Temasek - A house of cards

[beteljuice]

In Spore many of the GLCs have gotten themselves into trouble because they have over reached themselves. Look at what happened when SBS a bus company tried to become a property developer Just look at the problems that was created at SMRT when they got a sales person to manage SMRT

It is the GLCs that got into trouble.
Those bastards in those GLCs got promoted and bigger bonuses.

We Singaporeans got to pay for their fucking mistakes.

What the fuck is this kind of life under LKY and his fucking PAP?

Day will come when we rise up and KILL THEM ALL

 

[winnipegjets]

which is why nobody wants to join temasek! takes dirty to a whole new level

Temasek is for PAP elites. There are too many skeletons in there that the PAP cannot afford any leaks.

 

[winnipegjets]

Lee Kuan Yew, Lee Hsien Loong and Ho Ching must die if Singaporeans want to get back their CPF money in one lump sum.

This will be too lenient a punishment for them. I like to have them incarcerated on the islands the RSAF use for bombing training. They need to run for their lives every week.

 

[winnipegjets]

If what you claim is true then Temasek has a high turnover of investments.
Then why are they claiming that they need the secrecy to protect their investment strategies

Just look at Buffet & Berkshire. No one complains about secrecy. You will only find happy & wealthy investors.

Too many skeletons to hide.

 

[escher]

Temasek is for PAP elites. There are too many skeletons in there that the PAP cannot afford any leaks.

The moment smear of shit on sole of shoe LKY become a rotting corpse as he will in days or weeks to come, there will not be leaks.
There will be A FUCKING FLOOD OF REVELATIONS ON HOW LKY FUCKED AND SCREWED ALL OF US.

Singaporeans will be so angry that there will be a shortage of piano wires that they want to string up those who help LKY to fuck and screw us such as that bastard Dr Tan KG in writing that fucking lie
that Singapore is ranked 60 in the world as to cost of living.

We all will see a mass exodus of maggots cockroaches and kangaroos and civil serpents running to escape the piano wires and dancing under the lamp posts

THEY CAN RUN BUT CAN THEY HIDE?

 

[winnipegjets]

Closer inspection, however, reveals holes in Mr Lee's charges. The New District began fully three years before the SIP, as a way to move 130 or so industries out of Suzhou's city centre. It is hardly an upstart. Indeed, Singapore chose not to join forces with the New District, deeming it to be too small for the Lion City's ambitions. Moreover, the favouritism runs resoundingly the SIP's way. It has political support from the Chinese president down. It has freedoms, such as autonomy over planning and land use, which are unheard of elsewhere in China. And tax revenues that accrue to the park do not have to be handed up to the provincial and central authorities.

Notice the pattern here? Old Fart's ego again. His ego forced sinkapore out of the federation. His ego made the SIP a definite failure. It is all about his ego. You want him to die with deep regrets, burst his ego.

 

[mojito]

Perhaps the money is already gone. All the frequent losses might be to account for losses elsewhere, like digging potholes to cover a crater!

 

[Leongsam]

Notice the pattern here? Old Fart's ego again. His ego forced sinkapore out of the federation. His ego made the SIP a definite failure. It is all about his ego. You want him to die with deep regrets, burst his ego.

The old man has no ego. He has always put the interests of the country first.

 

[greenies]

The old man has no ego. He has always put the interests of the country first.

Yes yes yes yes...
He surely really definitely has no ego till he becomes ghost awakening back to haunt if Singapore gone not in his way.

 

[Tuayapeh]

Temasek is for PAP elites. There are too many skeletons in there that the PAP cannot afford any leaks.

i agree but when the music stops i wanna see how they are gonna settle the crap....there will be blood running freely on the streets and for those who escaped....just put on a bounty on their heads....a lot of itchy triggers out there waiting to claim a big reward......

 

[Yingge]

which is why nobody wants to join temasek! takes dirty to a whole new level

Nobody wants to join Temasek??? You joking??? Can you help me to get a place in Temasek???

 

[gatehousethetinkertailor]

The Middle east have substantial sovereign funds but they are not democracies. They are basically kingdoms and emirates. Naturally it is sun by a member of the royal family.

