Tag Archives: GIC

DPM Heng: We Have No Nepotism In Temasek And GIC

Deputy Prime Minister Heng Swee Keat, in a reply to a Swedish journalist who pressed him on how Singapore prevents nepotism associated with a one-party government, have strongly rebutted claims that nepotism exists, and cited the examples of Temasek and GIC.

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MISLEADING ADVERTISEMENT ON RETURNS OF 12%?

In this connection, GIC’s latest 20 years’ and Temasek’s “from inception” annualised returns are 5.1 per cent (in US$ terms – lower if in S$ terms) and 16 per cent (in S$ terms), respectively. The highest return ever publicly disclosed by the GIC was 8.2 per cent (in S$ terms) for the 25 years from the GIC’s inception in 1981 till 2006. So, how many fund managers in Singapore have been able to consistently give 12 per cent per annum returns, as described in the advertisement?

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SDP: THIS IS HOW CPF & GIC SHOULD BE HELD ACCOUNTABLE & MANAGED

The suspicions of the people over our hard-earned CPF savings would not have arisen if the PAP had not reneged on its promises and, worse, kept Singaporeans guessing on how these funds are being managed. Such an approach needs to be corrected which is not a difficult thing to do. What we need is for the GIC to be fully accountable to the people and for the Government to keep its promises.

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HOW MUCH TAXPAYERS MONEY DID GIC LOSE IN FAILED UBS INVESTMENT?

I refer to the article “GIC pares stake in UBS at a loss; combined strategy with Citigroup sees positive return” (Straits Times, May 16). It states that “GIC, Singapore’s sovereign wealth fund, which invested in UBS to support it during the 2008/09 global financial crisis, said it has cut its stake in the bank at a loss, partly because of changes in the lender’s strategy and business. GIC sold a 2.4 per cent stake in the Swiss bank, paring its holding to 2.7 per cent from 5.1 per cent.” How much was the loss?

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LOCAL ECONOMIST: GIC REAL RETURN FALLS, WHAT ABOUT OUR CPF RETURNS?

It states that “GIC’s 20-year annualised real rate of return – its most important benchmark – was 4 per cent for the financial year ended March 31, down from the 4.9 per cent in the previous year. This means that GIC enhanced its portfolio by an average return of 4 per cent per year, over and above the global inflation rate between April 1996 and March this year.”

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GIC ADDRESS LISTED IN PANAMA PAPER LEAKS

According to the International Consortium of Investigative Journalism (ICIJ), the GIC address was listed in the massive data leak of the Panama Papers. https://offshoreleaks.icij.org/nodes/234176 Address 168 Robinson Road #37-01 Capital Tower SINGAPORE 068912

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