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 in an extremely opaque manner and all disclosed data cannot be verified. For example, when GIC says it makes x% 20-year return, Singaporeans are expected to accept this at face value without knowing the present portfolio value vs assets under management 20 years ago.
Despite non disclosure of material information, we are still able to infer from available data that something is seriously amiss and tens of billions have probably been lost.
The most reliable data to use would be SWFI’s as its figures have been regularly quoted in international media as well as our MSM.
From June 2015 to June 2017, SWFI reported that GIC’s portfolio had increased US$15 billion from US$344 billion to US$359 billion (table below).
This was of course impossible because GIC had received additional tens of billions in CPF monies during the 2 years. CPF funds alone had increased by S$58 billion/US$42 billion, inclusive of interest paid by GIC, during the period. CPF stats
Could the authoritative SWFI have ‘understated’ GIC’s funds by US$27 billion from June 2015 to June 2017?
However, the ‘hole’ seems to be bigger because GIC also manages land sales revenue which were S$15.5 bil (actual), S$11.2 bil (actual) and S$12.8 (revised) from FY2015 to FY2017. (archived budgets)
Using the same exchange rate, there should be an estimated additional US$19 billion in GIC. (Unless of course land sales revenue was converted into land assets or something else and not invested by GIC.)
But that’s not all. If GIC had made annual returns of 5%/10% in 2 years, there should be an additional US$34.4 bil. Taking interest of US$17.4 billion** which had already been paid to CPF members, shouldn’t GIC have an additional US$17 billion? (US$34.4 bil – US$17.4 bil)
If the above is correct, US$63 billion appears to have been lost.
Do we have a ‘1GIC’ on our hands? Looks like Singaporeans will only know the truth after PAP gets been booted, out like the BN.
Source: https://likedatosocanmeh.wordpress.com/2018/06/04/1gic-10-times-malaysias-1mdb/
Well shameless Ho Ching just asked for more public "donations" to help out TemaSICK.
https://www.straitstimes.com/business/companies-markets/investors-can-consider-temaseks-first-retail-private-equity-bond-to-help
Nonsense! Ho Ching is the goddess of gamblers and she never loses money!
Philip Ang is about to become Roy Ngerng no. 2