This was sort of resolved last year. He was given two options by the Parlament, resign or give up his assets. He ended up giving up a total of 1 billion USD, sold 560 million worth of AKO stocks to keep for himself, resulting in him paying massively in taxes (Norwegian tax records are public). He also can't hold any assets that are in conflict with the interests of the fund. Was the whole thing shady? yes. But it was and is heavily investigated by the press, national bank, and tax organs.
Isn't it even stranger that he didn't resign and instead opted to pay millions in taxes? This meant that the job was worth more than those millions in taxes...
@@bertlammens4392 not sure but think he gets around 600k usd in salary. It’s all public I just can’t be bothered to look it up. He has money and can retire at any point. But like he said, being the leader for the biggest wealth fund in the world is something else than money. Idk.
@@grimfpv292 it’s more that we live in norway and not america. gun crime happens way less than it does here in norway than in america, so they don’t need it
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It is vertical simple he will use the money funds to invest in his own company,do front running, and use his weight to enter the board od directors of other’s company
This is not true, sadly OBF did not include the fact that Tangen Sold all of his companies. This he had to do because to be the CEO of the fund you can not own or be a part of any company.
@@navsnylter9020 And are they going to track his funds too? His new job places him perfectly to benefit from insider information. If I knew what a 1.3 trillion dollar wealth fund was going to invest in next, it would be trivial to make a profit.
@@navsnylter9020 and you really believe what you are saying !!! A person who is a professional in hiding money in tax havens putting a shell company in a shell company in shell company under the management of a fourth shell company under a trustee or a charity organisation, then investing in few hedge funds with different names .... this way only GOD will be able to track his investments but no authority will have the patience to dig after him.
@@ceaseless246 Tangen legit had to pay massive taxes this year because he was forced to sell out of his company thus taking all his money back to Norway and needing to tax it. He for sure had a shady way of getting the job, but he didn't get it without consequences
The rich gets richer because the poor thinks every opportunity is a scam. To be a successful trader and investor in the game try to take risks and if you win you'll happy.
Investing in crypto currencies especially bitcoin is super to the moon. Really this depends on how much you are risking per trade, all in the same procedure it's really a financial market accessible to everyone.
@Andrew H are you joking, just look up how much the Saudi government gives it citizens,Saudi citizens have benefited from oil wealth, much more than the UK citizens, so I don't see your point.
As a Norwegian, this stuff scares me. so many red flags, and this is just one person out of many unelected bureaucrats. Worst part is that I can't vote for any specific party to combat this(AFAIK), because a lot of people hoard their wealth outside of Norway and even our politicians seem to be loaded with cash and have direct ties to PR companies. It pops up in the news of course and creates public discourse , but nothing changes it seems.
There are alot of laws on how to fund can be managed and invest, that he cant break. Even tho he manages it, the fund is owned by the state, the second they see it going bad, he get fired.
@@banger2998 No, Norwegian government is the most corrupt, they have been violating human rights since the discovery of oil there, and been killing off journalist and have been censoring everything. They are truly evil.
"Everyone is doing it" with 1.3 trillion dollars under your control, that is being such a large and influential part of "everyone", this is not far from saying: "we do this, because we do this"
The standards set under Slyngstad, was not due to him, but came from political regulations for the fund, these regulations are still in place under Tangen’s management.
I lived in about half dozen countries and from all the imperfect places Norway was the best. They cared in whatever steps were needed - the outcome will be improvement.
Tangen didn't really have a single reason to give up his job to become the CEO of Oljefondet, i dont find it sketchy at all tbh. There are duzins of people watching over him and looking over all investment.
This is not a bad video, and you are correct in assuming that the process of hiring Nicolai Tangen was veeery controversial in Norway. The shady business trip with all expences paid, looked very much like bribery, although no one has been found guilty of bribery in a court of law so far as I know. Anyway, good job on the video. There are however some... inaccuracies as I see it. You start the video by suggesting that Yngve Slyngstad is responsible for the ethical investment by-law of the norwegian sovereign wealth fund. This isn't so. The finance department of Norway (through a regulatory ethical council) oversees this, and so Nicolai Tangen doesn't have the power to negate this trend. An interesting coincidence is that the current leader of the ethical council, Johan Andresen, inherited a vast fortune made primarily by selling tobacco products, one of the investment areas that are off limits to the wealth fund. This is just a side note, as the family is no longer in this line of business, and Andresen himself by all accounts is an accomplished businessman. As was mentioned previously, Tangen made a decision to distance himself from his vast fortune before taking office, which you didn't accurately cover. As a last note, psychologically speaking, I personally think that Tangens motivation for taking the top job of the wealth fund, was probably prestige, not power. The distinction between the two can be hard to see, I agree, but I think it is important here. As the sovereign wealth fund is much more regulated than say, a private company, the power (though still great) of being CEO is not comparable to the power of being the CEO of, say, Apple. The prestige however, is probably one of the highest of any job in modern european finance circles, second only to the likes of Christine Lagarde. Btw, I gather that you're danish? Good job of keeping up with norwegian newspapers. This really is a story that should be told in english, as it shows some shadier sides of the supposed bribery-free norwegian society.
