Singapore Election Watch

19 Responses to “Shady Company #1: GIC”

1.  Anonymous  on 4:02 PM SGT

   As per GIC FAQ:
   Is GIC a private company or a government body?
   
   GIC was established as a private company in 1981. It is owned by the Ministry of Finance and is accountable to a Board of Directors. Although GIC is government-owned and manages government funds, the relationship between GIC and the government is that of a fund manager and a client.
   
   GIC operates, invests, measures its performance and rewards its employees no differently from a global fund management company.
   
   Where does the money that GIC manages come from?
   
   GIC manages Singapore's foreign reserves, which comprise assets of:
   
   (a) the Ministry of Finance, the legislated owner of assets of the government; and
   (b) the Monetary Authority of Singapore.

    
2.  Its my money  on 4:39 PM SGT

   GIC manages $100m. The $100m belongs to the govt which means it belongs to all Singaporeans. There are 3 million Singaporeans, so every Singaporean has a $33,333 share if the $100m is split evenly. Do we have the right to know?

    
3.  Anonymous  on 5:14 PM SGT

   Well i personally dont think there is a problem with GIC. In fact i think its for the good of Singapore and acts to increase the value of our foreign reserves, but of course they are gains as well as losses due to the risks involved which should be expected in any type of investment.
   
   1.It is a government-owned company that manages Singapore's foreign reserves using various types of investments. Sounds like a good thing to me.
   2.The funds come from the foreign reserves, Ministry of Finance and Monetary Authority of Singapore.
   3.The company functions like a private company, probably following the privatisation trend which should be advantageous.
   4.Whether there should be transparency is debatable as the information could be sensitive, but we should obviously be concerned how the country's reserves are being managed.
   
   2 cents worth.

    
4.  a.k.tan  on 6:43 PM SGT

   There are more ways to making money than speculating but I can recognise that bunch of people as characters straight out of poster for the movie 'Foreign Reserve Dogs'.
   
   There is Mr Ang, Mr Peh, Mr Aw, Mr Ng....
   
   Same shady bastards.

    
5.  Anonymous  on 7:28 PM SGT

   So we can check on how much the director are getting?

    
6.  Anonymous  on 9:19 PM SGT

   GIC manages $100m. The $100m belongs to the govt which means it belongs to all Singaporeans. There are 3 million Singaporeans, so every Singaporean has a $33,333 share if the $100m is split evenly. Do we have the right to know?
   
   The figure is US$100 BILLION, not millions, not Singapore dollars but US $$$ US$100 billion is about S$165 billion based upon current exchange rate. One hundred million dollars is peanuts to the govt. The PAP offer this amount to Houggang to upgrade their estate, but the fish didn't bite. Anyway, $165 billion (which is $165,000 millions) divided by 3 million singaporean is $55,000 for every man, women, child and baby in Singapore.

    
7.  Anonymous  on 9:33 PM SGT

   Our elected-President is charged with looking after our reserves. These questions should be put to him. He should at least once a year go before the nation and report on his work - just like what our PM does every year on National Day. He should earn his keeps - a cool $2.4 million a year. Otherwise how do we justify paying him so much?

    
8.  Anonymous  on 9:55 PM SGT

   Our late elected beloved President, Mr Ong Teng Cheong took his job seriously and did exactly just that, ie look after the reserves and asked questions. But was he able to carry out his job? It was not lack of capability on his part. Can we all recall what happened when he had to call for a Press Conference to address the Citizens of Singapore some years back or do we have short memories?

    
9.  Anonymous  on 10:25 PM SGT

   The worst part is that govt does not need to report to ppl how much they make and how much is losted. Mr Ong Teng Cheong did just that; he wanted to know the details of our national reserve but unforunately he was denied. Come to think about it, is it really dangerous that the entire nation's reserve is controlled by 3 persons (LHL, LKY and HChing).... as for the hopeless current president... besides cutting ribbons, attending functions and shaking hands I dont see he is worth 2.4 million a years(without other perks).... maybe paid not to ask questions !!!

    
10.  Anonymous  on 12:33 AM SGT

    i noticed some censorship even in this blog site... what ever happened to the 16year old political hobbist's post and the subsequent rebuttals from others?

     
11.  Anonymous  on 4:37 AM SGT

    What about CPF money? Where is this managed? What does the government do with this?

     
12.  Anonymous  on 11:21 AM SGT

    NKF no. 2?

     
13.  Anonymous  on 1:20 PM SGT

    Do we rely on so-called "good people" or should we rely on a system of checks and balances in place to ensure good governance and accountability? knowing that no human beings are perfect and infallible...
    
    the answer to me is obvious

     
14.  Anonymous  on 9:26 PM SGT

    Ref late president Ong TC. Do you notice that he did not have a presidential burial that was "given" to late president Wee KW ? both were late presidents but "given" different burial. Even the late minister Raja was given a state burial.
    
    "kopitiam talk" was that late President Ong asked too many questions and took his job seriously.

     
15.  Anonymous  on 10:21 PM SGT

    well, i don't care anymore, just give me my CPF money back when i migrate.

     
16.  Anonymous  on 8:40 AM SGT

    we not asking for sensitive
    details.
    but as citizens & owners-
    can we look @ t books,
    t bottom line???
    
    isnt it our $$$ too??

     
17.  Anonymous  on 3:46 PM SGT

    new forum to voice up!
    
    http://onlinehammer.proboards76.com

     
18.  Anonymous  on 12:09 PM SGT

    Care to guess how much our GIC lost during the Shin Corp debacle? This will be kept under wraps as I do not believe ANY PAP MP (new ones who professes that THEY dare to question the Ministers) dare to bring it up. We'll see wheter any of PAP MPs has the moral courage to bring it up.

     
19.  Anonymous  on 10:45 AM SGT

    Well, nobody dares say anything about the chao gahment. I have enough as it already is. No doubt Singapore is safe from terrorist arms, but there's are other evils at work here.. we all know who. Basically sucking our monies dry.. bastards. Anyway yea.. give me back ALL my cpf when I go back to my home country.. hahah

     

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