Is GIC concealing massive CPF investment losses?

CPF fund manager, GIC, appears to have mismanaged our CPF monies.

Information from reputabIe sources of information strongly suggests past reserves have not been invested but converted into land assets. These assets may take many years before yielding any return.

Since Tony Tan became President, there was not a squeak from him although our financial reserves must have been converted numerous times into land assets. Perhaps that’s the reason why PAP die-die cannot afford to have a President who question the use of our reserves and CPF.

1. Facts:
– GIC manages surplus land sales revenue and CPF.
– GIC’s latest estimated AUM by SWFI stood at US$344 B, US$350 B and US$359 B in the month of June in 2015, 2016 and 2017 respectively.
2. There appears to be a very large discrepancy because the net CPF contributions channeled into GIC already exceeded the increase in GIC’s AUM.

According to CPF statistics, retirement savings – including average of 3.5% returns paid by GIC – have been increasing by more than US$17.6 billion annually since 2012.
3. However, GIC’s AUM, according to SWFI, shows an increase of only US$6 billion and US$9 billion in the past 2 years.

4. From 2015 to 2016, CPF balances had increased by slightly more than US$20 billion: this alone is higher than SWFI’s US$15 billion increase in the past 2 years. Billions are therefore unaccounted for.

5. If land sales revenue of about US$20 billion (S$27.3 billion) in the past 2 years is included, then surely tens of billions are missing.  GIC should disclose its realized/unrealised losses in Parliament.

6. The discrepancy is so alarming large and warrants the PAP government to challenge the publication of such data by SWFI.  SWFI is effectively suggesting – maybe even confirming – the massive losses which Singaporeans have suspected since years ago.

7. SWFI’s figures have been often quoted by foreign media in GIC-related news. If SWFI’s figures are not factual, the PAP should not allow fake news to shake the confidence of CPF members.

Information available in the public domain suggests massive CPF investment losses.  Doesn’t this, as well as the unknown billions of financial reserves converted into land assets, warrant Parliament’s urgent attention?

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