Hands-On Cash Control

“Røkke was bold enough to continue using American Seafoods as his own money bin, without caring about the partners. In total, he took out over 50 million kroner. Then Møgster and Torgersen found a loophole: For every dollar Røkke took out for himself, they put 50 cents into a separate account. Thus, they had also secured a straw into the cash register.”

“Normally, one would borrow 70 percent of the ship from the bank, while the rest would be equity, just as it usually is for a regular homebuyer. But when adding the interest support on top, with its 20 percent, one suddenly approached the entire purchase price – and that virtually without a nickel in equity. It was this little trick that could make Røkke a major shipowner with just a few million kroner in equity.”