Norwegian investment bank Cleaves Securities has defended itself against claims of “irresponsible” management of funds.
In a report seen by the business newspaper Finansavisen, the Norwegian Financial Supervisory Authority (Finanstilsynet) has concluded that shipping investment operation Cleaves Fund Management (CFM) handled fund assets in a way that may have exposed investors to a significant risk of loss.
CFM is 50/50-owned by Cleaves Securities and CFM’s former CEO, Joakim Hannisdahl.
