Oslo company has to pay 20 million kroner bonus to former boss, court rules
The Oslo District Court decided that the investment company Foinco has to pay a former boss NOK 20 million in bonuses.
Bjørn Erik Reinseth was fired last summer after six years as head of the company.
A few months later, Foinco sold shares in Norstat, cashing in more than NOK 300 million, according to E24.
Reinseth believed he was entitled to 10% of the capital gain, while the company believed he was not entitled to the bonus.
Disagreement
According to the company, the bonus agreement applied to the entire portfolio and not to individual companies.
Foinco believed that the portfolio’s development was weaker than the agreed bonus threshold.
Reinseth disagreed and sued the company.
Foinco’s lawyer Jan Fougner said the company would shortly decide whether to appeal.
“Foinco is disappointed with the result,” he wrote in a text message.
© NTB Scanpix / #Norway Today
