed that the leaders of such a prestigious company were regularly engaged in price-fixing”, said Mr Kringen.

His move saved the family a loss of some 300,000 kroner. The value of Kolo Veidekke’s shares sank by five percent following news of the scandal, but made a strong recovery after the weekend.

Oslo Stock Market is now investigating the matter for possible illegal insider trading. The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) has refused to comment on the matter, but Senior Public Prosecutor Arnt Angell believes it likely they will be involved.

Whilst Mr Kringen claims he has confessed everything, he believes he has done nothing wrong regarding the share transactions.

“I have been fired, but shouldn’t I be allowed to sell my shares?  My conscience is clear, anyway.”



Published on Tuesday, 1st February, 2011 at 10:41 under the news category, by Nicoleta Dumitrache Sincan.
Last updated on 1st February 2011 at 15:14.

This post has the following tags: koloveidekke, asphalt, odinkringen, nccroads, oslostockexchange, oekokrim, arntangell.





  
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