Norway’s USD 1 trillion wealth fund snared by scandal over its CEO

The world’s biggest sovereign wealth fund faces serious questions over the conduct of its outgoing chief executive and the selection process of his successor amid a scandal involving a luxury jet and a private performance by Sting.

Yngve Slyngstad, outgoing CEO of the oil fund. | Photo: Heiko Junge / NTB scanpix

CEO Yngve Slyngstad has had to explain why he accepted a flight paid for by Nicolai Tangen, the hedge-fund manager who was eventually tapped to succeed him. The development has now prompted Norwegian authorities to look into convening an emergency meeting to examine more closely the circumstances under which Tangen was selected.

The watchdog of Norway’s central bank, which oversees the  EUR 921 billion (USD 1 trillion) fund, will try to find out whether the events “represent a breach of regulations applying to Norges Bank’s activities,” the head of the Supervisory Council, Julie Brodtkorb, said in a text message on Monday.

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