European credit management group Intrum Justitia will be allowed to continue collection agency operations in Norway after the justice ministry overruled on Tuesday an order by financial regulators to revoke its license.
Last November, government's Financial Supervisory Authority announced that it was moving to revoke the collection agency license of the company's Norwegian branch Intrum Justitia AS because of repeated violations of law and regulations.
The Norwegian division was allowed to continue normal operations while its appeal was being heard, and on Tuesday won a reversal of the authority's decision.
"This is a happy day for Intrum Justitia," said Jan Graesvik. "Now we can look forward and concentrate on our customers and continued efforts in Norway."
In its seven-page ruling, the justice ministry found that Intrum Justitia had broken financial regulations, which included sending bills that were too high or too soon after a bill was due in hundreds of cases. Intrum Justitia had said most of the erroneous bills were sent due to a computer error.
However, the ruling also said Intrum Justitia made major changes to its management, board, staff and systems before and after the authority's November ruling to ensure that such infractions were not repeated.
"There are no grounds ... to fear that the company, in the future, will operate in such a way that the rules could be broken again," the statement said.
Intrum Justitia said its Norwegian operations account for about 3.6% of its annual revenues of some 2.9 billion Swedish kronor (US $483 million; 307 million euros).