The Norwegian state lost NOK 198 million on Investinor in 2018
The state-owned investment company Investinor experiences a loss of NOK 198 million in 2018. Investinor has cost NOK 700 million since its inception, according to Aftenposten.
Investinor was established by the Norwegian Parliament in 2008 to buy shares and to be an active part owner of promising start-ups. The company has received NOK 4.2 billion from the state thus far.
The company has had a cost of NOK 700 million altogether, according to Aftenposten. The company has lost NOK 221 million on its equity investments and has spent NOK 482 million on salaries and operations.
198 million out the window
Investinor wound up 198 million in the red, last year alone. It has lost another NOK 33 million so far this year. It was granted a total of NOK 250 million extra last year over the state budget.
Interim CEO of Investinor, Tor Helmersen, tells Aftenposten that the results must be assessed in light of the limitations in the mandate of the fund. The social effects are, furthermore, difficult to measure.
“Investinor has not delivered as expected,” Norwegian Minister of Business Affairs, Torbjørn Røe Isaksen (Conservatives), comments.
Investinor AS is a Norwegian state-owned investment company established on 21 February 2008 with the purpose of statutory purpose to contribute to increased value creation by offering venture capital to internationally oriented competitive companies, primarily new establishments. The company has 20 employees. The Head Office is in Trondheim.
Investinor manages NOK 4.2 billion and is owned by the Norwegian state. Ownership is managed by the Ministry of Trade and Industry. The company is a member of the Norwegian Venture Capital Association.
|Company type||Investment Company|
|Established||February 21st, 2008|
|CEO||Terje Eidesmo (incoming)|
© NTB Scanpix / #Norway Today