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NEW CEO: Nicolai Tangen (53) is the new director of the Norwegian Petroleum Fund, the Government Pension Fund. On the left, Finance Minister Jan Tore Sanner (H). Photo: Terje Bendiksby, NTB scanpix
The Governor did not mention that the current Governor of the Petroleum Fund Nicolai Tangen has a large tax case under way with the UK authorities when Finance Minister Jan Tore Sanner (H) called before hiring. Now Tangen has sent more information.
On Monday, VG uncovered large tax claims in the UK involving incoming oil fund manager Nicolai Tangen, his company AKO Capital, and partners in the company. The tax case was not known to the public before VG mentioned it.
Tangen has informed VG that it is worth several hundred million crowns on his part. The fund now manages around NOK 180 billion.
Now, the UK Court of Appeals, which will handle the case in VG, announces that the decision of the UK tax authorities was made in 2018.
Here Majesty Revenue and Customs (HMRC) becomes the counterparty in the appeal case.
Uninformed
On Monday, Norges Bank informed VG that Tangen informed them of the tax case during the hiring process this winter. Communications director Runar Malkenes, like Tangen, emphasized that such matters are “common in the UK”.
Shortly before Tangen’s appointment, Finance Minister Jan Tore Sanner (H) contacted central bank governor Øystein Olsen.
– Was the Minister informed that Tangen and AKO have a large tax case against them in the UK, which for Tang is several hundred million?
– No, Senior Communications Advisor Helene Megaard of the Ministry of Finance responds to VG tonight.
VG has asked Norges Bank why Olsen did not raise the Tangier tax case with Sanner. Press officer Bård Ove Molberg writes to VG that there were several meetings with the Ministry of Finance where they were “general-oriented” on various aspects of the Tang economy and the link to AKO funds.
– Was it Tang’s tax case, involving hundreds of millions of dollars, with British authorities engaged in any of these meetings or in correspondence? Was the Ministry or Sanner informed at any time?
– The Ministry was not informed of this case at any time, writes Megaard.
In several written responses to the Storting, Sanner says he took this conversation with Olsen “to ensure that Norges Bank had conducted adequate suitability investigations against established qualification requirements and of any future questions one might expect.” as tax matters. “
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– Ongoing tax case
The UK tax case was due to be presented to an appeals court in December this year, but due to the crown virus, the case is currently postponed.
– This is, as I said, an ongoing tax case, and therefore how much more can I say about it is limited, writes Tangen to VG.
Fiscal years in the UK run from April to April. In a note made in pen by the attorney representing various partners and the AKO, he says that the disagreement with HMRC is over the years 2012–2013 and 2013–2014. The note is sent to VG by Tangen himself. According to Tangen, the lawyer behind the note is from the London-based international company Simons & Simons.
The attorney also writes that the AKO plan was made to promote long-term investment strategies and retain key people. According to the memorandum, witness statements were also provided in the case.
Have paid the claim
VG has asked Tangen a number of questions, including the specific conditions that UK tax authorities reacted to and the amount of money they deal with tax claims for AKO and the partners involved.
The promise does not respond to the number of tax claims he and others involved received, but emphasizes that he has paid the claim and expects the money to be returned to him if they win.
– For my part, the corresponding amount was paid to HMRC in January 2019, writes Tangen.
Now he is waiting for the judicial process.
“If we are successful, there may be hundreds of millions of crowns for me,” he wrote to VG earlier this week.
Pliers sent more
Yesterday, VG wrote that Norges Bank also did not inform the Ministry of Finance about the Nicolai Tangen seminar in the USA. USA Or the wealth of a tax haven, before getting a job as the new head of the Petroleum Fund.
VG’s case on the UK tax dispute was published after the Norges Bank Supervisory Board last week sent a series of questions to central bank governor Øystein Olsen about Tangen’s employment. None of the questions touch on the subject.
However, Tangen informs VG that it has now sent supplemental documentation to be submitted to the Supervisory Board.
VG has requested further documentation from Tangen, including a letter sent by his attorney and received by Norges Bank on February 21. The pliers refer to Banco Norges and that this will be published there.