Rather sweeping statement - in the Middle East it is typically fronted by and not necessarily run by directly by the local royals and their inner circle - do not underestimate the business acumen of the Khalijis - it may appear that they are rather brazen and ill-informed but in that part of the world, they do not hesitate to pay top dollar for the very best - funds like ADIA, ADIC, KIA and QIA have very established bankers and lawyers who structure deals along first-world norms - when money is no object, there is nothing to hold them back in hiring the best and rewarding them well in bonuses - of course you will not hear of them because they are the worker bees in the back - when you are getting paid so well and its tax-free, there is no need for facetime in the press. Not sure why the same strategy seems to have failed here - maybe because the front meddles? Democracy in the GCC - do what you are paid to do and never try to steal from the Arabs - follow that rule, earn trust and you can live peacefully. At least they don't suffer from Ang Moh Tua Kee or whatever other post-colonial syndrome SE Asia still struggles to shrug off.

 

[Papsmearer]

Rather sweeping statement - in the Middle East it is typically fronted by and not necessarily run by directly by the local royals and their inner circle - do not underestimate the business acumen of the Khalijis - it may appear that they are rather brazen and ill-informed but in that part of the world, they do not hesitate to pay top dollar for the very best - funds like ADIA, ADIC, KIA and QIA have very established bankers and lawyers who structure deals along first-world norms - when money is no object, there is nothing to hold them back in hiring the best and rewarding them well in bonuses - of course you will not hear of them because they are the worker bees in the back - when you are getting paid so well and its tax-free, there is no need for facetime in the press. Not sure why the same strategy seems to have failed here - maybe because the front meddles? Democracy in the GCC - do what you are paid to do and never try to steal from the Arabs - follow that rule, earn trust and you can live peacefully. At least they don't suffer from Ang Moh Tua Kee or whatever other post-colonial syndrome SE Asia still struggles to shrug off.

I am not sure who is the KIA you mentioned, but you seem like you know some of the Arab SWFs. Is it KIO that you mean? The Arab SWFs are fronted by which ever local royal family is given that job, but the Arab SWF that I am familiar with are run by Brits. The Arabs are smart enough to hire the best, pay them well and than keep out of their way. You don't see any royals meddling in and making investment decisions, unlike Temasek and Ho Ching. They have had some losses, but general speaking, they do very well as the senior management bonuses are dependent on that. If any Arab SWF suffered even a $100 million loss, much less the multi billions dollar losses that Temasek suffers, you can be assured there would be nothing left of the senior management. Contrast this with Temasek where no one ever losses their job, or their reputation.

The SWF I am familiar with (which I shall not name), makes investments on all levels. They have put in as little as $5 million, to as much as $100s millions. And they are low key. You never see Temasek doing these small investments as all their investments are big splashy ones, over several hundreds million $ in size. SOmetimes over $billiions too. There business brokers and middle men that are in direct contact with Ho Ching, bringing her deals to look at. If she likes the middlemen, and gets swayed by his business case, no one in Temasek dares to point out the flaws in the investment, and any due diligence done is disguised to support Ho Ching's decision.

The SWFs are very active investing in SE Asia and muslim countries here. But they are selective in what they buy, which is usually energy companies, resource and agricultural businesses, etc. BUT NOT INDONESIAN BANKS AND THAI BANKS. These seem to be the specialty of temasek. No one in the banking world wants to touch one of these jokes and private piggy bank of which ever chinese businessman started it. Temasek really is the joke of the SWF world. The irony is that the if an Arab SWF loses money, they just pump more oil the next year. Temasek's losses are Singapore's sweat and tears and these loses are irreplaceable.

 

[No_Collar]

And if Temasek loses money, they will just increase ERPs gantries, pricing, COEs, electricity tariffs, gst, housings, public transport fares and etc....