Clearly he bribed the people who make the decisions with a fancy jet and a fancy conference for “free”. If you don’t see how that is unethical, I don’t know what to say. Also he wasn’t even on the list of people who were to be chosen. Obviously he bought his way in. Which is bribery. Poor people can’t just throw money and get what they want, but somehow when the rich do it, there’s no problem.
I know I thought it was obvious he was not the "right guy" for the job but of course he got it because Norway is filling up with exploiters and decievers its nothing new I guess but its incredible how much force is actually needed just to fight back against simple and serious corruption like this, when it was obvius that he should Not have gotten the job..
@@superjeffstanton I'm not Chinese, I just speak Chinese and trust me, I think the CCP may be the biggest menace to the world as of right now. However, I want corruption eliminated everywhere and I call it out when I see it. Why would you not want Norway to improve?
@@williammarston1861 geopolitically oriented* Shivan is all about how countries and governments play with each other and how and who those events and decisions impact.
The fund already owned a percentage in Tesla before the 2020 tsla surge happened it was written in the news here the fund made a ton of the rise of tsla
This is just top of the Iceberg. He also bribed the whole city council and region found to pay for his personal "art collection" and let the city Kristiansand pay almost 1 billion nkr to build a so called museum for a bunch of scrap. A personal friend, Fuglestad was hired as director for this disaster, for the salary of 3 mill nkr a year, friend with the same politicans that was invited on this trip. The estimation of visitors are totally overestimated by naive politicans, and to compare: Only 1 of the paintings in the national or Munc gallery is worth more than the hole collection of junk. Im born in this city if you want know more, but it is a total political scandal. Clever buisnissmenn get the best jobs, is the moral here.
I don't live in Norway but it pisses me off to hear this because I always rooted for Norway to be the best country! I knew there would be a couple folks who would be corrupt but damn, I'm really worried for the country's safety.
Its an incredibly common practice for a lot of Norwegian institutional investors to set up in places like the Caymans or other tax havens by virtue of the frankly unreasonable high levels of taxes in Norway. The sovereign wealth fund itself..not so much.
OK what can I see happening with our situation with oil, Its a resources that has a limit i.e. finite! Therefore its also a resource we should consider conserving for the future, as we can not predict everything that will happen. using it all up to transport one human back and forth down a motorway on a regular basis seems like the most inefficient way to use it. If we have goals of space travel, or ever get to the point where we require resources from other planets, wasting the energy source capable of taking us off the this planet with thrust doesn't really make sense if there are no viable alternatives at present. Globe warming is not the the only reason to begin better management of our resources, there are actually lots of reasons why its now essential.
Thanks for making this. As a norwegian, I remember when I was a teen and the oil fund got created.. Even at that young age, I just knew that however it turned out, when I get old, that fund wont be there anymore. I dont expect that to be there much longer now with tptb strongarming Tangen into the position they want him to be. If he turns out not to be an economic hitman I would be very surprised. the whole case stinks to high heaven and the norwegian state sponsored media says everything is under control, just wash your hands. You got a new subscriber.
This is a little misleading. When you look closer and see how much Tangen has sacrificed to become the CEO of the "Oil Fund" it is doubtful he has any malicious intents. Norges Bank gave him certain requirements to be able to get the position. Among other things he had to transfer any capital he had in tax havens, he had to sell out of AKO Capital. Most of this money was given to AKO Foundation (Charity) and the rest was taxed to Norway and ended up in his bank account. Every year he is loosing 10s of millions of NOK by keeping this money in the bank in Norway (Wealth Tax). Not gonna lie, the hiring process was messy and some decisions like the luxurios trip is questionable, but the Fund ended up with the most qualified man.
Tangen actually still has a lot of his investments, the only caveat for becoming CEO was that he had to give up his voting powers in his companies. But interestingly, he will regain those voting powers once he has left as CEO of the Oil fund. Also, it is not easy to figure out how much a man has located in Tax Havens, considering that is the intent of placing them in a Tax haven to begin with.
His share of Ako Capital went from 66% to 46% so he was no longer the majority shareholder. The surplus of this investment all goes to Ako Foundation while he is the CEO of the "Oil Fund". The management of his holding has been given to a third party to avoid and conflict of interests. Sure, by the nature of how Tax Havens work it is difficult to guarantee he doesn't have any money stored offshore. He did however sell his complete share of Ako General Partner Ltd which manages the Cayman-islands (Tax Haven) based Ako-funds. If it is discovered that he still has capital in Tax Havens, it will most certainly be the end of his career as the CEO of Government Pension Fund Global.
