Former Odfjell CEO gets two-year sentence for tax-evasion

Norwegian businessman, offshore entrepreneur and former CEO of Odfjell Drilling, Idar A. Iversen, has been sentenced to two years in prison after hiding income amounting to about USD 3.5 million as well as assets worth almost USD 24 million in tax shelters.

Two years of prison, eight months of which are conditional, is the sentence that awaits 62-year-old Idar A. Iversen, who has served as CEO of companies including Odfjell Drilling, according to several Norwegian media.

The court concluded that Idar A. Iversen committed tax evasion for tax payments worth a total of about USD 1.2 million as a result of him placing earnings of USD 3.5 million and assets of USD 24 million in foreign companies in Scotland, Cyprus, and Isle of Man.

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