Future CEO of Norway's national oil fund connected to funds registered in Cayman Islands

Norwegian ESG experts are surprised to learn of the new CEO's ties to tax havens. "Naturally, questions are being asked," says one professor.

Nicolai Tangen, new CEO of Norwegian oil fund. | Photo: Tony Colli/PR

Nicolai Tangen, who yesterday was officially named as the new CEO of Norway's sovereign wealth fund, has registered several funds managed by his company, Ako, in the Cayman Islands - a notorious tax haven.

Even if the executive board of the oil fund was convinced this issue could be overcome, the revelation in Norwegian business daily Dagens Næringsliv has come as a surprise to ESG experts in Norway and questions are now being raised.

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