@Twuthousand you are naïve if you think foundations like Ako aren't being used to avoid taxation and manage wealth. Every multimillionaire to billionaire has some sort of "charity fund" for good reason. Different Govts offer various benefits like huge tax write offs if a certain portion of funds are accolated to "charity", and I put air quotes because many benefit from their "charity work", look at Bill Gates for example, he has gained hundreds if not thousands of exclusive vaccine licenses through his charities, and he has his hands in pushing for exclusive licenses on others like the oxford covid-19 vaccine that was supposed to be under public licenses, but pushed to become an exclusive deal by the gates foundation. And I haven't covered how often they use these fund to abuse public opinion/legislation. Don't mistake charity funds by most rich people to be real charities, there are some who are genuine but they are far and few between.
Not saying it's like this, but on the surface it seems pretty obvious. Rich man with connections to tax havens takes over the largest single investor in the world, and at the same time doesn't stop investing in companies with connections to tax havens. In this way, he can invest in companies structured in a way that makes it almost impossible to see who owns them and benefits from them, and thus making it possible for him to invest in his own companies or companies connected to him and earn more money that way without the public knowing. Essentially paying himself through his new job. And/or give him an advantage to manipulate his corporate rivals by threats or offers of not investing or investing in their business ventures.
where did you read government pension fund global? becuase in Norway the official name, used by the politicians, people etc its literally called "the oil fund".
No that is a nickname, it is not the official name, even if it is much more widely used. The official name is Statens Pensjonsfond Utland. Creator is completely correct.
The actual pension fund in Norway is called "The State's Pension Fund - Norway." The Oil Fund that we are talking about here is being called "The State's Pension Fund - Foreign Countries." It is not a real pension fund as the fixed percentage of what is being spent from this fund goes to pay for all the expenses of the state of Norway - along with the money from the taxes and other state incomes. It's not a "Pension Fund" as such. Some believe it was being given this official name by the socialist government of the day, to give people some sort of false impression that their future are being backed by the special security of having a huge sum of money at "their" disposal.
Great Video! Very sus stuff, but as i know you know, it’s kinda fixed as of today. But yeah catch the bag, you are really good to tell the story in a exciting way! Keep it up
Not putting him on the list doesn't give him financial gain from getting investors publicized as getting the fund. Any others on the list running investment funds would. Sounds more like England is still sour they spent most of their North Sea oil profits instead of wisely investing. Somebodies sour they paid off listed persons?
There is another avenue that possibly needs investigating is that of Nikolais involvement within Russia. I only say this after a documentary outlining their involvement of Ukraine's monetary reserves went missing not so long ago, and it was in the order of billions of dollars. On a personal note from someone outside looking in and assessing what has been going on, I would find this particular person unfit for purpose. Good Luck Norway
This is intriguing. I've looked at Norwegian Sovereign Fund as a model for funding entitlements that other nations could emulate. However, this sounds shady. Also a suggestion: could you share links to your sources?
I usually put the sources in the description, but this time I somehow forgot to do that. I can't seem to find the links anymore (As I delete my search history regularly) But I'll do my best not to forget in the future.
Since this video, things have changed. We have a new government and today them announced today that all further investigation will be stopped and the oil fund will be in the hands of Norges Bank again. 12 000 Billion NOK.
What? You do not use elections to appoint people to positions where certain qualifications are mandatory and necessary. You want your accountant, doctor or teacher to be elected by the masses also? Your statement makes about as much sense as wanting to let people vote to decide if a scientific paper is correct in its conclusions or not. Some decisions are better left to people more qualified to understand the impact of their choices.
Some are asking why that reporter has a gun placed so openly on his desk. Perhaps he suspects that some of that oil money has links to organized crime. He's making it clear he will not go without a fight.
You do a good job explaining stuff but I always find your conclusions lackluster, the salary may be meager for him he can control the fund and boost his business or just try and steal it directly, and he will also gain power and influence
Considering all decisions on stock purchases etc, has to go through a separate organ. He had to sell all his stocks in his business, he sold $560 million worth of AKO stocks and paid taxes on all of it. Yes he would know which stocks the fund is going to buy, and could clearly inside trade, but remember most government oversight organs for the stocks market looks very much down on obvious inside trading, which it would be.
Jersey is not shady and not a tax haven, It is the most transparent and regulated of many offshore and onshore finacial instituations. USA has many tax haven within its borders for example.
This is the most Danish way I've ever heard anyone say the names of Norwegian newspapers. 😛 Incidentally, nobody ever actually uses the full name Verdens Gang anymore, not even the newspaper itself. It's just VG.
I'm Norwegian and I had to really think things through when I heard he pronounce Norwegian names to figure out what the fudge he was talking about. It would be better if he had pronounced it in English, both for Norwegian viewers and for English speaking viewers. Danish pronunciation is the weirdest in the world, they have so many different vowels and ridiculous gutteral sounds.
It's easy to suggest things that you know will never happen. I can suggest that we should give 50% of our national budget to starving children in Africa. Makes me seem like a saint, doesn't it.
I'm naturally disinclined to trust him. It'd be far to easy to use the fund to earn money for himself or others, or just influence politics, economics, or people. Heck, there isn't much he couldn't influence with a fund that large. And we already know he's not afraid to bribe people I'd have to assume he's not afraid to blackmail them either. Even If he really wants to do something good for the people, the way he got that job means I would never trust him... But I'm not from Norway so I don't really count.
