John Fredriksen, 71, has made succession plans to get his daughters more involved in his diverse business empire, while officially ditching his right hand man, Jo Lunder, who is fighting a corruption case stemming from his time at telecoms firm, VimpelCom.
Norwegian news source Dagens Næringsliv (DN) reports that Fredriksen will hand over a $2bn portfolio to his daughters, Cecile and Kathrine.
The report says that the two sisters will be given much more responsibility, and he intends to operate the business as a professional “family business.”
Cecile and Kathrine will also receive help from John O’Donnell, who previously managed fund investments for the Swedish Rausing family.
Fredreiksen Group is currently valued at around $7bn.
“I guess I should not boast so they hear it, but it’s great that they take this responsibility. We have enormous values outside the strategic investment group listed companies,” Fredriksen told DN.
Lunder temporarily stepped down from his role of ceo at Fredriksen Group having been caught in the middle of a corruption scandal.
Lunder was arrested last month over allegations of corruption at his previous employ. Lunder was appointed head of the Fredriksen Group in May, which manages John Fredriksen’s interests in his group companies including Frontline, Seadrill, and Golden Ocean.