20 Sep '11, 12am

GIC should explain how they manage to bring its total portfolio value back to pre-crisis levels

Responding to a letter calling for more disclosure for the UBS investment, Jennifer Lewis, Head, Corporate Affairs and Communications, GIC, wrote a reply in the Today paper and also reported in the ST. She said that GIC’s time frame for investment is 20 years. Anyway, all the fears of losing money are unfounded as the total portfolio value of GIC is back to pre crisis levels. No need 20 years to make back the losses. What this means is that all the losses incurred in UBS and the purchase of American and European banks, and all and sundry investments, have been recovered. At that time it was reported that the total losses were in the region of tens of billions. Given the assurance from Jennifer Lewis, Singaporeans can now sleep in peace that the super talents in the organization have done their job well and made back all the losses. How much were the losses, and how much we...

Full article: http://mysingaporenews.blogspot.com/2011/09/gics-total-po...

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