Tangen's election is as ugly as European politicians that were under investigation in their own countries being named to form Van Der Leyen's "Eurocabinet".
For some reason I have this picture in my head that the leaders in Norway right after the war had larger interest in the country, people and future than the later ones. That goes for more countries than just Norway I assume. When people that is addicted to money, (aka. Greedy) get in these positions it's not a good sign.
@@fakedoorsfordinner1677 I would go as far to say the US presidential selection process is partly to blame here. So much money is needed to even be considered, only those with money have a chance to be selected. :P
🇬🇧 and 🇳🇴 equal rights to North Sea oil fields. Where 🇬🇧 spent money like crazy, 🇳🇴 passed law so none of the money will be used domestically and chosen to create the hedge fund and invest, sounds like an awesome plan not no shady group, video is little misleading and has bunch of silly conspiracies, but A for creativity lol
I am so tired of people complaining about Norway's oil industry! If it is so bad, why do people keep buying it? Norway is just attending to a need in the world's population.
I'm not the most ecological person in the world, but my intention is a make a ecological world without harm the people's tastes and the nature, making biofuels with waste and recycled materials (nothing from the nature), like the green diesel (renewable diesel), biodiesel, biogas, bioethanol and hydrogen, including the eco-electricity.
you need to make sure you ASK FOR SUBSCRIBERS SOONER, the video was over before I could even go click the Subscribe button, so I had to go back... maybe ask up front
The fund is made up of money from the sales of oil and gas and the outcome of this money being invested in other nations business. The oil money of Norway is not allowed to be invested within our own country. All the income comes from investments in foreign countries' stocks and shares etc.
This was sort of resolved last year.
He was given two options by the Parlament, resign or give up his assets.
He ended up giving up a total of 1 billion USD, sold 560 million worth of AKO stocks to keep for himself, resulting in him paying massively in taxes (Norwegian tax records are public).
He also can't hold any assets that are in conflict with the interests of the fund.
Was the whole thing shady? yes. But it was and is heavily investigated by the press, national bank, and tax organs.
Isn't it even stranger that he didn't resign and instead opted to pay millions in taxes? This meant that the job was worth more than those millions in taxes...
@@bertlammens4392 not sure but think he gets around 600k usd in salary. It’s all public I just can’t be bothered to look it up.
He has money and can retire at any point. But like he said, being the leader for the biggest wealth fund in the world is something else than money. Idk.
@@plushiie_ please update us if you find any additional information.
Thank god the Norwegian government is competent and not as corrupt. Kudos on that!
@@shirshakbt more or less
2:10 Norweigan press.
Yes they have guns in their editorial office.
For real?
@@jailonbailey2149 Sarcasm
No need for guns, when the media is owned by the state, or funded by the state.
@@grimfpv292 it’s more that we live in norway and not america. gun crime happens way less than it does here in norway than in america, so they don’t need it
@@iiVitality I am Finnish, and you don't need that information for anything!
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It is vertical simple he will use the money funds to invest in his own company,do front running, and use his weight to enter the board od directors of other’s company
This is not true, sadly OBF did not include the fact that Tangen Sold all of his companies. This he had to do because to be the CEO of the fund you can not own or be a part of any company.
@@navsnylter9020 if true that’s a relief 😅
@@navsnylter9020 And are they going to track his funds too? His new job places him perfectly to benefit from insider information. If I knew what a 1.3 trillion dollar wealth fund was going to invest in next, it would be trivial to make a profit.
@@navsnylter9020 it will be interesting to see what positions/perks he gets offered after he hands over the ceo position.
@@navsnylter9020 and you really believe what you are saying !!! A person who is a professional in hiding money in tax havens putting a shell company in a shell company in shell company under the management of a fourth shell company under a trustee or a charity organisation, then investing in few hedge funds with different names .... this way only GOD will be able to track his investments but no authority will have the patience to dig after him.
Tangen bribed his way in
he did not, this case has been reviewed and closed long ago. The video is full of false info and pure speculative nonsense
@@brodude6045 how little we know
@@brodude6045 you sound like a fed
@@ceaseless246 Tangen legit had to pay massive taxes this year because he was forced to sell out of his company thus taking all his money back to Norway and needing to tax it. He for sure had a shady way of getting the job, but he didn't get it without consequences
@@beepboopbeepp Tax isn't criminal punishment. Lolz though I can see a how a rich man paying them could be seen as such.
A pessimist sees difficulty in every opportunity;an optimist sees every opportunity in every difficulty.
Well said dear👍
The rich gets richer because the poor thinks every opportunity is a scam. To be a successful trader and investor in the game try to take risks and if you win you'll happy.
It's very important for one to have different stream of income
Investing in crypto currencies especially bitcoin is super to the moon. Really this depends on how much you are risking per trade, all in the same procedure it's really a financial market accessible to everyone.
Some people stay out of investing or getting to try something new due to ignorance
How does this not have more views, this is huge.
