Finance Credit was a Norwegian company that went bankrupt in 2002, after facing criminal investigation for siphoning funds (in total 1.4 billion NOK) it borrowed from six Norwegian banks to offshore tax havens.[1] What became known as the Finance Credit scandal in Norwegian media is the biggest economic fraud in the history of Norway.[2]
The company was founded as Finance Credit Ltd in London in 1995 by Torgeir Stensrud and Trond Kristoffersen.[3] The Norwegian fraud case involved a complex array of legal entities, including Finance Credit Group AS, Finance Credit AS, and Finance Credit Norge ASA.[4][5][6]
In October 2004 Kristoffersen was convicted on charges of