 

[gatehousethetinkertailor]

I am not sure who is the KIA you mentioned, but you seem like you know some of the Arab SWFs. Is it KIO that you mean? The Arab SWFs are fronted by which ever local royal family is given that job, but the Arab SWF that I am familiar with are run by Brits. The Arabs are smart enough to hire the best, pay them well and than keep out of their way. You don't see any royals meddling in and making investment decisions, unlike Temasek and Ho Ching. They have had some losses, but general speaking, they do very well as the senior management bonuses are dependent on that. If any Arab SWF suffered even a $100 million loss, much less the multi billions dollar losses that Temasek suffers, you can be assured there would be nothing left of the senior management. Contrast this with Temasek where no one ever losses their job, or their reputation.

The SWF I am familiar with (which I shall not name), makes investments on all levels. They have put in as little as $5 million, to as much as $100s millions. And they are low key. You never see Temasek doing these small investments as all their investments are big splashy ones, over several hundreds million $ in size. SOmetimes over $billiions too. There business brokers and middle men that are in direct contact with Ho Ching, bringing her deals to look at. If she likes the middlemen, and gets swayed by his business case, no one in Temasek dares to point out the flaws in the investment, and any due diligence done is disguised to support Ho Ching's decision.

The SWFs are very active investing in SE Asia and muslim countries here. But they are selective in what they buy, which is usually energy companies, resource and agricultural businesses, etc. BUT NOT INDONESIAN BANKS AND THAI BANKS. These seem to be the specialty of temasek. No one in the banking world wants to touch one of these jokes and private piggy bank of which ever chinese businessman started it. Temasek really is the joke of the SWF world. The irony is that the if an Arab SWF loses money, they just pump more oil the next year. Temasek's losses are Singapore's sweat and tears and these loses are irreplaceable.

KIA: http://www.kia.gov.kw/En/Pages/default.aspx

They are quieter but have been active in Africa quite abit.

There is another Qatar investment arm of the state pension which is not often mentioned but dominated by ex-Nomura staff:

ADIA is heavily dominated by Brits, QIA has quite a few ex-Credit Suisse bankers which were the initial pool that was tapped but also because of the ex-PM.

The SWF-landscape in the Gulf is typically complexed and incestuous - for eg, Qatar has a whole slew of investment vehicles: QIA, Qatar Holdings, Qatar Foundation Endowment, Qatari Diar....:

"the Qatar Investment Authority’s approach to the world is well-known, though it publishes very little on its investments or approach. More than any other sovereign wealth fund bar Singapore’s Temasek, its model is predicated on direct investment, particularly in iconic, trophy assets (such as Harrods), prime-location real estate (notably in London), commodities (such as Xstrata) and, since the financial crisis, banks. Figures on assets under management are reliant on occasional remarks from directors speaking at conferences, and the most recent among them came from director Hussain Al-Abdulla, who said at a Doha conference in April 2012 that the QIA had “much more” than $100 billion of assets.

Hussain is the man bankers most want to meet, as although he officially ranks third in the fund’s hierarchy, he is understood to be the one who runs it. The chairman of the QIA is Sheikh Tamim bon Hamad bin Khalifa al-Thani, the Crown Prince of Qatar and heir to the throne, although his role is largely ceremonial. More involved is the vice chairman and CEO, Sheikh Hamad bin Jassim bin Jabr al-Thani, who is also Qatar’s Prime Minister.

The QIA has two important subsidiaries: Qatar Holding and Qatari Diar. Asset managers suggest Qatar Holding represents as much as 80% of the business of the QIA, and it is certainly true to say that it is the most visible, since a lot of real estate and bank investment is conducted through this arm. Most of the QIA’s stakes in financials appear to be held through QH – including Barclays, Credit, Suisse, Agricultural Bank of China, Grupo Santander Brazil, London Stock Exchange, Qatar National Bank and Qatar Exchange; while high-profile ownership of or holdings in Harrods, J Sainsbury, Hochtief, Volkswagen, Porsche, Banyan Tree, Canary Wharf Group and Lagardere are all listed as Qatar Holding portfolio companies.

Qatar Holding’s stated range of investment sectors is in keeping with the QIA’s known enthusiasms: financial institutions, real estate, industrial and infrastructure, retail and consumer, telecommunications, media and technologies, commodities and agriculture.

