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Farben immediately entered into this large-scale planning and fought
for as large a capital participation as possible. It may have. accepted the
Reich nominees as partners reluctantly, but its consenting participation in the
project cannot be doubted.
In addition to the immediate purpose of
obtaining light metals for the Luftwaffe, Farben’s long-term objective was
the establishment of permanent German domination of the light-metals industry
of Norway, looking to the time when peace would be achieved through Nazi
victory.
The controlling stock interest in Norsk-Hydro, amounting to
approximately 64 percent of the capitalization, was owned by a group of French
shareholders represented by the Banque de Paris et des Pays Bas (referred to as
Banque de Paris). The plan finally evolved by the Reich Air Ministry, after
numerous conferences in which Farben representatives participated, resulted in
creation of a new corporation, Nordisk-Lettmetall, with one-third interest in
the Reich Government and its designated agencies, one-third interest in Farben,
and one-third interest in Norsk-Hydro. The French owners of Norsk-Hydro did not
voluntarily enter the Nordisk-Lettmetall project, but its plant facilities were
located in occupied Norway, and the evidence, although conflicting on this
point, convinces us that pressure from the Nazi government and fear of
compulsory measures affecting its Norwegian holdings were the dominating
considerations. In this manner Norsk-Hydro was forced to join in the project,
and its properties were heavily damaged in subsequent allied bombings.
Norsk-Hydro sustained severe financial losses as a result of the entire
project. After joining in the project, Farben was a major participant in its
execution. Nordisk-Lettmetall used Norsk-Hydro’s facilities in the
project, and some of its valuable properties were utilized for plant
expansions.
As a part of the over-all plan, the evidence establishes
that the Reich authorities deliberately planned to execute the project in such
a manner as to deprive Norsk-Hydro’s French shareholders of their majority
interest in that company. Farben joined too in this aspect of the plan. In
order to carry out the wishes of the Nazi government that Norsk-Hydro
participate in the Nordisk-Lettmetall project, it became necessary to increase
the capitalization of Norsk-Hydro by 50,000,000 Norwegian Kroners. The French
shareholders were not represented at the meeting of 30 June 1941, at which the
increase in the capital stock and participation in Nordisk-Lettmetall was
voted. They were not authorized by the occupying powers to attend. In carrying
out the increase in capitalization pursuant to the decision reached at the
meeting, the Banque de Paris had no means of effectively protecting the
preemptive rights of the French shareholders, because licenses for the clearing
of the foreign exchange necessary for participation in the increased capital
stock could not be obtained from the Nazi government, France then being under
military occupa- [...tion] |
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