[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".
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