It is not a surprise that many consider Qatar Holding and the QIA synonymous, since Qatar Holding’s chairman is the Prime Minister (also CEO of the QIA), and its vice chairman is Hussain al-Abdulla (who runs the QIA from day to day), although the managing director and CEO is another officer, Ahmad Mohamed al-Sayed (who is in turn secretary to the board and vice chairman of Qatar Exchange). Two other men are members of both the QIA and QH boards: Sheikh Abdulla bin Saoud Al-Thani, who is also governor of the Qatar Central Bank, and Yousef Hussain Kamal, who is also the Minister of Economy and Finance. Nevertheless, the two groups are legally distinct, and it is a stated role of the CEO to manage QH’s relationship with the QIA.

One area where QH doesn’t overlap with the QIA is in asset management. The vast majority of external asset managers grumble when they talk about the QIA. “There’s nothing there for us,” is one response. Another: “The QIA is a difficult entity to deal with. The interaction is very strange and sporadic. I’ve never met anyone who had a mandate with them.” And a third: “I have a contact there and it’s like blowing in the wind whether they’re going to answer me or not.” Nevertheless, contrary to public opinion, the QIA does invest in mainstream liquid assets like equity and fixed income, and is believed to have as many as 20 in-house managers doing so. There is also a strategic and private equity division within the QIA.

The other important QIA subsidiary to understand is Qatari Diar. Whereas Qatar Holding or the QIA’s own real estate division often buy into completed, landmark buildings, Qatari Diar is a developer, established in 2005 by the QIA initially to coordinate Qatar’s own real estate development priorities (a mandate that expanded to the nation’s railways in 2009) but today active in at least 29 countries. Lusail City in Qatar is its flagship, but its reach covers the developed world, such as Chelsea Barracks and Grosvenor Waterside in London, and City Center DC in Washington DC; the Middle East, including Yemen, Tajikistan and Palestine; and several projects in North Africa.

Again, there are overlaps here in personnel. The chairman of Qatari Diar is Yousef Kamal, who is the Minister of Economy and Finance and serves on the boards of both the QIA and Qatar Holdings. Qatari Diar’s CEO is Eng. Mohammed bin Ali Al Hedfa.

Finally within the QIA, it’s useful to understand a subsidiary within a subsidiary: Hassad Food, which falls within Qatar Holding’s portfolio. Launched in 2008, this is supposed to operate as a global investor to generate profits, but also to help to support Qatar’s long-term food security needs. It takes a long-term focus – it says 50 to 100 years – in agribusiness and food production, sometimes through start-ups or greenfield projects, sometimes through joint ventures and sometimes through acquisition. It has a subsidiary in Australia focusing on livestock and grains. The chairman here is Nasser Mohamed Al Hajri, who is best known to the world as Qatar’s representative to the World Bank and the IMF. In April, it appointed a CEO: Fahad Abdulla Turki Al-Subaiey – previously the executive director for gas and power and Qatar Petroleum International, which we will meet shortly.


Next stop: Qatar Foundation.

Qatar Foundation is actually older than the QIA; the story goes that the Emir had the idea of a foundation in 1995 while sitting under a tent at Umm Qrabya farm with his wife, and that between them they founded it in August that year. The Qatar Foundation for Education, Science and Community Development, to give it its full title, says it strives to nurture the future leaders of Qatar. Bankers and asset managers say they sensed it starting to take a broader role after the Qatar National Vision 2030 was published in July 2008, clarifying the vision of diversifying hydrocarbon revenues and turning the country in to a knowledge-based economy. “National Vision 2030 gave QF an exciting mandate,” says Qatar Foundation’s own literature. “It is to be the engine driving the development of Qatar’s people.”

A shift is clearly taking place in how it will do so, and since late 2010 an endowment – a legally distinct entity from the foundation – has been developed in order to fund the foundation in perpetuity. “There’s a CIO that firms like us talk to,” one international asset manager says; he says the role is held by former State Street man Carl Bang, and that another western asset manager, Stefan Cowell (formerly of the Abu Dhabi Retirements and Benefits Fund) is head of asset management. but the Foundation itself does not confirm this, instead pointing only to Rashid Al-Naimi as chief executive. “I don’t know if they’re yet putting money to work but it appears to be getting going,“ the manager says.

