A Norwegian court has delivered its decision in a lawsuit over an alleged verbal investment agreement involving one of the country’s most prominent seafood investors.
Gustav Witzøe has been cleared in a lawsuit brought by the Norwegian tidal energy start-up Tidal Sails, after the court rejected claims that a binding oral investment agreement had been entered into.
The Trøndelag tingrett ruled fully in Witzøe’s favour, finding no basis for Tidal Sails’ claim that the SalMar founder had committed to investing in the company, according to Adresseavisen.
Tidal Sails, a Haugesund-based marine energy technology company developing tidal power systems, had sought NOK 2.87 million in compensation. The claim was based on an alleged verbal agreement under which Witzøe was said to have promised an investment of at least NOK 10 million in a planned tidal power project in Finnmark.
The company’s founder, Are Børgesen, had argued that the commitment was agreed during a meeting at SalMar’s Trondheim offices in February 2024 and sealed with a handshake.
Witzøe denied that any binding agreement was made, stating that while he was initially positive to the project, his view changed during the meeting and no investment commitment was given. The court noted that no other meeting participants were able to corroborate Tidal Sails’ account of a concluded agreement.
As part of the ruling, Tidal Sails has been ordered to pay Witzøe’s legal costs of NOK 625,000 ($60,000).
The claim was brought against Witzøe personally rather than against SalMar.