Norway: CEO of Norway’s sovereign wealth fund faces probe after luxury jet use

The outgoing chief executive of Norway’s sovereign wealth fund, the world’s biggest, faces a probe in his home country after accepting a trip that may have strayed from the fund’s compliance rules.

Norges Bank, which oversees the almost US$1 trillion (S$1.42 trillion) investment vehicle, will investigate whether a flight taken last year by CEO Yngve Slyngstad was appropriate, it said on Sunday (April 19).

Mr Slyngstad, who announced his decision to step back as head of the fund in October after winning accolades for his performance over the past 12 years, accepted the travel offer on a chartered luxury Boeing 777 from Mr Nicolai Tangen. The 53-year-old hedge fund manager and founder of AKO Capital is due to replace Mr Slyngstad as the Norwegian wealth fund’s CEO later this year.

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