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SOFAZ to reduce transfers to state budget in 2017

Posted on 30 September 2016 by VRS  |  Email |Print

Transfers of Azerbaijan’s state oil fund SOFAZ to the state budget is expected at the level of 6.1 billion manats (1.6252 AZN/USD on Sept. 29) in 2017 that is by 1.515 billion manats (19.9 percent) less than in 2016, according to the presentation of the state and consolidated budget projects for 2017 that was made public Sept. 29 by the country’s Finance Ministry.
According to the project, SOFAZ’s revenues are forecasted at the level of 8.37 billion manats in 2017 that is by 4.89 billion manats (2.4 times) more than the forecast for 2016. Expenses of SOFAZ are expected at the level of 6.95 billion manats in 2017 that is by 34.6 percent (3.685 billion manats) less than the forecast for 2016………………………………………Full Article: Source

National Investment and Infrastructure Fund

Posted on 26 September 2016 by VRS  |  Email |Print

Nineteen months after the announcement was made in FY16 Budget, the National Investment and Infrastructure Fund (NIIF) will commence operations next month with a $1-billion corpus for the highway sector and another fund of the same size for the renewable energy industry, according to official sources.
In line with the NIIF’s investment structure, the Centre would infuse nearly 49% of the corpus, or a total of $1 billion in the two sectoral funds, while the balance amount will come from long-term investors such as sovereign wealth funds. The potential investors in these funds include Abu Dhabi Investment Authority (ADIA), Qatar Investment Authority (QIA) and RUSNANO of Russia, the sources added…………………………………….Full Article: Source

UK sovereign fund appoints two on ARM Cement board

Posted on 23 September 2016 by VRS  |  Email |Print

UK’s sovereign wealth fund CDC Group has appointed two directors to the board of cement manufacturer ARM in which it recently acquired a 40.6 per cent stake for Sh14.1 billion. The fund appointed Pepe Meijer and Ketso Gordhan to the board of the Nairobi Securities Exchange-listed company.
Investment banker John Ngumi was also simultaneously appointed as an independent director of the firm. The three new appointments coincided with the exit of three board members —finance director Atul Mathur and non-executive directors Daniel Ndonye and Michael Turner. Mr Mathur’s replacement is expected to be picked in the coming days…………………………………Full Article: Source

Alaska Permanent Fund board rejects idea of investing in oil-tax credits

Posted on 23 September 2016 by VRS  |  Email |Print

The corporation that manages the $54 billion Alaska Permanent Fund is rejecting a proposal from the Walker administration to invest in the oil and gas tax credits issued by the state. The corporation does not view the idea as “an attractive investment opportunity,” said Paulyn Swanson, communications manager for the Alaska Permanent Fund Corp., in an email on Tuesday.
Swanson said the “proposed structure and related returns do not justify taking on the associated risks.” Craig Richards, Walker’s former attorney general and under contract to the governor as a private attorney, pitched the idea to the corporation’s board of trustees at its Sept. 2 work session………………………………………Full Article: Source

Papua New Guinea: Manage SWF well, economist says

Posted on 22 September 2016 by VRS  |  Email |Print

Economist Paul Barker says a Sovereign Wealth Fund (SWF) is only valuable if and when it operates to the highest standard of performance and accountability to the people. Barker, the executive director of the Institute of National Affairs, said this was to avoid poor management and governance as had been the case of major State associated funds.
He gave as examples the Mineral Resources Stabilisation Fund in the 1990s, the Superannuation Funds and Investment Corporation, plus various trust and resource funds over the years. “The SWF needs to be managed to the highest level of transparency and sound performance, in terms of returns and risk management, notably at the higher end of the scale for the so-called Santiago Principles.”……………………………………Full Article: Source

A mountain of cash: How Norway spends its $882 billion global fund

Posted on 22 September 2016 by VRS  |  Email |Print

It’s tough for a small democracy to run the world’s biggest sovereign-wealth fund. Two decades after Norway’s government paid a first deposit into its sovereign-wealth fund, the country is learning how to manage a behemoth.
The vehicle, which is used to invest abroad the proceeds of Norway’s oil and gas sales, has amassed a bigger fortune than anyone expected, thanks to previous, bumper oil prices. As the direct benefits of oil decline—around 46% of Norway’s expected total haul of oil and gas is gone—the relative importance of the fund will grow. Annual revenues from it now regularly exceed income from oil sales…………………………………….Full Article: Source

HKMA to add cyber security, anti-money laundering knowledge to bankers’ certification