It's a good fund for Norway, the wealthier your country, with the right law ,the better the standard of living,
Don't listen to EU propaganda. Well done Norwegians.
@@susannamarker2582 😂😂
@@alenpaul2523 ???
@Andrew H are you joking, just look up how much the Saudi government gives it citizens,Saudi citizens have benefited from oil wealth, much more than the UK citizens, so I don't see your point.
Sadly you don’t mention the fact that Tangen had to cut all ties with his previous companies and ventures. Otherwise a great video👍
Did he though?
@@abruemmer77 yes
Sadly, you (Tekno G) didn't mention thale fact that Tangent only cut ties ON PAPER.
I love the "A small Percentage of you guys" at the end. How he tries to cover up his laughter
As a Norwegian, this stuff scares me. so many red flags, and this is just one person out of many unelected bureaucrats. Worst part is that I can't vote for any specific party to combat this(AFAIK), because a lot of people hoard their wealth outside of Norway and even our politicians seem to be loaded with cash and have direct ties to PR companies. It pops up in the news of course and creates public discourse , but nothing changes it seems.
Yes, we do have a big red flag.
That oil fund will be drained out in bad investments in his hidden companies
There are alot of laws on how to fund can be managed and invest, that he cant break. Even tho he manages it, the fund is owned by the state, the second they see it going bad, he get fired.
ALso, any investment he wants to makie has to be aproved by the NBIM (financial departmant).
@@banger2998 No, Norwegian government is the most corrupt, they have been violating human rights since the discovery of oil there, and been killing off journalist and have been censoring everything. They are truly evil.
Great video, thanks!
"Everyone is doing it"
with 1.3 trillion dollars under your control, that is being such a large and influential part of "everyone", this is not far from saying: "we do this, because we do this"
The standards set under Slyngstad, was not due to him, but came from political regulations for the fund, these regulations are still in place under Tangen’s management.
I lived in about half dozen countries and from all the imperfect places Norway was the best. They cared in whatever steps were needed - the outcome will be improvement.
Ahhh why does the Norwegian Press have a gun in their desk at 2:16
They must be pissed about this issue
Tangen didn't really have a single reason to give up his job to become the CEO of Oljefondet, i dont find it sketchy at all tbh. There are duzins of people watching over him and looking over all investment.
Bribery
"you can't tell anyone" are the words uttered by criminals.
Words#
@@abubakr4401 Thanks ;)
Your mom uttered those same words last night.
@@zzzanon Plausible but not probable. Now your Grandma on the other hand, was screaming it.
Great work
This is not a bad video, and you are correct in assuming that the process of hiring Nicolai Tangen was veeery controversial in Norway. The shady business trip with all expences paid, looked very much like bribery, although no one has been found guilty of bribery in a court of law so far as I know. Anyway, good job on the video. There are however some... inaccuracies as I see it. You start the video by suggesting that Yngve Slyngstad is responsible for the ethical investment by-law of the norwegian sovereign wealth fund. This isn't so. The finance department of Norway (through a regulatory ethical council) oversees this, and so Nicolai Tangen doesn't have the power to negate this trend. An interesting coincidence is that the current leader of the ethical council, Johan Andresen, inherited a vast fortune made primarily by selling tobacco products, one of the investment areas that are off limits to the wealth fund. This is just a side note, as the family is no longer in this line of business, and Andresen himself by all accounts is an accomplished businessman. As was mentioned previously, Tangen made a decision to distance himself from his vast fortune before taking office, which you didn't accurately cover. As a last note, psychologically speaking, I personally think that Tangens motivation for taking the top job of the wealth fund, was probably prestige, not power. The distinction between the two can be hard to see, I agree, but I think it is important here. As the sovereign wealth fund is much more regulated than say, a private company, the power (though still great) of being CEO is not comparable to the power of being the CEO of, say, Apple. The prestige however, is probably one of the highest of any job in modern european finance circles, second only to the likes of Christine Lagarde.
Btw, I gather that you're danish? Good job of keeping up with norwegian newspapers. This really is a story that should be told in english, as it shows some shadier sides of the supposed bribery-free norwegian society.
wow really nice investigation
Your content is just 🥵💯 . I’m so excited to see you grow!
I cannot believe he STILL got to keep the job after all of this
because he did nothing wrong?
Clearly he bribed the people who make the decisions with a fancy jet and a fancy conference for “free”. If you don’t see how that is unethical, I don’t know what to say. Also he wasn’t even on the list of people who were to be chosen. Obviously he bought his way in. Which is bribery. Poor people can’t just throw money and get what they want, but somehow when the rich do it, there’s no problem.
I know I thought it was obvious he was not the "right guy" for the job but of course he got it because Norway is filling up with exploiters and decievers its nothing new I guess but its incredible how much force is actually needed just to fight back against simple and serious corruption like this, when it was obvius that he should Not have gotten the job..
Stfu china
@@superjeffstanton I'm not Chinese, I just speak Chinese and trust me, I think the CCP may be the biggest menace to the world as of right now. However, I want corruption eliminated everywhere and I call it out when I see it. Why would you not want Norway to improve?