The clearest example of this came with Qatar Foundation’s equity injection of US$1.26 billion into Bharti Airtel in May, taking a 5% stake in the company. This was done through Qatar Foundation Endowment, which in the public announcement accompanying the Bharti deal, was described as “a long-term global investor with a broad mandate to make direct and managed investments. QFE was recently established,” the announcement continued, “to provide a sustainable income stream that will ultimately fund Qatar Foundation for Education, Science and Community Development operations in perpetuity.”

It’s also notable that Qatar’s stake in Vodafone Qatar is held through Qatar Foundation.

An endowment, then, perhaps with the potential to develop as Yale and Harvard endowments have developed, and as KAUST is doing in Saudi Arabia under the stewardship of Gumersindo Oliveros, who previously ran the pensions at the World Bank.

The top levels of the royal family are more publicly linked with QF than other vehicles, and in particular Her Highness Sheikha Moza bint Nasser, who serves as chairperson. There is, once again, some overlap among board members: Yousef Kamal turns up yet again as a board member, while others include Dr Mohamed Saleh Al-Sada, the Minister of Energy and Industry; and Dr Sheikha bint Abdulla Al-Misnad, President of Qatar University. The Crown Prince and heir apparent serves on the board of trustees, as does the Minister of Business and Trade.

The person who runs it is Rashid Al-Naimi, chief executive (although his title contained the prefix ‘acting’ as of May 6 this year), who offered this comment on the Bharti deal: “As a long-term global investor, our shareholding gives us exposure to a high growth sector in key emerging markets.” Those close to the endowment say it has no set quota for particular sectors or assets, but has a long-term focus and mandate to make both direct and managed investments globally. It is a not-for-profit enterprise.

Bankers and asset managers are watching the foundation’s evolution with interest, although it appears to be early days. “QF is still probably in the early days of developing its investment capability, though clearly it will grow,” says one local banker. A foreign asset manager adds: “Qatar Foundation has come onto our radar now, but I would have thought it is going to invest director like the QIA. I don’t think they’re any more likely to be allocating third party asset management than the QIA is.”

Finally, we come to Qatar Petroleum, and in particular its investment arm, QPI. This was established in 2006 to invest in a range of energy ventures: upstream, gas and power, refining and petrochemicals and other downstream projects.

Once more we find some overlap among the top names. The Chairman of QPI is Mohamed Saleh Al-Sada, who is also the minister of energy and industry, and a board member of Qatar Foundation. The CEO is Nasser Khalil Al-Jaidah, who has said he wants QPI to have a 50-50 balance of upstream and downstream projects. A CEO message from him says: “These lofty goals can only mean one thing – entering the big league and dealing with the major multinationals.”

Several QPI projects are public, among them the Total Mauritania Exploration project, in which QPI holds 20% of the share in two blocks; a petrochemical joint venture with Shell in Singapore; and three LNG receiving terminals in the UK, USA and Italy. In May, API announced a tie-up with Total in Congo.

In one respect, one might see QPI as just like any other oil major, expanding into new markets in order to diversify revenue streams. But in QPI’s case the mandate seems to be explicitly to diversify for the nation. On May 23 it said, in the statement about the deal with Total: “QPI, as part of Qatar’s global diversification, expansion, and investment, and through its strategic partnership and ventures with major energy players worldwide, is carving a pivotal role as an international energy investor.” It is perhaps best thought of as an equivalent of some of the Abu Dhabi vehicles such as IPIC.

Another subsidiary of Qatar Petroleum is Industries Qatar, 51% owned by QP and 49% by the public – in particular through Qatar’s General Retirement and Social Insurance Authority, which holds 20%. This is a listed materials and industry group, 100% owner of Qatar Steel, and a majority shareholder in three joint ventures: Qapco (petrochemicals, with Total), Qafco (fertilisers, with Yara Netherland) and Qafac (fuel additives, with several partners). Mohammed Saleh Al-Sada, the Minister of energy and industry, chairman of QPI and a board member of Qatar Foundation, appears again here as chairman and managing director. QPI CEO Nasser Khalil Al-Jaida is on the Industries Qatar board. It looks at first glance like any other diversified energy conglomerate, but its high level of pension ownership, in a country in which pensions are in their infancy, gives it something of a mechanism for local wealth redistribution.

