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INCLUDING: Nicolai Tangen (53) is the new head of Norway’s “oil fund”, the Government Pension Fund. Photo: Nina E. Rangøy / NTB, Greenpoint Technologies, Inc. / VG
A few months before billionaire Nicolai Tangen, 53, was hired as director of the Norwegian Petroleum Fund, he spent millions of dollars on a spectacular trip to the United States. The Norwegian Government Prosecutor and then-Administrator of the Yngve Slyngstad Petroleum Fund were among the participants.
Private jets in Europe, three nights at Hilton hotels, seminars with the world’s best academics, food and drink, and two shows with world stars Sting and Gregory Porter. This is how financier Nicolai Tangen spent on friends and acquaintances in Norwegian and international social life from November 14 to 17 last year.
Sting received nine million crowns from Tangen for a two-hour concert.
– The arrangement was incredible. It was spent. We were invited as guests without paying anything ourselves, Tangen was unusually noisy, board wholesaler and art collector Knut Brundtland (58) tells VG.
One weekend, Norway’s new uncle Skrue, who will soon take over our joint oil fund, spent more money on the “times seminary” for his friends and acquaintances than many he has on his hands during a working life.
RESTAURANT: More than 20 people can dine at Crystal Skye here. Photo: CrystalAirCruises.com/Greenpoint Technologies, Inc.
BED: Guests flying in from London and back could take a nap on their way across the Atlantic aboard Crystal Skye. Photo: CrystalAirCruises.com/Greenpoint Technologies, Inc.
Oil Fund Facts
the exit
At three in the afternoon on Thursday, November 14, the crews prepared in two chartered jets at Gardermoen and Stansted outside London. Both were hired by Tangen and were to transport their guests to Philadelphia.
VG has obtained access to documents showing departure times and has subsequently found the aircraft through websites that monitor commercial aviation. The only flight from Oslo to Philadelphia that afternoon was a large Airbus passenger jet. The entire cabin was furnished as an executive class, according to the participants.
Fredrik Sejersted (54), a government attorney and Tangen’s friend, was among the passengers.
– There was plenty of space and restaurants along the way. It was a luxurious crossing and very unusual for most of us, says Sejersted.
The plane that left Stansted for Philadelphia that afternoon is called Crystal Skye, and described as “the newest and most spacious luxury jet in the world”.
The pliers confirm to VG that this is the plane with which the guests traveled.
The specially built Boeing 777 has a restaurant for about 20 people with its own chef, butlers, two bars with wine coolers, and spacious bathrooms. Each seat has a 24-inch television and can be converted into a bed.
Among those on board was Schibsted’s company director Adevinta, Rolv Erik Ryssdal.
FLIGHT: Guests traveled with the exclusive Crystal Skye to Philadelphia and vice versa. Photo: Flightradar24
Pliers: – Private
Tangen held the private, closed seminar at the prestigious Wharton College of Business at the University of Pennsylvania, where he was previously a student.
Participants included Schibsted chief Kristin Skogen Lund, adventurer and publisher Erling Kagge, UN Ambassador Mona Juul, philosopher Henrik Syse, who has been an ethical advisor to the Norwegian Petroleum Fund, and the director of NUPI, Ulf Sverdrup.
– For me, learning all my life is the key. Meeting people and gathering knowledge is crucial to me, both in my old and new job, Nicolai Tangen, incoming manager of oil funds, tells VG by phone from London, where he runs his company AKO Capital LLP.
– I hoped the trip was finally known and is perfectly fine for me. I have full faith in openness in everything I do, including this, even though it was a private event, says Tangen.
The final director of the Petroleum Fund, Yngve Slyngstad, was also on tour. He discussed the global economy with Apollo Global Management chief Marc Rowan, who last year controlled assets of more than $ 3 billion.
Slyngstad announced on October 30 of last year that it will resign. The United States seminar for Tangen was in mid-November.
