Terra Securities
| Terra Securities | |
|---|---|
| legal form | |
| founding | 1997 |
| Seat | Oslo , Norway |
| management | Svein Erik Nordang ( CEO ) Gabriel Block-Watne ( Chairman ) |
| Number of employees | 63 (2007) |
| Branch | Financial services |
| Website | www.terra.as |
Terra Securities ASA was a Norwegian broker who sold various financial instruments , index options, hedge funds and other investment securities in 78 local savings banks , all of which were members of the Terra groups . In 2006 the company had a market share of 1.92% on the Oslo Stock Exchange . It was ranked 21st out of 49 brokerage houses in Norway. It was also a subsidiary of Terra Markets , 66.73% of which was owned by the Terra groups. The management held the rest of the shares.
In 2007, the company was implicated in the Terra Securities Scandal , which resulted from misinformation concerning eight municipalities in Norway, which were reported to be too risky to invest. On November 28, 2007, the company had to file for bankruptcy after the Financial Supervisory Authority of Norway had previously revoked Terra Securities' brokerage license .
Bibliography
- ^ Aftenposten (English edition): Terra Securities bankrupt . November 28, 2007. Archived from the original on November 30, 2007. Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Retrieved February 23, 2011.
