Shipping Tycoon Fredriksen Has Little Exposure To Cyprus

By MarEx 2013-03-19 08:38:00

Companies owned by shipping tycoon John Fredriksen, now a Cypriot national, have little exposure to the Cyprus bank levy, his top aide Tor Olav Troeim was reported as saying in Norwegian daily Dagens Naeringsliv.

Fredriksen, one of the world's richest men, was born in Norway but has adopted Cypriot nationality. Some of his companies have offices in Limassol.

The newspaper said that the companies would lose less than a million dollars, without citing sources.

It said that Bank of Cyprus used to be one of the main banks used by Fredriksen to deposit money, but more recently it had been used only for routine transactions.

Fredriksen controls one of the world's largest rig companies, Seadrill, as well as shipping businesses Frontline, Frontline 2012 and Golden Ocean.

Reporting by Gwladys Fouche; Editing by David Goodman (C) Reuters 2013.

Photo Credit: Bloomberg Markets