Power broker Einar Aas signs for probable personal bankruptcy

Stockholmsbørsen Nasdaq OMXSweden.Stockholmsbørsen Nasdaq OMX.Photo: Fredrik Sandberg / SCANPIX

Speculator, Einar Aas, one of Norway’s most wealthy men,had a forced sale of his entire portfolio on Wednesday.Now he’s probably signing for personal bankruptcy.

 

The 47-year-old wrote in a press release on Thursday that he has ended under the management of the Nasdaq Stock Exchange.

‘’Yes, I can confirm the content. Unfortunately, that is the case.I have no comments. Talk to Nasdaq,’’ he said in a comment to Agderposten newspaper later in the afternoon.

US Nasdaq is the world’s second largest stock market and owns Nasdaq OMX, where power derivatives are traded. In the press release,Aas wrote that on Monday there were extraordinary price changes in the Nordic and German power markets and that he had a too high a position in relation to the liquidity of the market.

“During Monday, the last 350 million of my free cash funds were transferred. This was not sufficient to cover the loss,and on Tuesday I was therefore led by the Nasdaq Stock Exchange. On Wednesday evening, my entire portfolio was forcibly sold by Nasdaq, resulting in a very large personal loss.

The consequence of this is accord or personal bankruptcy,”he wrote.

In 2016, Aas had Norway’s largest taxable income of just over NOK 832 million. Net wealth is according to the tax lists of NOK 2.2 billion.

 

© NTB scanpix / #Norway Today

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