Norway’s central bank deputy governor resigns over China ties

Norway’s central bank deputy governor resigns over China ties

Jon Nicolaisen was overseeing the world’s largest sovereign wealth fund

Norway’s deputy central bank governor with responsibility for the world’s largest sovereign wealth fund has been forced to resign due to security concerns over his Chinese wife.

Jon Nicolaisen, who has had special responsibility for Norway’s $1.2tn oil fund at the central bank for the past eight months but has been deputy governor since 2014, resigned on Friday as he was declined a renewed security clearance.

“The Norwegian Civil Security Clearance Authority informs me that the reason that I will not receive a renewed security clearance is that my wife is a Chinese citizen and resides in China, where I support her financially,” Mr Nicolaisen said.

Mr Nicolaisen married his wife in 2010. Norges Bank said security clearance was conducted and given by the finance department in 2014. The National Civil Security Clearance Authority was only set up in 2018, and Mr Nicolaisen’s latest clearance process was started late in 2019. .