Another group, Qatar Mining, is state-owned but appears to be legally separate from the QIA, QP or foundation, though it has a joint venture with Qatar Steel. Either within its own name or through its 100% subsidiary Tadeen Cyprus, it is believed to have signed agreements for exploration in the Democratic Republic of Congo, Sudan and Bulgaria, among other places, and has a stake in the Indonesian group Southern Arc Minerals. Its CEO is Mohammed Al-Shahwani (also a director of Southern Arc), who worked at Qatar Petroleum and Qatari Diar before Qatar Mining’s establishment in late 2010.

While all these entities appear reasonably distinct, albeit with a revolving cast of characters involved in all of them, confusion tends to arise when investments are made in individual names by eminent Qataris, or through a new vehicle set up for a single investment. In some cases, these are easily unravelled; Three Delta, for example, was set up by the QIA and British businessman Paul Taylor in 2005 to invest in UK healthcare and real estate, subsequently spawning two new vehicles, Delta Two and Instow, which came to prominence when these entities sought to buy J Sainsbury in 2007. But then there is the example of the QIA’s purchase of a stakes in Barclays in 2008. 6.4% of the stake was taken by the QIA (and is now in Qatar Holdings), but a further 1.86% was by a company called Challenger Universal, which represented Sheikh Hamad bin Jassim bin Jacber al-Thani, among others.

Then there is Qatar Luxury Group, “created to build and foster luxury brands in the fashion, hospitality and lifestyle sectors for an international audience,” according to its own literature and chaired by her highness Sheikha Moza (and with several familiar names on the board) alongside a rare foreign CEO, LVMH veteran Gregor Couillard.

And just who owns French football team Paris St Gemain? Not the QIA, or Qatar Holdings, or the foundation, but Qatar Sports Investment, founded in 2005, with revenues to be reinvested into Qatar’s sport, leisure and entertainment sectors to benefit the community. According to QSI itself, it “may act independently or with investment partners. QSI is also a facilitator for potential investors in both Qatar and beyond wanting to invest within Qatar.” Its chairman is Nasser Ghanim Al-Khelaifi – a former pro tennis player, and now president of PSG itself.

However that fits into the matrix of state ownership, it now owns 100% of PSG, and is responsible for the appearance of Qatar Foundation on Barcelona’s shirts. It also owns some clubs and resorts in Qatar, and an international sport premium brand called Burrda Sport, launched in 2007.

No matter how many separate institutions an advisor visits, it is always worth remembering that decisions for any of them tend to be controlled by a small group of people at the very top. “Ultimately, the country is under the leadership of the Emir, so all of these institutions come under him,” says one local banker. “They may have different people who manage them, or different mandates, but they are all on each other’s boards and they all report to the top.”

And it’s also worth being clear that voluminous quantities of money, and the lack of an explicitly described asset allocation benchmark, does not equate to naivety. “A lot of people make a mistake about Qatar’s sovereign funds,” says one local manager. “Because they’re very rich, people seem to assume they are also stupid: that they’ve got so much money they don’t know what to do with it.

“Well, I promise you, you would never, ever want to be negotiating anything with the QIA. They are the worst you will ever come across from the seller’s point of view. There are few other buyers in the world that will squeeze as hard as they do. And the point is: if they get their way, if they have that strategy and it works, then they are good investors.”


The strategy for Qatar in particular is currently of great interest as with the new Emir came a culling of heavy-hitters close to the ex-PM - a very calibrated replacement of authority figures that has run rings around bankers not really certain where the strategy will go next - one thing remains for sure: no shortage of bankers flying in and knocking on doors hoping to get a sniff of what is on the horizon - can you imagine the size of swaps that go just through QIA?


