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Fired Stock Exchange President Found Dead

December 13, 1994

OSLO, Norway (AP) _ The president of the Oslo Stock Exchange was found drowned in the sea near his summer cabin early today, hours after he was fired on suspicion of financial impropriety.

Erik Jarve’s body was spotted at 1:25 a.m. in the sea of Skagerrak near the town of Bamble, 60 miles southwest of the capital, said Geir Sonstebo, assistant chief of police in Porsgrunn.

″We assume the cause of death was drowning but that won’t be confirmed until the autopsy is completed,″ Sonstebo said today.

Jarve, 50, had served as president of the exchange since 1977. He was known as a campaigner against corruption in financial circles.

He was fired Monday when the exchange board of directors accused him of mixing his personal finances with the exchange’s operations.

″It’s tragic. He has been an institution at the exchange and it is impossible to believe that he is no longer here,″ said acting exchange director Kjell Fronsdal. ″His life was the exchange.″

The exchange board announced Monday that Jarve was fired for a breach of confidence, and said the amounts involved were believed to be minor. It refused to provide detail.

News reports said Jarve had tried to bill personal expenses to the exchange.

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