News Formal

Pressure grows on Norway's new wealth fund chief to divest hedge fund stake

  • 📰 BusinessTimes
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 51%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

[OSLO] The businessman appointed to lead Norway's US$1.1 trillion sovereign fund should not be allowed to take up the job unless he divests his holdings in a hedge fund, the opposition Labour Party told daily VG and broadcaster NRK on Friday. Read more at The Business Times.

The appointment was the subject of a contentious hearing in parliament on Monday, in which Norges Bank's supervisory council, a watchdog appointed by parliament, sharply criticised the appointment, while central bank Governor Oeystein Olsen defended it.

Julie Brodtkorb, who heads the council overseeing the central bank, on Monday told parliament that there had been"a breach of guidelines, regulations and laws" during the hiring process. Defending the appointment however, Mr Olsen said Mr Tangen is now only a passive investor in AKO and that any potential conflicts of interest had been"eliminated for all practical purposes".

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 15. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Trian Fund Management cut stakes in P&G and other big holdings in second quarter: filingTrian Fund Management said on Friday that it sold stakes in three of its biggest holdings, including Procter & Gamble Company , in the second ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Impossible Foods raises US$200m in fresh funding[BENGALURU] Plant-based burger maker Impossible Foods said on Thursday it secured US$200 million in funding, less than six months after it raised the largest investment ever for a food tech startup, bringing total funds raised since its founding in 2011 to US$1.5 billion. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »