The Norwegian oil fund has lost 12.7 billion by increasing its number of stocks in the Swiss bank Credit Suisse tenfold. The fund has lost 53 øre for every krone invested.
The Fund’s investment in Credit Suisse has resulted in a loss of 12.7 billion, the newspaper Finansavisen writes.
The bank is on the list of oil fund’s 20 largest holdings. Since New Year, the Swiss bank has had had a price drop at 38 percent at the Zurich Stock Exchange . The Pension Fund has built up a stake in the bank since 1998, which today corresponds to 5 percent of its stocks
At year end of last year the value of the bank was 18.5 billion. Today, the value is at 11.3 billion.
Credit Suisse is being investigated by Italian police for tax evasion and transfers to tax havens. A giant lawsuit has been filed against the bank for money laundering.
Source: NTB scanpix / Norway Today