You're up there (for me) with Caspian Report. You're doing good work. Ta muchly.
Caspian report is much broader and significantly more politically oriented.
@@williammarston1861 geopolitically oriented*
Shivan is all about how countries and governments play with each other and how and who those events and decisions impact.
@@idealicfool You’re exactly correct, by the way he’s name is Shirvan.
@@williammarston1861 yea knew there was an error in there somewhere, but eh, just finished work and I'm toasted 😵
What you get when you have a ruthless economists running your money.
They could all in tsla and reward the whole nation for generations to come.
🤣🤡
Impossible
The Fund is bigger than Teslas worth
Norway do indeed invest in Tesla, google and Norway also ownes over 5% of youtubes stock, just a fun fact
The fund already owned a percentage in Tesla before the 2020 tsla surge happened it was written in the news here the fund made a ton of the rise of tsla
This is just top of the Iceberg. He also bribed the whole city council and region found to pay for his personal "art collection" and let the city Kristiansand pay almost 1 billion nkr to build a so called museum for a bunch of scrap. A personal friend, Fuglestad was hired as director for this disaster, for the salary of 3 mill nkr a year, friend with the same politicans that was invited on this trip. The estimation of visitors are totally overestimated by naive politicans, and to compare: Only 1 of the paintings in the national or Munc gallery is worth more than the hole collection of junk. Im born in this city if you want know more, but it is a total political scandal. Clever buisnissmenn get the best jobs, is the moral here.
I don't live in Norway but it pisses me off to hear this because I always rooted for Norway to be the best country! I knew there would be a couple folks who would be corrupt but damn, I'm really worried for the country's safety.
This is underated QualitY content!
Sweet stuff Bro 👍
Thank you
I really enjoy your videos 😊
How may I get in contact
I do a lot of research and ya
Kind regards Sir:)
@@abdullahe3674 BOODA AFGANISTÁN BIEN
This is only a resume of what has been all over the news a couple of years ago.
It's nothing new here.
Did that journalist have a gun 🔫 just casually on the desk? Gangster 😎
Its an incredibly common practice for a lot of Norwegian institutional investors to set up in places like the Caymans or other tax havens by virtue of the frankly unreasonable high levels of taxes in Norway.
The sovereign wealth fund itself..not so much.
Well done Norwegians. Don't listen to EU propaganda.
Well done Norwegians. It's their oil wealth. They were never stupid enough to give their money to the EU. Well done Norway.
If only greece knew better
OK what can I see happening with our situation with oil, Its a resources that has a limit i.e. finite! Therefore its also a resource we should consider conserving for the future, as we can not predict everything that will happen. using it all up to transport one human back and forth down a motorway on a regular basis seems like the most inefficient way to use it. If we have goals of space travel, or ever get to the point where we require resources from other planets, wasting the energy source capable of taking us off the this planet with thrust doesn't really make sense if there are no viable alternatives at present. Globe warming is not the the only reason to begin better management of our resources, there are actually lots of reasons why its now essential.
Thanks for making this. As a norwegian, I remember when I was a teen and the oil fund got created.. Even at that young age, I just knew that however it turned out, when I get old, that fund wont be there anymore.
I dont expect that to be there much longer now with tptb strongarming Tangen into the position they want him to be.
If he turns out not to be an economic hitman I would be very surprised.
the whole case stinks to high heaven and the norwegian state sponsored media says everything is under control, just wash your hands.
You got a new subscriber.
hey at least be happy that norway spent their north sea oil money better than the uk did, they don’t have any left already
@@ceaseless246 at least the UK could developed their industries and didn't end up like Brazil, Venezuela or Iran
Are you ill
This is a little misleading. When you look closer and see how much Tangen has sacrificed to become the CEO of the "Oil Fund" it is doubtful he has any malicious intents. Norges Bank gave him certain requirements to be able to get the position. Among other things he had to transfer any capital he had in tax havens, he had to sell out of AKO Capital. Most of this money was given to AKO Foundation (Charity) and the rest was taxed to Norway and ended up in his bank account. Every year he is loosing 10s of millions of NOK by keeping this money in the bank in Norway (Wealth Tax).
Not gonna lie, the hiring process was messy and some decisions like the luxurios trip is questionable, but the Fund ended up with the most qualified man.
Tangen actually still has a lot of his investments, the only caveat for becoming CEO was that he had to give up his voting powers in his companies. But interestingly, he will regain those voting powers once he has left as CEO of the Oil fund. Also, it is not easy to figure out how much a man has located in Tax Havens, considering that is the intent of placing them in a Tax haven to begin with.
His share of Ako Capital went from 66% to 46% so he was no longer the majority shareholder. The surplus of this investment all goes to Ako Foundation while he is the CEO of the "Oil Fund". The management of his holding has been given to a third party to avoid and conflict of interests.
