DNO International ASA has reached an out of court settlement with ØKOKRIM and accepted a reduced fine of NOK 20 million for alleged failures five years ago to comply with the Securities Trading Act.
ØKOKRIM (the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime) had charged the Company with lack of disclosure to the market in respect to its sale of 43,873,960 treasury shares in October 2008. A similar charge was reviewed and dismissed by the Stock Exchange Appeals Committee in 2009, although the Company was fined NOK 800,000 for failure to provide required information to the administration of the Oslo Stock Exchange.
DNO International held that ØKOKRIM's decision to reopen a previously settled case with the Oslo Stock Exchange and attempt to impose its own fine was in violation of fundamental legal protections against double jeopardy. In addition, the Company disputed the allegation that it had engaged in market manipulation.