Dear Mr Law
I am merely a blogger pressing for more transparency and accountability from my government.
GIC manages hundreds of billions in CPF retirement savings, including mine, as well as foreign reserves.
Rest assured, GIC understands its responsibility towards 3.7 million CPF members and will take the necessary action to recoup investment losses/achieve the best possible outcome.
Please note I am writing in my personal capacity.
From: Arrium Shareholders United
Sent: Saturday, August 27, 2016 5:58 PM
Subject: GIC investment in Arrium
Dear Mr Ang,
After reading a number of your articles in the press relating to GIC’s investment in Arrium, we believe there are every possibility that the values of the investment can be retained given the company is now believed to be running profitably via the massive cost restructuring, surge in iron ore and steel price, Australian governments’ direct funding injection to the business and the favourable policies in anti-steel dumping and sourcing of locally made steel.
Currently Arrium Shareholders United (ASU) is running a high profile campaign to request the administrator to consider stop selling the Arrium Australia once the mining consumable subsidiary Molycop is sold (referring to our campaign website http://arrium-asu.wixsite.com/fight-for-justice for more details) and since we have received overwhelming supports from many workers, suppliers and shareholders alike. We have also successfully entered into dialogue with the administrator KordaMentha and some influential politicians in Australia.
In order to achieve the best outcome for our campaign, we require the largest shareholder of Arrium GIC to join and lead us to fight for our investment. There are a number of key initiatives we believe can achieve that including challenging the administration process via court order and gaining access to the latest financial metrics of the company as part of the potential recapitalisation alternative than selling the company cheaply via a fire sale process.
I believe GIC should be urged to do more to recoup the value of its investment in Arrium and we are ready to be working with them.
Thank you for your attention in this matter!
Please contact us with the details below for further details!
Arrium Shareholders United (ASU) is a group formed by shareholders including many former and current employees, suppliers, mums and dads investors following the dramatic development of the company entering into voluntarily administration due to the disputes between the board of directors and the lenders over the GSO recapitalisation proposal.