Posted on 21 September 2016 by VRS  |  Email |Print

Starting in December, new programmes will be added to the HKMA’s Enhanced Competency Framework (ECF) for local bankers. The Hong Kong Monetary Authority said it will require bankers operating in the city to be trained and certified to deal with cyber security and money laundering, beefing up its regulations to prepare for competition with Singapore to be the Asian hub for financial technology.
Beginning in December, the regulator’s Enhanced Competency Framework (ECF) for local bankers will carry a certification programme on cyber security, and anti-money laundering measures, said the Hong Kong Monetary Authority’s chief executive Norman Chan Tak-lam………………………………………Full Article: Source

Tripoli and Malta LIA handover to PC/GNA Interim Steering Committee

Posted on 12 September 2016 by VRS  |  Email |Print

The management of the Libya Investment Authority (LIA) in both Malta and Tripoli handed over the administration of the sovereign wealth investment body yesterday to the Interim Steering Committee appointed by the Faiez Serraj Presidency Council/Government of National Accord (PC/GNA).
The LIA, Libya’s main sovereign wealth fund investment authority has assets valued at US$ 67 bn. The LIA’s Media Office forwarded to Libya Herald copies of the handover documents for both Tripoli and Malta handovers as evidence – and to counter claims by LIA contended chairman Abdulmajid Breish that no handover had taken place………………………………………..Full Article: Source

Presidential Council Appoints Steering Committee to manage LIA

Posted on 09 September 2016 by VRS  |  Email |Print

The Presidential Council recently issued an order to establish a temporary Steering Committee to manage the Libyan Investment Authority (LIA). The motive behind the decision seems sincere – to unite the leadership of our nation’s sovereign wealth fund. However on closer inspection, the decision is bad for the LIA, and bad for Libya.
Firstly, there are serious questions about the legality of the move. The decision may very well not comply with Libyan law, with the LIA’s governing documents or with Law 13 which governs the LIA. The only body entitled to appoint directors and executive managers of the LIA is the LIA’s Board of Trustees………………………………………..Full Article: Source

LIA in Tripoli dismisses claims of handover to steering committee as “simply untrue”

Posted on 09 September 2016 by VRS  |  Email |Print

The Libyan Investment Authority (LIA) in Tripoli has dismissed reports today of a handover of power to an interim steering committee, confirming that AbdulMagid Breish remains Chairman of the sovereign wealth fund.
Libya Al Eqtisadiya and Libya Channel reported today that a steering committee had taken over the responsibility for managing the LIA following a handover process. The steering committee was purportedly appointed by the Presidency Council through Resolution 115 on 15 August 2016. However the LIA has argued that this purported appointment was invalid as it violated Libyan law………………………………………..Full Article: Source

Mubadala chief signals more oil deals as Ipic merger advances

Posted on 08 September 2016 by VRS  |  Email |Print

Mubadala Development Company, the Abu Dhabi sovereign wealth fund merging with International Petroleum Investment Co (Ipic), said potential energy deals are more attractive after the slump in oil prices drove down asset prices.
“For someone who takes a long-term view, it’s an attractive time to invest in the industry,” the Mubadala chief executive Khaldoon Mubarak said. “We as Mubadala are players in this industry. We will continue to invest in this industry, particularly in such a time where we find valuations at a low and attractive range.”……………………………………….Full Article: Source

Norway’s central bank to publish minutes of board meetings

Posted on 07 September 2016 by VRS  |  Email |Print

Norway’s central bank will start publishing the minutes of its board meetings and aims to become more transparent even though discussions on monetary policy will remain exempt, the bank said on Tuesday.
“The publication of the minutes of the meetings of the Executive Board will enhance transparency about the management of the central bank, and the management of the Government Pension Fund Global,” it said in a statement, referring to the formal name of the country’s sovereign wealth fund. The fund is the world’s largest sovereign wealth fund with assets of $895 billion, and is managed by a unit of the central bank that invests all the cash in foreign stocks, bonds and real estate………………………………………..Full Article: Source

SMRT shareholders to vote on Temasek offer on Sept 29

Posted on 06 September 2016 by VRS  |  Email |Print

The move to take listed SMRT private will face a public test at the end of the month, when minority shareholders vote on whether to approve the acquisition by Temasek Holdings, the Republic’s investment firm.
In a notice posted on SGX’s website, the transport operator said the vote would be held on Sept 29, following an extraordinary general meeting on the proposed sale of its operating assets to the Land Transport Authority (LTA) as part of the transition to a new rail financing framework………………………………………..Full Article: Source

Company to manage Sovereign Wealth Fund established

Posted on 29 August 2016 by VRS  |  Email |Print

A mnagement company for the Sovereign Wealth Fund (SWF), which will be in charge of founding and managing the SWF and its relevant subsidiary funds, has been established. The legislation to establish the SWF Management Inc., as well as amendments to various laws, has taken effect after being published in the official gazette.
The management company is in charge of contributing to instrumental diversity and depth in capital markets, the main activity areas of which are to found and manage funds under the Prime Ministry, draw domestic public assets into the economy, procure external sources and join strategic and large-scale investments. The sphere of activity of the SWF management company is to establish and manage the SWF and subsidiary funds………………………………………..Full Article: Source

