Norwegian shipping magnate John Fredriksen, the largest shareholder in Mowi, has closed his London office and relocated operations to the United Arab Emirates, citing frustration with Britain’s economic direction and tax changes.
Fredriksen, who controls a 14.8 percent stake in Mowi through his investment company Geveran Trading, said at the Nor-Shipping conference in Oslo that “Britain has gone to hell, like Norway,” according to an interview with E24. He added: “The entire Western world is on its way down. People should get up and work even more, and go to the office instead of having a home office.”
His remarks come amid a wider exodus of high-net-worth individuals from the UK following the abolition of the non-dom tax regime in April. Seatankers Management, one of Fredriksen’s private shipping firms, has shut its London headquarters on Sloane Square.
Fredriksen, whose wealth was estimated at £13.7 billion (NOK 187.73 billion / $18.6 billion / €15.96 billion) by the Sunday Times Rich List, has owned The Old Rectory in Chelsea since 2001. The property, now estimated to be worth up to £250 million (NOK 3.42 billion / $330.6 million / €284.2 million), is not currently on the market.
In April, Fredriksen increased his stake in Mowi to 76.8 million shares, equivalent to 14.8 percent of outstanding stock, following a NOK 100 million ($9.9 million / €8.5 million) share purchase. The move followed his exit from Golden Ocean in March, a divestment reported to have raised NOK 13 billion ($1.28 billion / €1.11 billion), part of a broader shift in focus toward aquaculture and offshore services.