# News Summary: John Fredriksen's Relocation and Critical Remarks on the West ## News Metadata * **News Title**: ‘Britain has gone to hell,’ and ‘the West is finished’ says Mowi’s largest shareholder * **News Type**: Economy / Business * **Report Provider/Author**: SalmonBusiness.com / 25 June 2025 * **Date/Time Period Covered**: Published on 2025-06-30 06:00:49 (with events in March and April 2025) * **Publisher**: SalmonBusiness.com * **Topic**: Business * **Sub-Topic**: Economy ## Main Findings and Conclusions Norwegian shipping magnate John Fredriksen, the largest shareholder in Mowi, has ceased his London operations and moved his base to the United Arab Emirates. This decision stems from his profound dissatisfaction with Britain's economic trajectory and recent tax reforms, particularly the abolition of the non-dom tax regime in April. Fredriksen's move is part of a broader trend of high-net-worth individuals departing the UK. He expressed a bleak outlook on the global economy, stating, **"Britain has gone to hell, like Norway,"** and **"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."** ## Key Actions and Relocation Details * **Office Closure**: Fredriksen has closed his London office. * **Relocation**: Operations have been relocated to the United Arab Emirates. * **Company Closure**: Seatankers Management, one of Fredriksen’s private shipping firms, has shut its London headquarters on Sloane Square. * **Context**: This move aligns with a wider exodus of wealthy individuals from the UK following the abolition of the non-dom tax regime in April. ## Financial Data and Investment Activities * **Estimated Wealth**: Fredriksen's wealth was estimated by the Sunday Times Rich List at **£13.7 billion (NOK 187.73 billion / $18.6 billion / €15.96 billion)**. * **London Property**: He owns The Old Rectory in Chelsea, acquired in 2001, which is now estimated to be worth up to **£250 million (NOK 3.42 billion / $330.6 million / €284.2 million)**. The property is not currently on the market. * **Mowi Stake**: * Fredriksen is the largest shareholder in Mowi, controlling a **14.8 percent stake** through his investment company Geveran Trading. * In April, he increased his stake to **76.8 million shares**, equivalent to 14.8 percent of outstanding stock. * This increase followed a **NOK 100 million ($9.9 million / €8.5 million)** share purchase. * **Broader Investment Shift**: * His increased focus on Mowi and aquaculture follows his exit from Golden Ocean in March. * The divestment from Golden Ocean reportedly raised **NOK 13 billion ($1.28 billion / €1.11 billion)**. * This signifies a broader strategic shift in his investment focus toward **aquaculture and offshore services**.
‘Britain has gone to hell,’ and ‘the West is finished’ says Mowi’s largest shareholder
Read original at News Source →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.
