Terra Securities

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Terra Securities ASA
ASA/Subsidiary
Industry Financial services
Fate Bankruptcy
Founded 1997; 20 years ago (1997)
Defunct 2007; 10 years ago (2007)
Headquarters Oslo, Norway
Area served
Norway
Key people
Svein Erik Nordang
(CEO)
Gabriel Block-Watne
(Chairman)
NOK 384 million
NOK 179 million
Number of employees
63 (2007)
Parent Terra Markets
(Norne Securities)
Website www.terra.as

Terra Securities ASA was a Norwegian security company that sold various financial instruments, index options, hedge funds and other investment securities through 78 local savings banks that are members of Terra-Gruppen. In 2006 it had a market share of 1.92% on Oslo Stock Exchange, rating it as the 21st largest of 49 security companies in Norway. The company was a subsidiary of Terra Markets that is owned by Norne Securities.

In 2007 the company was hit by the Terra Securities scandal that after having misinformed eight municipalities in Norway as to the risk of their investments. On 28 November 2007 the company filed for bankruptcy after the Financial Supervisory Authority of Norway had stripped Terra Securities of its brokerage license.[1]

References[edit]

  1. ^ Aftenposten (English edition) (2007-11-28). "Terra Securities bankrupt". Archived from the original on November 30, 2007.