Sure, by the nature of how Tax Havens work it is difficult to guarantee he doesn't have any money stored offshore. He did however sell his complete share of Ako General Partner Ltd which manages the Cayman-islands (Tax Haven) based Ako-funds. If it is discovered that he still has capital in Tax Havens, it will most certainly be the end of his career as the CEO of Government Pension Fund Global.
@Twuthousand you are naïve if you think foundations like Ako aren't being used to avoid taxation and manage wealth.
Every multimillionaire to billionaire has some sort of "charity fund" for good reason.
Different Govts offer various benefits like huge tax write offs if a certain portion of funds are accolated to "charity", and I put air quotes because many benefit from their "charity work", look at Bill Gates for example, he has gained hundreds if not thousands of exclusive vaccine licenses through his charities, and he has his hands in pushing for exclusive licenses on others like the oxford covid-19 vaccine that was supposed to be under public licenses, but pushed to become an exclusive deal by the gates foundation. And I haven't covered how often they use these fund to abuse public opinion/legislation.
Don't mistake charity funds by most rich people to be real charities, there are some who are genuine but they are far and few between.
Why was there a gun on the desk an what kind was it
Not saying it's like this, but on the surface it seems pretty obvious. Rich man with connections to tax havens takes over the largest single investor in the world, and at the same time doesn't stop investing in companies with connections to tax havens. In this way, he can invest in companies structured in a way that makes it almost impossible to see who owns them and benefits from them, and thus making it possible for him to invest in his own companies or companies connected to him and earn more money that way without the public knowing. Essentially paying himself through his new job.
And/or give him an advantage to manipulate his corporate rivals by threats or offers of not investing or investing in their business ventures.
Sounds like your talking about banks😆
@@1NEFFIBLE Yeah, and the economic activities of this oil fund is similar to investment banks.
where did you read government pension fund global? becuase in Norway the official name, used by the politicians, people etc its literally called "the oil fund".
No that is a nickname, it is not the official name, even if it is much more widely used. The official name is Statens Pensjonsfond Utland. Creator is completely correct.
The actual pension fund in Norway is called "The State's Pension Fund - Norway."
The Oil Fund that we are talking about here is being called "The State's Pension Fund - Foreign Countries."
It is not a real pension fund as the fixed percentage of what is being spent from this fund goes to pay for
all the expenses of the state of Norway - along with the money from the taxes and other state incomes.
It's not a "Pension Fund" as such.
Some believe it was being given this official name by the socialist government of the day, to give people
some sort of false impression that their future are being backed by the special security of having a huge
sum of money at "their" disposal.
Damn thats rewally sketch ...
Great Video! Very sus stuff, but as i know you know, it’s kinda fixed as of today. But yeah catch the bag, you are really good to tell the story in a exciting way! Keep it up
And he is one of the best norwegian hedge fund managers
Very good video (:
Not putting him on the list doesn't give him financial gain from getting investors publicized as getting the fund. Any others on the list running investment funds would. Sounds more like England is still sour they spent most of their North Sea oil profits instead of wisely investing. Somebodies sour they paid off listed persons?
There is another avenue that possibly needs investigating is that of Nikolais involvement within Russia. I only say this after a documentary outlining their involvement of Ukraine's monetary reserves went missing not so long ago, and it was in the order of billions of dollars. On a personal note from someone outside looking in and assessing what has been going on, I would find this particular person unfit for purpose. Good Luck Norway
dude can move 1.3 trillion he drops enough money on a certain stock he alone can move the stock price tons.
This is intriguing. I've looked at Norwegian Sovereign Fund as a model for funding entitlements that other nations could emulate. However, this sounds shady.
Also a suggestion: could you share links to your sources?
I usually put the sources in the description, but this time I somehow forgot to do that. I can't seem to find the links anymore (As I delete my search history regularly) But I'll do my best not to forget in the future.
really, the Brit's with their tax havens are complaining?
I always knew my state's newer decisions and how they seemed so clean was suspicious...
Also, everyone's doing it is the worst fucking excuse ever.
USA: write that down, WRITE IT NOW!!!!
Since this video, things have changed. We have a new government and today them announced today that all further investigation will be stopped and the oil fund will be in the hands of Norges Bank again. 12 000 Billion NOK.
Norwegian gang🇳🇴
He probably needed to cash out to buy him and his friends a couple seats to go to space.
So he let the old CEO on a trip and said maybe to a question. This is clearly bias from the Danish little brother 😂🔫
In my country this would look just as usual lol
Oil is the lifeblood of civilization.
Almost like a single person should not have this much power and it should be decided democratically or by elected representatives
What? You do not use elections to appoint people to positions where certain qualifications are mandatory and necessary. You want your accountant, doctor or teacher to be elected by the masses also? Your statement makes about as much sense as wanting to let people vote to decide if a scientific paper is correct in its conclusions or not. Some decisions are better left to people more qualified to understand the impact of their choices.
Why wouldn't they just force him out, KNOWING he's shady as fuck?
Some are asking why that reporter has a gun placed so openly on his desk. Perhaps he suspects that some of that oil money has links to organized crime. He's making it clear he will not go without a fight.
