Norway said its sovereign wealth fund has placed its investment in Brazil’s Petrobras under observation.
The move comes after the company’s involvement in Brazil’s largest ever corruption scandal.
The $800 billion plus fund said on Thursday that the decision was on the basis of the fund’s ethics council.
At the end of 2014, the fund owned a $163million stake in Petrobras International Finance, a subsidiary incorporated in Luxembourg, as well as a $38million stake in Petrobras Global Finance.
Earlier today it was revealed the Norway sovereign wealth fund has accepted Vonovia’s hostile takeover bid for rival Deutsche Wohen.
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