Libyan Investment Authority issue statement regarding the Interim Steering Committee

Posted on 24 August 2016 by VRS  |  Email |Print

Abdulmagid Breish, Chairman and Chief Executive Officer of the Libyan Investment Authority (LIA), takes note of the purported appointment by the Tobruk-based Board of Trustees of Mr Ali Shamekh as chief executive officer of the Tobruk parallel operation. Mr Breish also takes note of the presentation by Mr Hassan Bouhadi of his resignation as purported chairman of the Tobruk parallel operation.
Mr Breish has consistently regretted the establishment of the parallel operation and continues to do so. He has nevertheless made many attempts to find pragmatic solutions in the best interests of the LIA and Libya………………………………………..Full Article: Source

Turkey: Sovereign Wealth Fund to be fully transparent

Posted on 23 August 2016 by VRS  |  Email |Print

Finance Minister Naci Ağbal said that the Turkish Sovereign Wealth Fund (SWF) was prepared in accordance with the best international practices and it will not be drawn from the current budget.
Pointing out that the most important issues related to the SWF are the establishment, operations and audit, Ağbal said the SWF will be fully transparent and subject to all the institutional management regulations under the Capital Market Law as well as all the rules related to the independent audit put forward by the Capital Markets Board (SPK), along with the regulations governing the Public Disclosure Platform (KAK)………………………………………..Full Article: Source

New Zealand SWF awards factor investing mandates to Northern Trust

Posted on 23 August 2016 by VRS  |  Email |Print

The New Zealand Superannuation (NZ Super) fund has appointed Northern Trust Asset Management to manage two new factor investing mandates, extending a relationship first established in 2007, the sovereign wealth fund (SWF) announced.
The two new mandates, which are low volatility strategy and value investing strategy mandate, will invest the money Northern Trust has already been investing on behalf of NZ Super in other passive global equities strategies………………………………………..Full Article: Source

Multiple reshuffles stir up Libyan sovereign wealth fund

Posted on 22 August 2016 by VRS  |  Email |Print

The Libyan Investment Authority is undergoing drastic changes, as key members resigned last week followed by Libya’s unity government appointing a new management team for the country’s main sovereign wealth fund Monday. The Presidency Council of the Tripoli-based Government of National Accord on Monday appointed a steering committee to temporarily assume the leadership of the LIA, Libya’s largest state fund worth approximately $67 billion.
The 5-member team will thus supersede two rival LIA chairmen, who have been vying for control of the LIA over the past two years. Hassan Bouhadi – the claimant supported by Libya’s Parliament and Interim Government in the east – resigned last Thursday, three days before the GNA order, arguing that he was unable to fulfil his mission given the current circumstances in the country………………………………………..Full Article: Source

Oslo ruffles feathers as it taps Norway’s oil fund

Posted on 18 August 2016 by VRS  |  Email |Print

First withdrawal in decades stirs debate over fund’s future and how much level of risk it should take on. This year will prove to be a watershed for the world’s largest sovereign wealth fund as, for the first time in two decades, Norway’s $890bn oil fund will have money taken out by the government in Oslo.
The withdrawals so far have been small compared with the size of the fund, which has grown rapidly to become one of the largest investors in the world on the back of surpluses made by Norway’s petroleum industry………………………………………..Full Article: Source

Abu Dhabi hires advisers for sovereign fund merger

Posted on 17 August 2016 by VRS  |  Email |Print

Abu Dhabi’s government has hired Bain & Co and Landor Associates to advise on the merger of two of the oil-rich emirate’s biggest sovereign funds, a source familiar with the matter told Reuters.
In late June, Abu Dhabi announced it would merge Mubadala Development Co and International Petroleum Investment Co and had formed a committee led by Deputy Prime Minister Sheikh Mansour bin Zayed al-Nahayan to oversee the process. The combined fund would have assets worth around $135 billion, according to Reuters calculations based on both funds’ latest financial statements………………………………………..Full Article: Source

Libya’s U.N.-backed government appoints panel to run $67 billion wealth fund

Posted on 17 August 2016 by VRS  |  Email |Print

Libya’s U.N.-backed government said on Monday it was appointing a five-member caretaker committee to run the country’s $67 billion (52.03 billion pounds) sovereign wealth fund. The Government of National Accord (GNA) said in a statement that the committee should not dispose of Libyan Investment Authority (LIA) assets and should protect the fund’s rights and follow all legal cases it is involved in.
The committee will be led by Ali Mahmoud Hassan Mohamed, the statement said. It did not list either of two competing chairmen of the fund among the committee’s members, and did not say how long the caretaker committee would serve for………………………………………..Full Article: Source

