Icelandic fishing giant Samherji allegedly used tax havens and bank accounts at Norway's DNB bank to hide proceeds from illegally obtained fishing quotas in Namibia.

DNB reportedly closed the bank accounts in May 2018 for the shell company Cape Cod Financial Services (Cape Cod FS) in the tax haven Marshall Island, where Samherji was allegedly funneling its proceeds.

"The Icelandic media made allegations on Nov. 13 that Icelandic fishing companies have been corrupt and money had been transferred through accounts in, among others, DNB," DNB Communications Director Even Westerveld told IntraFish's sister publication Fiskeribladet.