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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Fund Management/Administration

Norway Seeks Explanation From VW Over Emissions Scandal

Posted on 29 October 2015

Norway’s sovereign-wealth fund, the world’s biggest by assets, said Wednesday it would seek explanations from Volkswagen AG over an emissions cheating crisis that nearly halved the value of its interest in the German car market and hit its overall performance in the third quarter.
The fund, which held 1.22% of VW—worth 9.6 billion Norwegian kroner ($1.13 billion) at the end of 2014—said its stake lost 4.9 billion kroner in the third quarter. “Volkswagen was clearly the biggest negative contributor in the third quarter,” said Norges Bank Investment Management’s deputy chief executive, Trond Grande………………………………………..Full Article: Source


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