20150316 PAP should not selectively disclose investments using our CPF/reserves

GIC has been disclosing minimal information locally (on its website) while it has availed more information on its investments to foreign institutions. PAP controls GIC.

In 2014, GIC listed only 27 transactions totaling about $9.2 billion on its website. (below)

GIC’s 2014 transactions

No NAME US$ mil
1 Abril Educacao SA 128.45
2 Century Canning Corp 76.3
3 Eco Sapaucai NS
4 Expand MPIC 84
5 Flipkart India Pvt Ltd NS
6 Co investment with GLP 3650
7 GMP Sociedad de Inversiones Imm 252.37
8 Huaxia Dairy Farm 70
9 Intelligent Energy Holdings plc 63
10 KKBOX 104
11 Sells 100% MLFC NA
12 NS2 Com Internet Ltd (Netshoes) 70
13 Nirlon 107
14 Pacific Century Tokyo 1,599
15 iParadigms 376
16 Partners Brigade Group 119
17 Partners GMT 118
18 Partners Macquarie NS
19 RAC Ltd NS
20 Partners Rawali 250
21 Roma Est Shopping Centre, Rome 251.3
22 Ronesans Gayrimenkul Yatrim A.S. 140.36
23 Scentre 784
24 Square Inc. 50
25 Time Warner 650
26 Vatika NS
27 XPO Logistics, Inc 174
. Total 9,117

*NS – not stated

While GIC has published information on 27 transactions in 2014, the international investment community has information on at least 86 transactions. (table below) Which brings us to the question – GIC could have easily published them but why was the information not disclosed to CPF members/citizens? Why does GIC treat CPF members/citizens as if we are not its stakeholders?

GIC’s investments already known to the world but Singaporeans are kept in the dark

No Country Name US$ mil
1 China Shanda Games Ltd 0.87
2 Vietnam Pan Pacific Corp 2.88
3 Poland Stock Spirits Group Plc 4.14
4 India Sintex Industries Ltd 4.86
5 China China Suntien Green Energy Corp 5.9
6 China E-House (China) Holdings Ltd 7.64
7 China China Suntien Green Energy Corp 10.63
8 India Muthoot Finance Ltd 11.55
9 China China Shipping Dev Co Ltd 16.69
10 India The Phoenix Mills Ltd 17.66
11 Russia Moscow Exchange 18.47
12 China YongChe.com 20
13 UK Pets at Home Group Plc 23.99
14 China Huaneng Renewables Corp 24.81
15 UK Intelligent Energy Holdings plc 28.25
16 China China Suntien Green Energy Corp 40.16
17 Brazil Santana Parque Shopping 40.3
18 UK Jimmy Choo Plc. 40.62
19 Brazil Linz SA 41.28
20 China China Suntien Green Energy Corp 42.6
21 Australia Iglu Pty Ltd 43.81
22 Australia I-MED Radiology Network 45.72
23 China Green Dragon Gas Ltd 50
24 India Flipkart India Pvt Ltd 50
25 USA Square Inc. 50
26 China China Southern Airlines Co Ltd 50.91
27 UK SSP Group plc 53.93
28 UK Intelligent Energy Holdings plc 62.35
29 Brazil Alupar Investimento SA 63.88
30 Belgium Ontex Group NV 69.68
31 China Sinopharm Group Co Ltd 69.85
32 Brazil NS2 Com Internet Ltd (Netshoes) 70
33 China Huaxia Dairy Farm 70
34 Indonesia Pakuwon Jati Tbk 72.72
35 UK Pets at Home Group Plc 75.47
36 Philippines Century Canning Corp 76.3
37 UK Serco Group plc 80.39
38 Philippines Neptune Storika Holdings Inc 84.55
39 Brazil BRF SA 92.59
40 China Beining Xiomi Tech Co Ltd 100
41 China CGN Power Co Ltd 100
42 China MicroPort Scientific Corp 100
43 India Flipkart India Pvt Ltd 100
44 UK Siccar Point Energy Ltd. 100
45 Taiwan KKBOX 104
46 China China Vanke Co Ltd 105.99
47 India Nirlon 107
48 USA XPO Logistics, Inc 117.2
49 Philippines Emperador Inc 117.22
50 Brazil Qualicorp SA 121.58
51 Brazil Abril Educacao SA 128.45
52 UK Serco Group plc 134.78
53 China Kerry Logistics Network Ltd. 138.26
54 Turkey Ronesans Gayrimenkul Yatrim A.S. 140.36
55 Philippines Metro Pacific Investments Corp 148.53
56 Germany MTU Aero Engines AG 153.06
57 Spain Applus Services S>A> 165.15
58 USA XPO Logistics, Inc 174
59 Mexico Veneri Resources LLC 200
60 China 21 Vianet Group Inc. 223.23
61 UK RAC Ltd 234.36
62 Spain Immobiliana Colonial SA 234.6
63 Italy Roma Est Shopping Centre, Rome 251.3
64 Spain GMP Sociedad de Inversiones Imm 252.37
65 China Tencent Holdings Ltd 258.06
66 Philippines Emperador Inc 273.51
67 China Cheetah Mobile Inc 286
68 USA iParadigns LLC 300
69 USA Time Warner Centre New York 300
70 USA Kronos Inc 375
71 China China Vanke Co Ltd 400
72 USA IMS Health Holdings, Inc. 414.5
73 China Lenovo Group 700
74 UK RAC Ltd 1249.75
75 UK Broadgate, London 1309.68
76 Japan Pacific Century Tokyo 1,599
77 India Joint Venture with Vatika Group NS
78 Indonesia Capital Place, Jakarta NS
79 Regional Affinity Asia Pacific Fund IV NS
80 Regional Ardian ASF VI LP NS
81 Regional ASF VI Seine Co-Invest LP NS
82 Regional CVC Capital Partners Asia Pac IV LP NS
83 Regional HgCapital Gabriel Co-invest LP NS
84 Regional Mid Europa Fund IV NS
85 Regional Taube Hodson Stonex Partners LLP NS
86 USA Acosta Inc. NS
. . TOTAL 12852.39

*NS – not stated

Based on an average investment of US$200 million in private equity firms, the total invested by GIC in the above list should be about US$15 billion.

GIC manages CPF monies and our reserves and the PAP government is obligated to disclose all relevant information pertaining to GIC’s investments. CPF members/citizens, not PAP, are the owners of the funds managed by GIC.

PAP must cease its selective disclosure of information pertaining to investments using our CPF/reserves.

Advertisements
This entry was posted in CPF, GIC. Bookmark the permalink.

One Response to 20150316 PAP should not selectively disclose investments using our CPF/reserves

  1. wongcheokwan says:

    PHILLIP,

    GOOD ARTICLE PACKED WITH FACTS N FIGURES.EDUCATED READERS WOULD TRY TO

    DIGEST THE FOLLOWING FIGURES–IN 2014 THERE WAS PUBLISHED FOR GIC:

    —21 TRANSACTIONS ,VALUE $9 BN—–6TRANSACTIONS VALUE NOT REVEALED

    —76 TRANSACTIONS ,VALUE $13 BN—10TRANSACTIONS VALUE NOT REVEALED.

    WHY TRANSACTIONS VALUE NOT REVEALED? WHAT IS THE STATUS OF THE REST OF

    $350 BN PORTFOLIO? UNFORTUNATLY 80% READERS CAN’T UNDERSTAND ENOUGH

    TO ASK ANYTHING. THEY DON’T UNDERSTAND THE DERISORY KACHANG PUTEH

    INVESTMENTS OUTSIDE 3 SIGMA OF THE INVESTMENT NORMAL CURVE.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s