Norway’s Cleaves Securities is appealing a court ruling ordering it to repay cash transferred from its shipping fund joint venture with former employee Joakim Hannisdahl.

The investment bank and Hannisdahl continue to own 50% each of Cleaves Fund Management (CFM).

Oslo District Court ruled that Cleaves Securities must now hand back NOK 4.5m ($401,000) following a bitter split with Hannisdahl in 2022, DN reported.