You do a good job explaining stuff but I always find your conclusions lackluster, the salary may be meager for him he can control the fund and boost his business or just try and steal it directly, and he will also gain power and influence
He is wrong, he can't take it
Considering all decisions on stock purchases etc, has to go through a separate organ. He had to sell all his stocks in his business, he sold $560 million worth of AKO stocks and paid taxes on all of it.
Yes he would know which stocks the fund is going to buy, and could clearly inside trade, but remember most government oversight organs for the stocks market looks very much down on obvious inside trading, which it would be.
Good investigative journalism
They just Chilled and invested right
that oil fund costs more then my country...
Jersey is not shady and not a tax haven, It is the most transparent and regulated of many offshore and onshore finacial instituations. USA has many tax haven within its borders for example.
No, the Oil fund is not shady, but a few shady events took place revolving it.
In Tangen we Belive!
If I had the ability I’d also set up in tax havens fuck taxes
He probably planned to use the capital of the fund as the leverage for his private investment.
This is the most Danish way I've ever heard anyone say the names of Norwegian newspapers. 😛 Incidentally, nobody ever actually uses the full name Verdens Gang anymore, not even the newspaper itself. It's just VG.
I'm Norwegian and I had to really think things through when I heard he pronounce Norwegian names to figure out what the fudge he was talking about. It would be better if he had pronounced it in English, both for Norwegian viewers and for English speaking viewers. Danish pronunciation is the weirdest in the world, they have so many different vowels and ridiculous gutteral sounds.
2:22 is that a pistol on a bible?! LMAO
As a norwegian this is quite shocking to hear. Thank you
Then I wonder. Where have you been? Top news in all media every day during 10 days.
All major companies do this so what's new
too much speculation, I come from Norway and i think he was the right man for the job.
Tangen has stated that he wants 100% inherents tax.
It's easy to suggest things that you know will never happen.
I can suggest that we should give 50% of our national budget to starving children in Africa. Makes me seem like a saint, doesn't it.
14 and 12 zeros big now in NOK ..guess that make it 1,4 Trillion .. 10Nok is about 1 usd
God video
The Panama Papers
The Cayman Islands is not a tax haven.
Hiding it from whom?
I'm naturally disinclined to trust him. It'd be far to easy to use the fund to earn money for himself or others, or just influence politics, economics, or people. Heck, there isn't much he couldn't influence with a fund that large. And we already know he's not afraid to bribe people I'd have to assume he's not afraid to blackmail them either. Even If he really wants to do something good for the people, the way he got that job means I would never trust him... But I'm not from Norway so I don't really count.
Tangen's election is as ugly as European politicians that were under investigation in their own countries being named to form Van Der Leyen's "Eurocabinet".
Appreciate your journalism on this...Great channel, very underrated. Great story, absurd like only the super rich can deliver.
I hope the fraudsters go to jail
*smashes window*
SOMEONE SAID OIL
For some reason I have this picture in my head that the leaders in Norway right after the war had larger interest in the country, people and future than the later ones. That goes for more countries than just Norway I assume.
When people that is addicted to money, (aka. Greedy) get in these positions it's not a good sign.
Aka trump
@@fakedoorsfordinner1677 I would go as far to say the US presidential selection process is partly to blame here. So much money is needed to even be considered, only those with money have a chance to be selected. :P
🇬🇧 and 🇳🇴 equal rights to North Sea oil fields. Where 🇬🇧 spent money like crazy, 🇳🇴 passed law so none of the money will be used domestically and chosen to create the hedge fund and invest, sounds like an awesome plan not no shady group, video is little misleading and has bunch of silly conspiracies, but A for creativity lol
exactly, most are just silly conspiracies with little to no real facts!
Convinced. I subscribe
I am so tired of people complaining about Norway's oil industry! If it is so bad, why do people keep buying it? Norway is just attending to a need in the world's population.
I'm not the most ecological person in the world, but my intention is a make a ecological world without harm the people's tastes and the nature, making biofuels with waste and recycled materials (nothing from the nature), like the green diesel (renewable diesel), biodiesel, biogas, bioethanol and hydrogen, including the eco-electricity.
They won’t give you this money, I already asked them.
lol
Things disgruntled Danes say… 😂
The subtitles are in Dutch lol
well sh/t
Is there money though
Hiding? Invested. Safe.
Why are the subtitles in Dutch 🇳🇱
you need to make sure you ASK FOR SUBSCRIBERS SOONER, the video was over before I could even go click the Subscribe button, so I had to go back... maybe ask up front
Norway didn't make that money off oil or stocks.
they bought dogecoin?
The fund is made up of money from the sales of oil and gas and the outcome of this money being invested in other nations business. The oil money of Norway is not allowed to be invested within our own country.
All the income comes from investments in foreign countries' stocks and shares etc.
2:34
Hahaha, karma is a boitch.
Remember the time when Norway was holier than thou when they crucified OZ for turning back MV Tampa.
Why is investing in tax havens wrong
You make decent content man