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Norway’s $1 Trillion Fund Dragged Into Scandal Over Its CEO

  • Central bank opens probe into flight on luxury plane
  • Trip was paid by manager who would eventually become new CEO
Yngve Slyngstad

Yngve Slyngstad

Photographer: Odin Jaeger/Bloomberg
Updated on

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.

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 the central bank’s watchdog to look into convening an emergency meeting to examine more closely the circumstances under which Tangen was selected.