What tends to surprise Asian/European bankers is the dominance of South Indians (particularly from Kerala) in the Gulf - the reason is rather basic - Kerala in particular has been a steady supply of labour on all levels - some of them have been there for over 30 years and worked their way up slowly - again, it is a matter of trust which is a virtue that is highly prized in the Gulf - they would rather trust the Keralite than the Brit/American/Euro regardless of credentials. Each Gulf State has its dominant workforce from the sub-continent but you won't find as many Pakistanis or Afghans in Qatar as you would in Dubai but you can be sure to find plenty of Keralites everywhere in the Gulf. The Brits are known out there as the "new Egyptians". Now that is another subject on its own.

 

[Narong Wongwan]

Temasek is the joke of the SWF world....haha I guess the joke's on the 69.1% of gong cheebyes.

I guess they see whore jinx as the chief clown and big carrot head.

 

[Papsmearer]

KIA: http://www.kia.gov.kw/En/Pages/default.aspx


And it’s also worth being clear that voluminous quantities of money, and the lack of an explicitly described asset allocation benchmark, does not equate to naivety. “A lot of people make a mistake about Qatar’s sovereign funds,” says one local manager. “Because they’re very rich, people seem to assume they are also stupid: that they’ve got so much money they don’t know what to do with it.[/I]

“Well, I promise you, you would never, ever want to be negotiating anything with the QIA. They are the worst you will ever come across from the seller’s point of view. There are few other buyers in the world that will squeeze as hard as they do. And the point is: if they get their way, if they have that strategy and it works, then they are good investors.”


.

Maybe they can teach Temasek something. For example, how not to buy high and sell low.

 

[gatehousethetinkertailor]

The SWFs are very active investing in SE Asia and muslim countries here. But they are selective in what they buy, which is usually energy companies, resource and agricultural businesses, etc. BUT NOT INDONESIAN BANKS.

Saudi interests in Indonesia have been prevalent since the late 80s but they have been hedging for food security as it is major issue for the Gulf states - so they have been investing in agriculture but not specifically via the SWF - interestingly this was around the same time that Wahabbism started planting its roots in SE Asia, especially Indonesia and Malaysia - Singapore also witnessed an upsurge of ultra-conservatism suddenly being brandished in the 80s - ISD were fully aware of this. Curiously, a few Shia offshoots started also appearing in Malaysia around the same time - proxy grounds for the Sunni/Shia stand-off.

Anyway, back on topic: Qatar has under the guise of QNB the biggest national bank bought an Indonesian bank, PT Kesawan Bank now rebranded as QNB Kesawan - it is part of their global strategy to establish QNB by swallowing up local banks and then rebranding them - when you land at Heathrow Terminal 4 you will see a huge QNB poster welcoming you to London. Next on the list is Malaysia and China - has been ongoing for the past three years.

 

[escher]

The old man has no ego. He has always put the interests of the country first.

You fucking raving and on way to becoming a raving lunatic.
Remember your medication.
But now quickly cool your brain down with a nice head dip in that steel bucket used by 50 Bangla families to shit and pee into.

 

[Papsmearer]

Saudi interests in Indonesia have been prevalent since the late 80s but they have been hedging for food security as it is major issue for the Gulf states - so they have been investing in agriculture but not specifically via the SWF - interestingly this was around the same time that Wahabbism started planting its roots in SE Asia, especially Indonesia and Malaysia - Singapore also witnessed an upsurge of ultra-conservatism suddenly being brandished in the 80s - ISD were fully aware of this. Curiously, a few Shia offshoots started also appearing in Malaysia around the same time - proxy grounds for the Sunni/Shia stand-off.

Anyway, back on topic: Qatar has under the guise of QNB the biggest national bank bought an Indonesian bank, PT Kesawan Bank now rebranded as QNB Kesawan - it is part of their global strategy to establish QNB by swallowing up local banks and then rebranding them - when you land at Heathrow Terminal 4 you will see a huge QNB poster welcoming you to London. Next on the list is Malaysia and China - has been ongoing for the past three years.

Malaysian banks have been bought for years now by the Gulf Country SWFs. Dubai Islamic Investment Bank owns part of Malaysia's BIMB, also National Bank of Abu Dhabi has been doing business in Malaysia too. This is the first I heard of an Indonesian bank purchased by Arabs.