A Story That Shook the Market. Norwegian Exporter Couldn’t Withstand the Pressure
Norwegian salmon exporter North Tandem has declared bankruptcy. This comes after revelations about selling damaged fish and using fake labels.
The salmon industry is one of the key sectors of the country's economy.
Fot. Adobe Stock, licencja standardowa (zdjęcie poglądowe)
The company operated in Bergen. Previously, it became the focus of a police investigation. The Supreme Court upheld the freeze on its accounts. Four people have been charged with violations of food and criminal law. The company denies all accusations, according to NRK.
Investigation and Charges
In the autumn of last year, NRK described the company’s practices. It involved selling salmon with wounds and damage. The goods were reportedly destined for foreign markets. There were also allegations of using labels from well-known producers. The case triggered a response from law enforcement agencies.
Police determined that the business model might have been illegal. As a result, the company’s bank accounts were frozen. The Supreme Court upheld the decision. The investigation covered several people associated with the company. The proceedings concern food and criminal law regulations.
Police determined that the business model might have been illegal. As a result, the company’s bank accounts were frozen. The Supreme Court upheld the decision. The investigation covered several people associated with the company. The proceedings concern food and criminal law regulations.
Damage to the fish may have attracted the attention of food safety authorities.Photo: stock.adobe.com/standard/Konstantin Shevtsov
Bankruptcy Decision and Company’s Position
North Tandem announced that it had filed for bankruptcy. The decision was preceded by a period of financial pressure. The management stated that various solutions were considered. Ultimately, it was determined that there were no other options. The announcement was made to the industry portal iLaks.
The company declares its cooperation with the bankruptcy trustee. This is to ensure an orderly process for creditors. At the same time, the company denies all allegations. It maintains that it has operated legally since its inception and emphasizes the absence of any illegal activities.
The company declares its cooperation with the bankruptcy trustee. This is to ensure an orderly process for creditors. At the same time, the company denies all allegations. It maintains that it has operated legally since its inception and emphasizes the absence of any illegal activities.
The bankruptcy opens a stage of formal liquidation of assets and settlements with creditors. Further actions will be carried out as part of court and investigative proceedings. At the same time, the issue of responsibility for those charged remains. Decisions in these matters will be made independently of the bankruptcy process.
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