On March 26 of this year, Tangen was named successor to Slyngstad. The algae start at work in September of this year.
Not on the calendar
Prime Minister Torbjørn Røe Isaksen (H) confirms to VG that he attended the entire seminar. He came from a meeting with the United States Secretary of Commerce Wilbur Ross, and the ministry covered hotel and travel expenses.
PARTICIPATION: The Minister of Labor and Social Affairs, Torbjørn Røe Isaksen (H) attended the United States seminar. Photo: Trond Solberg, VG
The conference was not on its official calendar with the Ministry of Commerce and Industry. Nor was he mentioned in a letter to the Norwegian press about the trip to the United States. But the invitation was registered with the Ministry.
Tangen describes the event as private. VG has asked Isaksen why the three days were considered a job, especially since he participated in a debate on education and not on trade policy. Refers to business travel regulations in the Political Management Manual, which states that government travel is considered business travel unless it is purely private.
– I attended the entire conference. I was invited as a minister and attended as a minister, says Isaksen.
The pliers: – A dream
Tangen calls the event in Philadelphia the “dream seminar”.
The VG guest list has gained access to shows by many world leaders in their fields, including former British Foreign Minister William Hague and Olympic champion sailing Annie Lush. More than 30 of the guests were Norwegian, the rest mainly of American and British origin. 130 people participated.
Tangen himself has extensive experience with a degree in finance, a Russian high school, and studies in history and social psychology.
– For many years I have had the dream of bringing together the most interesting people in the world, in the fields of experience in which I have been involved and that concern me, says Tangen.
– I spent two years of my life putting together that program. I ranked among the top four in the world in social psychology and leading people in finance, architecture, art, discussion of men and power, cancer research, weather, and food and music, featuring Jamie Oliver and two of my top musical favorites.
Read the program and speaker presentation here:
Own sponsored house on campus
When Tangen landed the job as an oil fund manager on March 26 of this year, it was good for around seven billion, according to Dagens Næringsliv. In addition, Tang has donated around NOK 5 billion to the Ako Foundation, which distributes money for charitable purposes.
Tang and the university have close ties. In 2018, he donated $ 25 million, equivalent to $ 203 million at the time. The money was used to write his name in the history of the university: a new school building called “Tangen Hall” and a scholarship for students who need financial support for their studies.
GIFT: Pliers get their name in a new building at the University of Pennsylvania. Photo: Thomas Nilsson / VG
TAR FORM: The building stands in Philadelphia. Photo: Thomas Nilsson / VG
photo ban
Tang tells VG that he has “full faith in openness around everything I do.” But neither he nor the participants with whom VG has been in contact wanted to share photos of the event with VG.
The call for the program was clear: “Do not share views / images of the event on social networks.” Participants were also asked not to reproduce the opinions of the individuals in the seminar.
When VG asks Tangen about the rules, he responds:
– This is how good discussions and appropriate exchanges of opinion are obtained.
Schibsted Company Director Adevinta Rolv Erik Ryssdal says the following.
– It is true that I attended the conference, which impressed me a lot. I have known Nicolai for over 25 years and have met him in various contexts. It was Nikolai who covered the costs of the trip and the stay, says Ryssdal.
“AN ADVENTURE”: Schibsted CEO praises the academic level of the seminar. Photo: Krister Sørbø, VG
The CEO of Schibsted, owner of VG, praises the scheme.
– The trip and the seminar were a wonderful experience, an adventure. I’m spoiled for having good conferences all the time, but I probably haven’t experienced anyone with such high professional quality, says Kristin Skogen Lund to VG.
I do not know the price
The pliers are unclear when VG asks about the cost of the event.
– How much did it all cost? This was something I worked on for two years, and to be honest I haven’t put all the numbers together. Sometimes in life I think it’s better. And that is not the important thing either. It is certainly not the cheapest one I have made, but it was I who paid, not the foundation or others.
