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Following pressure from various quarters, Tangen decided to hand over his stake in his life’s work, the management company Ako Capital, to the charitable Ako Foundation.
He had to ditch the property to avoid fairness issues as head of the oil fund. The 54-year-old claimed that “all ties are forever broken” when he announced the decision in August.
Now, Norges Bank’s supervisory body points out that the deal is not completely watertight, writes Dagens Næringsliv. The Oversight Board believes that Tangen can buy back the ownership interest once he resigns as an oil fund manager.
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Norges Bank: Shares cannot be repurchased
Therefore, the supervisory body has asked the Executive Board of Norges Bank to explain how they can avoid such a potential buyback.
However, Norges Bank emphasizes in a statement that has been expressly and bindingly agreed with Tangen and Ako Foundation that interests in AkoCapital LLP cannot be repurchased by Tangen or sold to Tangen.
– This is indicated in its declaration that DN has previously received, as well as the summary of the AKO Foundation published on our website on December 2, 2020. The following is established: “The AKO Foundation will not sell shares in AKO Capital to Tangen or its close associates. “
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“Irrevocable decision”
The central bank further emphasizes that Tangen has terminated its ownership in AKO Capital LLP, and that its ownership interest and dividend rights have been transferred free of charge to the charitable AKO Foundation.
– With this, you will no longer have a stake in AKO Capital LLP. This decision is irrevocable, states the Norges Bank statement.
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