Former Norsk Industri CEO Accused of Misusing Funds, Successor Details ‘Bizarre’ Spending
Oslo, Norway – Testimony in the corruption trial of former Norsk Industri CEO Stein Lier-Hansen revealed allegations of questionable financial practices, with his successor, Knut E. Sunde, describing the spending as “bizarre.” The case, unfolding in Oslo District Court, centers on accusations of gross corruption and financial infidelity against Lier-Hansen.
Sunde Details Shocking Discoveries
Knut Sunde, who took over from Lier-Hansen as managing director of Norsk Industri, testified on Wednesday, February 24, 2026, detailing his surprise upon learning the extent of the alleged misuse of company funds. Sunde stated he was unaware of the lavish spending on hunting and fishing trips, including expenses for dogs and seaplanes, for nearly two decades despite serving in Lier-Hansen’s leadership group for 18 years.
According to Sunde, he first learned of the investigation into Lier-Hansen’s expenses on February 6, 2024, when he and Norsk Industri Chairman Ståle Kyllingstad received a text message from a journalist at E24, a Norwegian financial newspaper. The message concerned an interview with Kyllingstad regarding millions of kroner spent on hunting and seaplanes. Two days later, E24 published its initial report on the scandal.
Sunde recounted a heated confrontation with Kyllingstad upon receiving the news. “I grabbed the chairman by the collar – and you don’t normally do that – stood up and said: ‘Now I’m going to know what’s going on,’” Sunde testified.1
Unexplained Cancellations and Questionable Meetings
Sunde further testified that a PWC report, commissioned by the Norsk Industri board, revealed numerous cancelled orders without refunds, totaling approximately 500,000 NOK.1 He described this as highly unusual, stating that employees typically receive reimbursement for even minor expenses like taxi fares.
The PWC report also listed attendees at various meetings, including former NATO chief Jens Stoltenberg, raising questions about the relevance of these gatherings to Norsk Industri’s core objectives. Sunde expressed skepticism that Stoltenberg would participate in such events.1
Lier-Hansen Pleads Not Guilty
Stein Lier-Hansen, who served as a powerful figure in Norwegian business for many years, appeared in court on January 21, 2026. He pleaded partially guilty to gross financial infidelity but not guilty to gross corruption.3 He faces several years in prison if convicted.
The prosecution alleges that Lier-Hansen used Norsk Industri funds for personal expenses, including hunting and fishing trips, travel, and dining.3
Leadership Turnover at Norsk Industri
The scandal led to a complete overhaul of Norsk Industri’s leadership. Harald Solberg took over as managing director in May 2024, following Lier-Hansen’s departure.4 By November 2024, the entire leadership group had been replaced.4
The trial is ongoing, and further testimony is expected to shed light on the full extent of the alleged financial misconduct.
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