  The eruption of V4332 Sgr was observed in 1994. During the outburst, the
object became extremely red, so it is considered as belonging to luminous red
transients of the V838 Mon type. It has recently been suggested that the
central object in V4332 Sgr is now hidden in a dusty disc and that the
photospheric spectrum of this object observed in the optical results from
scattering the central star radiation on dust grains in the disc. One expects
significant polarization of the spectrum in this case. We investigate this
prediction. We present and analyse polarimetric observations of V4332 Sgr in
the V and R photometric bands done with the NOT telescope. The optical light of
V4332 Sgr is linearly polarized with a degree of ~26% in the V band and ~11% in
R. Discussion of the observed polarization leads us to conclude that the
photospheric spectrum observed in V4332 Sgr is probably produced by dust
scattering not only in the disc but also in the outflow from the object seen in
the emission features.
