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CEO of Norway wealth fund admits mistakes made when buying F1 stake
CEO of Norway wealth fund admits mistakes made when buying F1 stake 11 March, 2014 Yngve Slyngstad Norway's $850-billion sovereign wealth fund made mistakes when it bought shares in Formula One and may try to sell them, its chief executive said on Tuesday according to a report in business daily Dagens Naeringsliv.
Yngve Slyngstad said the fund may seek to offload the stake if corruption charges against its boss Bernie Ecclestone are not properly addressed.
Several parliamentarians questioned last week whether the world's largest sovereign wealth fund should have taken a $1.6 billion stake in the motor sport in May 2012 together with investors BlackRock and Waddell & Reed.
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10y ago from GrandPrix247.com
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