GIC converts UBS notes into shares, takes 70% loss

[swampthing]

http://www.reuters.com/article/idUSSGE62400520100305

SINGAPORE, March 5 (Reuters) - The Government of Singapore Investment Corp (GIC) said on Friday it has converted its UBS (UBSN.VX) notes into ordinary shares, chalking up a loss of about 70 percent in the value of the stake it has in the Swiss bank.


"GIC confirms the conversion," a spokeswoman for the Singapore sovereign wealth fund said in response to Reuters' queries.

GIC had invested 11 billion Swiss francs ($10.22 billion) in mandatory convertible notes in UBS to support the Swiss bank during the financial crisis. Its investment is now worth less than half its original value. [ID:nSGE61A0CJ]

The loss is likely to draw fire from Singaporeans, who have been highly critical of GIC's sister wealth fund Temasek [TEM.UL] after it lost heavily betting on Western banks such as Bank Of America-Merrill Lynch (BAC.N) and Barclays (BARC.L). (Reporting by Kevin Lim, writing by Harry Suhartono, Editing by Valerie Lee)

Why Mainstream media never report?

 

[Ramseth]

PAP MP Hamilah just said UBS research is rubbish, shouldn't compare pizza to pizza, should compare pizza to bread.

 

[johnny333]

http://www.reuters.com/article/idUSSGE62400520100305
Why Mainstream media never report?

Maybe because they think it is a private affair between th famiLee(owners of Spore) & UBS(with $$$ belonging to famiLee)

Its $$$ that Sporeans will never get to see & touch

 

[swampthing]

It's ok for the PAPPIES! Juz tax .. and fine.. and tax again!

 

[Devil Within]

Ho Jinx: Loss money, so? Not my money. Can always replenish. Just increase GST to 10%.