SV-Lysbakken addresses the head of the Norges Bank: unstable process – VG

Central Bank Governor Øystein Olsen issued an internal letter to Banco Norges on Monday, in which he strongly defended the employment of businessman Nicolai Tangen.

– The Executive Board and I are convinced that Nicolai Tangen is the right man to manage the fund for years to come. Questions that have been asked in recent days do not change that assessment, Olsen wrote, shortly before Norges Bank responded to questions the bank’s supervisory body, the supervisory board, asked last week.

– Employment cannot be satisfied

SV leader Audun Lysbakken says the insurance must be tested.

– I realize that Olsen is convinced, but does not convince the others until all the facts are on the table and the questions have been answered. This job cannot be protected as long as there is uncertainty about the use of tax havens and conflicts of interest, Lysbakken tells VG.

– For SV, there are two questions that are absolutely decisive on whether we should support Tangen to become the administrator of the oil fund. The first is the association of Tangen companies with tax havens. The second is whether a good enough solution will be established for the conflict of interest between Tangen’s role as an administrator of oil funds and the management of his assets and companies, Lysbakken says.

Respond this Wednesday

The two questions are some of the questions that Norges Bank has asked you to answer from the bank’s supervisory body, the Supervisory Board, where there are 15 representatives with backgrounds from political parties. Responses will be released on Wednesday. The Supervisory Board will consider the responses as soon as possible on Thursday.

– Tax havens are a source of power in the global economy. This means that ordinary people are left with a greater tax burden than the wealthy who place their money in countries with low or no taxes. It is a disaster for poor countries, which really need tax revenues.

– Tangen and his ethical advisor, Henrik Syse, say that it is ethically justifiable?

– Yes, you may well think that. Anyway, that is not the problem. The problem is that neither Norway nor the world are profitable with the use of tax havens. It is a tax break that we believe is completely wrong.

He continues:

– The Petroleum Fund will lead the fight against the use of tax havens. And the head of the fund will be in charge of this work with authority. I think it is problematic that a fund manager has been hired, that he himself has deliberately placed money in tax havens. I want all the facts on the table in this case. We are not just talking about rules that are followed, says the SV leader.

– Very disturbing

He also says that they are waiting on how to establish a division, which means that one can be sure that there is a great wall between Tang’s operations as an oil fund manager and his companies, which will continue to invest money.

Lysbakken says these are important matters that he believes should have been further clarified before hiring Tangen.

– Yes, I think this is a chess-driven process, which has put everyone involved in a difficult situation.

– Are there strong criticisms from Governor Olsen and the Norges Bank Board?

– Yes, you just have to take it. I think he understands that there is a lot to clean up: I think it is very disturbing that the Norges Bank Supervisory Board has left with so many questions after almost five hours of statement by the Governor of the Central Bank Olsen.

Ape’s fiscal spokeswoman Hadia Tajik does not want to say whether she agrees or disagrees with Lysbakken’s statements, but chooses to comment on the SV leader’s views as follows:

– The Norges Bank Supervisory Board has put a number of questions to the Governor of the Central Bank about the employment of Tangen, including its association with tax havens. The Labor Party expects clear answers to these questions on Wednesday. Ultimately, this could be a matter for the Minister of Finance. This unfortunate and unresolved situation cannot continue indefinitely, says Tayik.

SPS leader Trygve Slagsvold Vedum says the following about Lysbakken’s remarks.

– I have no comments now.

– Wise to relate to

The Supervisory Board is the governing body of the Norges Bank, appointed by the Storting. They can primarily ask questions of the Norges Bank board, but they have no penalties.

Formally, it is the Minister of Finance who can give political signals to the Board of Directors of Banco Norges.

– The Minister of Finance must in turn listen to the Storting. If a majority at the Storting thinks Norges Bank needs to re-evaluate who will lead the oil fund, then it would be wise to deal with that, Lysbakken says.

Central Bank Governor Øystein Olsen does not want to comment on the matter.

– In light of the dialogue the bank is now having with the Supervisory Board, we will wait to provide further answers to media questions related to the recruitment process, press officer Bård Ove Molberg of Norges Bank writes in an email electronic to VG.

– Fantastic talented boy

FRP chief Carl I. Hagen does not see the costly seminar, the prominent network, or Tang’s great fortune as good arguments.

– I have no problem with any of that. He has this because he’s an incredibly talented guy. I have faith in him and I think he can do a good job for the country.

The garden makes a reservation.

– Waterproof bulkheads should be made to remove the suspicion that your knowledge as an oil fund manager is not flowing to your companies.

Tangen says he will wait to comment on what is included in this article, until Norges Bank has provided its responses to the Supervisory Board.

In an interview with the newspaper Vårt Land he defends the placement of money in the Cayman Islands.

– This has been my job and it is an industry standard to be registered there.

He says it is being done to avoid double taxation of income and wealth in various countries.

– When we started AKO Capital 15 years ago, it was absolutely necessary, a prerequisite to operate. Now 65 percent of hedge funds in the world are there. The reason is that it is administratively easy and that investors avoid double taxation, Tangen told the newspaper.