No massive CPF investment losses but GIC cannot be transparent?
Hundreds/thousands of transactions annually but GIC has preferred to keep information which belongs in the public domain private. Any government which conceals such information from the people does it to prevent embarrassment. Fact: Over more than 3 decades, GIC’s realized and unrealized losses amount to tens of billions...
Collapse of government-linked companies not a question of if, but when
Top management of GLCs are all PAP-approved scholar types. Without prior relevant experience and no accountability, companies helmed by these jokers are destined to fail. Many have and more will follow. SIA recently surprised the market with Q4 losses which sent its shares free falling. Its net profit last year was almost...
GIC’s Citi investment was based on …. pure luck
Time to set the record straight on GIC’s Citi investment: it was pure luck. In Jan 2008, GIC had invested US$6.88 billion in 7% convertible preferred securities with a conversion price of US$26.35, ie GIC saw value in Citi at US$26.35. But after only 14 months, Citi’s share price collapsed to below $1. GIC was actually...
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