Category Archives: GIC

GIC, manager of CPF funds and state reserves, should not conceal lower S$ returns

Before 2010, GIC had disclosed annual returns in Singapore dollar. (GIC reports, see pg 10) In 2010, GIC decided to change its reporting currency from S$ to US$. There was no reason to change the reporting currency because all returns would … Continue reading

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Why did GIC conceal its cash position since FY2014?

GIC made ‘cash’ disappear by combining it with a different asset class. Former President KFC and current President Milo Gao/Kosong have pretended there are no issues despite such ‘funny’ business. 😦 (Image below posted on FB)

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Why did GIC conceal tens of billions in cash holdings after 2013?

Prior to 2013, GIC had reported its ‘Cash’ position every year. Table 1 2012/2013 report (pg 13) After 2013, GIC decided it was not in its interest to disclose its cash holdings. Table 2 2013/2014 Report (pg 14) What is GIC … Continue reading

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‘1GIC’ = 10 times Malaysia’s 1MDB?

Singaporeans should not be too preoccupied with Malaysia’s 1MDB scandal as we may have a bigger issue in our own backyard, ie tens of billion$ in concealed investment losses in GIC. GIC manages hundreds of billion$ in state reserves and CPF monies … Continue reading

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GIC – fund manager of CPF and state reserves – should disclose, reduce billion-dollar payroll expense

GIC – manager of CPF and state reserves – does not disclose it payroll/management costs and its actual performance is also unverifiable. But from available information, GIC’s payroll expense should easily exceed $1 billion annually.  This should be reduced because there … Continue reading

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