– Did you pay for flights, accommodation and everything?
– Yes, this was my event, the seminar of my life. Some flew alone, but most traveled by plane back and forth across the Atlantic and participated over the weekend.
Favorite artist cost Sting Tangen has control over:
– Well, it cost around a million dollars.
This was equivalent to around NOK 9 million.
The old Tang University has been on the team.
– I have Wharton, which is part of my old University of Pennsylvania, to spark the idea. I am very proud. We came to something that has never been done before, ”he says.
– I lived a different kind of life
Government attorney Fredrik Sejersted claims he is an old friend of Tangen’s. The algae covered the costs of travel, accommodation and accommodation.
– Nicolai has worked in international finance for many years and has lived a different kind of life than what we are used to. I wasn’t surprised that he put a lot of resources into this. So is he. When you do something the first time, it is always extremely accomplished, says Sejersted.
– GROUP OF INFORMED LEADERS: Government Prosecutor Fredrik Sejersted. Photo: Harald Henden, VG
He describes the program on the trip as “interdisciplinary and very exciting”.
– I led a discussion with the director of the British Museum about whether major western museums should return art and historical artifacts to the countries where they originally came from, says Sejersted.
– In the program you are presented as a government lawyer, not as an old friend?
– I think that’s not a problem. Everyone on the show received a professional title, including old friends. I considered it a private tour, but informed my management team that I would be going to the event because I thought it was tidy.
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The then head of the Petroleum Fund, Yngve Slyngstad.
Debate crisis
On Friday morning, Tangen opened the seminar with the president of the university, Amy Gutmann. Former British Chancellor William Hague, the Norwegian Ambassador to the United States in the United States, Mona Juul, and the director of the NUPI, Ulf Sverdrup, participated in the first conversation “Are we entering a great world crisis?”.
– He was on the plane that Nicolai had prepared from Gardermoen. I myself did not pay anything for the plan and did not bill anything for my contribution, ”Sverdrup told VG.
Sverdrup has known Tangen for almost ten years and met through mutual friends.
– Were you there as director of NUPI?
– I think many of those who were there were friends and acquaintances of Nico. So it was a combination. But the reason I spoke was because I work in that field.
– So you were there as both?
– yes When I made a presentation, I was there in professional quality.
Jamie Oliver talked about healthy food and Danish visual artist Olafur Eliasson about art.
– Tangen: What do you think some would think that a horn of plenty that you have given to influential people may have affected the process that made you the head of the Petroleum Fund?
– I started this job more than two years before the event and sent the invitation in May 2018. That is, a long time before I knew that the job would be announced and my application became relevant.
Here you can read about the Norwegians who participated:
Norwegians at the seminary
CRITICISM: Professor Tina Søreide at NHH. Photo: Helge Skodvin
Critical teacher
Professor at the Norwegian School of Business, Tina Søreide, researches and teaches business ethics and public governance. She believes that greater openness about the conference at an earlier time would have been wise.
– We know that there is a committee that has made the decision on Tangen as chief, but the committee does not operate in a vacuum. If a large group of important social actors get a certain image of a candidate, it can affect the process, she says.
– It probably would have been smart for the Norges Bank board to address the issue in connection with the appointment, says Søreide.
– There is no connection between employment and this deal, says Norges Bank CEO Øystein Olsen, who chairs the Norges Bank board, as Tangen employees March 26 of this year.
Comparing with Bill Gates
Professor Emeritus at BI Institute of Communication and Culture Peggy Brønn says Tangen is known for being generous.
– Tang is clearly trying to establish himself as a philanthropist in the same way as Bill Gates. He and his wife have promised fortune for good causes and are recognized for it. On the Sunday Times donor list for 2019, it was number six. It also seems that he places himself in a position close to those who have influence and that he also wants to have influence, Brønn tells VG.
– It is like building a personal brand. There is nothing wrong with that, but it is important that it seems genuine, he adds.
