The oil fund told the FT that it had been advised by its lawyers that Volkswagen’s “conduct gives rise to legal claims under German law”.

“As an investor it is our responsibility to safeguard the fund’s holding in Volkswagen,” said Petter Johnsen, chief investment officer for equity strategies at Norges Bank Investment Management, the manager of the oil fund. 

The FT added that Norges Bank Investment Management would join one of the class-action suits being prepared in Germany.

Volkswagen already faces a number of lawsuits across the globe, including in the US and Germany.

Last month saw Volkswagen set out its plans to transform the group in the wake of the diesel scandal and confirm it set aside €16.2bn in 2015 to pay for the scandal including €7.8bn for pending technical modifications to the affected diesel engines and repurchases. Another €7.0 billion has been set aside as a provision for legal risks worldwide.