Category Archives: GIC

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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PAP government prioritises investing billions over spending on citizens’ well-being

Over the past couple of years, PAP government has been increasing costs across the board for citizens to raise revenue. In reality, the government does have sufficient funds except that it has prioritized using them for investment instead of citizens’ well-being. For … Continue reading

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No reason for PAP to fear transparency unless GIC is concealing massive investment losses

I refer to Bloomberg article “$1 Trillion Fund Committed to U.K. No Matter What Brexit Outcome“. It was reported that Government Pension Fund Global, Norway’s SWF, made a record investment return last year.  Its funds are managed by Norges Bank … Continue reading

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