Private Sting concert for outgoing CEO of €920bn wealth fund stuns Norway

Sting performing at the Marquee, file photo.

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 prompted Norwegian authorities to look more closely at the circumstances under which Mr Tangen was selected.

The watchdog of Norway’s central bank, which oversees the €920bn fund, will try to find out whether the events “represent a breach of regulations applying to Norges Bank’s activities”.

The revelations have stunned Norwegians and created the appearance of scandal around one of the country’s most revered institutions.

Mr Tangen’s appointment had already raised questions. Mr Tangen is due to take over as CEO in September. Mr Slyngstad announced last October he intended to step down after leading the fund for 12 years.

At the centre of the affair is a closed conference paid for by Mr Tangen in the US in November. Besides Mr Slyngstad, the event was attended by several other top-ranking Norwegian public figures.

The event included a private performance by Sting, at a cost of $1m (€920,000), which was also paid for by Mr Tangen, according to VG.

- Bloomberg