Sven H. Salen

"For a quarter billion Swedish kronor, Fredriksen's company Hemen Holding already owned 28 percent of the Frontline shares when they bid for the rest. The paralyzed Swedish management realized their fate: – We see that John Fredriksen has been successful, and in that sense we are positive that he will engage, said Frontline's CEO Kjell Jonson to the press. So it should sound! Jonson was rewarded with continuing in the CEO position. It was worse with Frontline's chairman, Sven H. Salen. Just a month later, Fredriksen took his private jet to Stockholm to throw the old leader out of the board. Then he took over the chairman position himself and brought along Tor Olav Trøim to the board. Thus, 20 percent of the entire Swedish tanker fleet disappeared out of the country."

"John Fredriksen bought his first Frontline shares in the open market and paid with money. No one can criticize that. But the operations that followed had all the hallmarks of being a business within a business: Through Frontline, the shipowner had a golden opportunity to sell ships to himself and let others pay for it. Sven H. Salen had barely left the door before John Fredriksen made his first gigantic deal with himself. Within a few weeks in August, six oil tankers were sold from Fredriksen privately to Frontline for 357 million dollars, about 2.2 billion kroner. The transaction was made by Frontline taking over the ships with 208 million dollars in debt and giving Fredriksen 44 million Frontline shares as part of the purchase. This brought his ownership up to 64 percent of the shipping company. Admittedly, the matter was processed in the board and at the general meeting, but in practice, no one could oppose him – least of all the employees in Stockholm who now depended on the shipowner’s mercy."