our CPF$ goes...

[streetcry]

SINGAPORE: The Government of Singapore Investment Corporation (GIC) has urged Swiss bank UBS to take firm action to restore confidence in the bank.

This followed the huge loss of over US$2.3 billion it suffered as a result of alleged fraudulent trading.

In statement released Tuesday, the GIC expressed disappointment and said it has asked UBS for details on how the bank is tightening controls.

The request was made on Tuesday during a meeting between GIC senior management and UBS Group CEO Oswald Gruebel in Singapore .

GIC added its view of UBS's fundamental strength as a well-capitalised bank with a strong private wealth management franchise remains unchanged.

It holds a 6.4 per cent stake in the Swiss lender.

There are reports UBS chief executive Gruebel will ask the board to support plans for a radical overhaul of investment banking under his leadership .

The UBS board is due to meet in Singapore over the next two days, for one of the four regular meetings it holds every year.

It is estimated the sovereign wealth fund has lost about 77 per cent of its investment in UBS, which it made at the end of 2007, excluding dividends.

This was an investment of 11 billion Swiss francs.

-CNA/wk

 

[red amoeba]

WTF...77%? And GIC says overall we made good gains? Which investment, can they tell, made up for this nearly 8bn?

 

[chonburifc]

SINGAPORE: The Government of Singapore Investment Corporation (GIC) has urged Swiss bank UBS to take firm action to restore confidence in the bank.

This followed the huge loss of over US$2.3 billion it suffered as a result of alleged fraudulent trading.

In statement released Tuesday, the GIC expressed disappointment and said it has asked UBS for details on how the bank is tightening controls.

The request was made on Tuesday during a meeting between GIC senior management and UBS Group CEO Oswald Gruebel in Singapore .

GIC added its view of UBS's fundamental strength as a well-capitalised bank with a strong private wealth management franchise remains unchanged.

It holds a 6.4 per cent stake in the Swiss lender.

There are reports UBS chief executive Gruebel will ask the board to support plans for a radical overhaul of investment banking under his leadership .

The UBS board is due to meet in Singapore over the next two days, for one of the four regular meetings it holds every year.

It is estimated the sovereign wealth fund has lost about 77 per cent of its investment in UBS, which it made at the end of 2007, excluding dividends.

This was an investment of 11 billion Swiss francs.

-CNA/wk

Any GIC people in the board? if yes, any names. If yes, then this GIC MF needs to be hanged! Not possible for a fund to lose 77% overnight. Everyone in the board is either sleeping or expecting this to happen.