| The recent Oil Fund move to buy property based from tax haven Luxembourg is under fire from Norwegian-born French. “I cannot understand how it’s possible to set up a branch of the Oil Fund in a tax haven. It should be prohibited,” said a shocked Joly to Klassekampen.
NOK 6.6 billion (almost USD 1.1 billion) was invested in companies registered in tax havens the Cayman Islands, Jersey, Guernsey, and Luxembourg last year. Whilst critical to these transactions, Joly rebuffed the Oil Fund for the fact its strategy “is not just an unfortunate consequence of the managers' investments, this is deliberate.”..............................................Full Article: Source |