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Europris heir Dag Aleksander Høili believes that the investment in Tide Forsikring is not worth a penny.
In the annual accounts of his investment company Dagsander Invest AS, it appears that Høili had invested almost NOK 30.5 million in the insurance agent. But at the end of 2019, this investment was reduced to 0.
The online newspaper recently wrote that former alpine star Lasse Kjus has lost NOK 6.7 million at Tide Forsikring. It also scored Tide’s stock values at 0 at the end of the year.
Finanstilsynet demanded the immediate cancellation of Tide Forsikring this summer. In the Authority’s assessment, Tide had repeatedly failed to meet its obligations under the law and regulations.
Also read: Dag Høili (50), heir to Europris, is expecting a child with Nicole (22)
Serious violations
Finanstilsynet believes that there are serious violations of key requirements that apply to insurance mediation activities, such as core client protection provisions. Illegal withdrawal from a customer’s account must be one of the crimes.
However, Tide appealed Finanstilsynet’s decision. Therefore, Finanstilsynet has decided that the decision will not be implemented until the Authority has completed the processing of the complaint.
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– Tide Forsikring is still conducting legal activities with the approval of Finanstilsynet. Tide strongly disagrees with Finanstilsynet’s decision and has appealed it to the Ministry of Finance. Much of the criticism of Finanstilsynet is completely unfounded, CEO Ørjan Stenberg wrote at Tide Forsikring to Nettavisen in early September.
The online newspaper has not been able to reach Dag Høili for a comment on the investment in Tide Forsikring.
Also read: Dag Høili cuts the price by 14 million
35 mill. me less
The write-off at the insurance agent was a major contributor to Høili having to bear a pre-tax loss of NOK 35.5 million last year, compared to a gain of more than NOK 19 million in 2018.
At the end of 2019, the investment firm’s book values were valued at NOK 107 million. The heir to Europris has invested most of the funds in smaller companies, in addition to more short-term investments in stocks and mutual funds.
Stockholders’ equity as of December 31, 2019 was NOK 71 million. Høili writes in the annual report that the company’s investment portfolio is affected by falling in value as a result of the corona pandemic. However, it is difficult to say anything about the economic impact of the crown outbreak.
Fartsgal
Besides being a businessman, Høili (51) is known for his interest in speed and motor. He is the son of Terje Høili (born 1944), who founded the low-cost chain Europris.
In 2004, the family sold a larger part of its Europris property to the investment group Industri Kapital for an estimated value of NOK 1.3 billion.
In 2007, Dag Høili participated in the development of six copies of the Koenigsegg CCXR Edition luxury car together with Koenigsegg owner Bård Eker, also from Fredrikstad.
Høili is also known for his participation in the TV3 series Norges Rike: Money and Life.
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