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Did GIC just lost another S$50million earlier this month?
- Thread starter Confuseous
- Start date
Ho Jinx has jinxed sinkapore ...under her watch, I reckon at least $50 billions have been lost. I doubt the financials put out GIC and Temasek which are always positives are accurate. A transparent investment agency responsible for managing the nation's reserves will provide info of success as well as loss. Not our GIC or Temasek. Only good news. When will sinkees wake up? When they wake up, surprise, surprise, our reserves are gone and we are in deep shit.
Wow imagine the 50 billions lost could have done wonders to really help improve young and old citizens life in every way.
Temesek propping up Olam...Is it another Enron..???
I am keen to see how it goes and any book written on it.
Then u have to add another zero to your $50 million loss..
U are not getting it, are you? Its not the amount of money that was lost, but the way in which they lost it. Those assholes at GIC were BUYING shares and increasing their stake in the company up to 2 months before the company when under. From an initial purchase in 2010 of 7.46% (8,485,184 shares) they increase gradually all the way till they reach 9.23% of the company or 12,780,685 shares in August 2014. In fact, they were still buying shares in the first quarter of 2014. Than all of a sudden, in 2 months, the company when bankrupt and gone into receivership in Oct 2014. In the 2 months before Oct 2014, GIC suddenly realized the company was going under and conducted a fire sale, selling over 7 million shares but still got caught holding 4.21% of the common shares. Of course by than the market also realized London Mining was going under, and every one sold. the final share price was 4.17 pence, compared to the over £3 they paid for each share.
What kind of incompetent idiots and the major shareholder of a publicly traded company was so unaware of the risks and dire situation of the company that they were caught completely unawares. this is lack of oversight, lack of due dilligence, lack of investment savvy, etc. these fuckers have no business managing a piggy bank much less a multibillion $ business. As chairman of the GIC, Lee Hsien Loong shouldbe answering Roy's question of where is our CPF. Obviously its been pissed away like that.
Can you imagine another investment fund manager Blackrock was the largest individual shareholder in London Mining in 2013. They owned 10.37% of the company, even more than GIC, who was in second place as the largest shareholder. Do you know how many shares they owned in 2014? Zero. They sold all their stocks off before august 2014. Now why couldn't GIC do that? If Blackstone could see it coming, why couldn't GIC?
The way the clowns bought/sold/bought Citibank shares are the common lessons taught in the stock-trading schools, purely based on the trend charts and the basic accompanying Japanese candles system.
And just recently, they bought a coal operations in Australia and within days, there were announcements from China that they were enhancing the levies for coal imports. Don't they have even basic market intelligence?
And just recently, they bought a coal operations in Australia and within days, there were announcements from China that they were enhancing the levies for coal imports. Don't they have even basic market intelligence?
