Serious GIC Sells Its UBS Shares

[ckmpd]

GIC has announced sale of its UBS shares bought at a high price in 2008 during the financial crisis. GIC has reported that it is selling UBS at a loss but didnt mention the amount of loss. SG media is also not announcing the amount of loss.

Does anyone know how much will be the loss?

http://www.channelnewsasia.com/news...gic-says-it-pared-ubs-stake-at-a-loss-8850572

 

[nayr69sg]

A lot of money lost.

 

[tyudm]

Dictator Prime Minister and also Chairman of his country’s sovereign wealth fund company GIC announced an undisclosed loss over its sale of UBS shares which he bought in 2010. According to Bloomberg, the estimated losses is about two-third of the US$11 billion initial investment in 2007. This loss, comprising of CPF money managed by the GIC, is at least US$7 billion or S$9.78 billion.

Source: http://statestimesreview.com/2017/05/16/lee-hsien-loong-lost-s9-78-billion-cpf-money-in-gic-after-selling-ubs-stocks/

 

[mojito]

I thought this is long term investment?

 

[ckmpd]

A lot of money lost.

Yes, billion $ losses

 

[ckmpd]

Source: http://statestimesreview.com/2017/05/16/lee-hsien-loong-lost-s9-78-billion-cpf-money-in-gic-after-selling-ubs-stocks/

Hope that someone is held responsible for this bad investment

 

[ckmpd]

I thought this is long term investment?

That's what LKY said. But if can buy at $5 per share, why did GIC pay $50 for it?

 

[tyudm]

Hope that someone is held responsible for this bad investment

Tony Tan should be shot!

 

[gingerlyn]

that is why water price increased recently and we are not allowed to withdraw our CPF?

 

[ckmpd]

Tony Tan should be shot!

Yes, Tony was Chairman of GIC then

 

[ckmpd]

that is why water price increased recently and we are not allowed to withdraw our CPF?

Dont be surprised that if pap is compelled to open the books, we find many irregularities and deficiencies. That's why pap die die also want to retain power. PAP is afraid that the truth comes out

 

[johnny333]

They've already defaulted on the CPF they owe to people who've reached 55 years & now they are selling shares at a loss.
Maybe Spore is almost bankrupt or insolvent & all these sales is because the PAP needs $ to cover daily expenses

 

[ckmpd]

They've already defaulted on the CPF they owe to people who've reached 55 years & now they are selling shares at a loss.
Maybe Spore is almost bankrupt or insolvent & all these sales is because the PAP needs $ to cover daily expenses

We dont know how much CPF money PAP has lost. in its overseas investments and dabbling in UBS, Goldman Sachs, Leyman, etc. No surprise if CPF doesnt have much left

 

[borom]

No balance of power ,no freedom of press ,'no blame' culture added with millions of low quality foreigners (many with fake qualifications)-the future looks very 'bright' indeed
You pay peanuts, you get monkeys-that we understand
But if you pay millions and still get monkeys-that is..........? logic of 70?

 

[ckmpd]

No balance of power ,no freedom of press ,'no blame' culture added with millions of low quality foreigners (many with fake qualifications)-the future looks very 'bright' indeed
You pay peanuts, you get monkeys-that we understand
But if you pay millions and still get monkeys-that is..........? logic of 70?

That's pap logic.

SG is dead under the present pap, Business is in decline. Unemployment is up.

 

[Narong Wongwan]

Almost SGD 10 billion
No joke

 

[gingerlyn]

Almost SGD 10 billion
No joke

PAP is like cum-gong taxi drivers who spend money on geylang chicken (angmoh banks) and buying them supper (usd10billion) but their own children (Sinkies) go hungry and no money to pay tuition fee.

 

[ckmpd]

Almost SGD 10 billion
No joke

Yes. I suspect it is abt that much. GIC bought UBS when it was really high, probably for abt US$12B. Now it is worth less than US$1.7B.

So perhaps a total loss of more than $10B

 

[ckmpd]

Almost SGD 10 billion
No joke

What is frustrating is that despite a loss of such magnitude, SG media dont see it important enough for them to highlight this loss and to get to the bottom of the debacle.

Someone in GIC ought to be responsible for such a huge loss

 

[ckmpd]

PAP is like cum-gong taxi drivers who spend money on geylang chicken (angmoh banks) and buying them supper (usd10billion) but their own children (Sinkies) go hungry and no money to pay tuition fee.

PAP neglects their responsibility as a govt.

LHL thinks he is a businessman and that pap is in SG to make money at all costs