Libya’s Unity Government Appoints New Wealth Fund Leadership

Posted on 17 August 2016 by VRS  |  Email |Print

Libya’s government appointed a steering committee to head the country’s $60 billion sovereign wealth fund, where rifts have hindered efforts to unite financial institutions in the fractured North African oil exporter.
The Libyan Investment Authority’s temporary five-member committee will be headed by one of the fund’s former directors, Ali Mohamed Hassan, according to a statement issued late Monday by the Presidential Council of the United Nations-backed Government of National Accord………………………………………..Full Article: Source

Greenko takes advantage of its Singapore ownership

Posted on 17 August 2016 by VRS  |  Email |Print

Indian renewable energy company Greenko has taken advantage of its Singapore ownership and surging demand for Indian credit to price $500 million of Single B rated bonds below 5%.
The aggressive outcome was mostly put down to expectations that the majority investment of Singapore sovereign wealth fund GIC would help lower the issuer’s high leverage and improve its financial risk profile. Greenko sold a majority stake to GIC last November and raised a further $230 million in June from GIC and the Abu Dhabi Investment Authority………………………………………..Full Article: Source

Libya’s U.N.-backed government appoints panel to run $67 bln wealth fund

Posted on 16 August 2016 by VRS  |  Email |Print

Libya’s U.N.-backed government said on Monday it was appointing a five-member caretaker committee to run the country’s $67 billion sovereign wealth fund. The Government of National Accord said in a statement that the committee should not dispose of Libyan Investment Authority assets and should protect the fund’s rights and follow all legal cases it is involved in.
The committee will be led by Ali Mahmoud Hassan Mohamed, the statement said. It did not list either of two rival chairmen of the fund among the committee’s members………………………………………..Full Article: Source

Turkey: Government making headway with Sovereign Wealth Fund

Posted on 16 August 2016 by VRS  |  Email |Print

The Government is making headway in bringing the country`s first Sovereign Wealth fund into fruition. Cabinet on August 3, advised the Attorney General’s Chambers to commence the drafting of the Sovereign Wealth Fund Bill which will bring the fund into effect.
The Sovereign Wealth Fund is aimed at creating a mechanism for future budgetary surpluses that will ensure the future economic prosperity of the Turks and Caicos Islands. The Government earlier this year announced that model legislation will be laid in the House of Assembly for scrutiny and debate in the third quarter of the financial year………………………………………..Full Article: Source

Abu Dhabi Officials Linked to ‘Wolf of Wall Street’ Corruption Scandal Investigated in Switzerland

Posted on 16 August 2016 by VRS  |  Email |Print

Khadem al-Qubaisi, whose investment vehicle owns the Hakkasan group, and Mohamed al-Husseiny, who was put forward by Red Granite as the financier of ‘The Wolf of Wall Street,’ are being investigated.
Swiss authorities have stepped up their involvement in the growing Malaysian corruption scandal that has engulfed The Wolf of Wall Street, its producer Red Granite and star Leonardo DiCaprio. Less than a month after the U.S. Justice Department filed the biggest forfeiture seizure in its history, Swiss criminal investigators are now probing two of the lesser known individuals cited in the complaint, namely Middle Eastern executives who were allegedly instrumental in helping launder billions of dollars into the U.S………………………………………..Full Article: Source

One of two rival chairmen of Libya sovereign fund quits

Posted on 15 August 2016 by VRS  |  Email |Print

One of two men claiming the chairmanship of Libya’s $67 billion sovereign wealth fund, Hassan Bouhadi, has tendered his resignation, his spokesman said on Friday. Libya’s political infighting made it too difficult to conduct business, Bouhadi said in his resignation letter, seen by Reuters.
In October 2014, Bouhadi was appointed head of the fund, the Libyan Investment Authority (LIA), by authorities in eastern Libya. They had moved to the east to set up a parliament and government after rival factions took control of institutions in the capital, Tripoli………………………………………..Full Article: Source

Saudi Aramco appoints chief of sovereign wealth fund to board

Posted on 11 August 2016 by VRS  |  Email |Print

State oil giant Saudi Aramco has appointed to its board Yasir al-Rumayyan, managing director of its top sovereign wealth fund, in a sign that the two institutions plan to cooperate closely to restructure the economy in an era of low oil prices.
Aramco updated its website to show Rumayyan as a new board member but did not explain the change. Two sources familiar with the matter told Reuters that Rumayyan had replaced telecommunications minister Mohammed al-Suwaiyal on the board. Rumayyan heads the Public Investment Fund (PIF), which the government aims to develop into a $2 trillion behemoth that would invest abroad to earn money and domestically to help expand the kingdom’s non-oil sectors………………………………………..Full Article: Source

HKMA: Individuals Act as HKMC Employees to Falsely Solicit Biz; Reported to Police

Posted on 11 August 2016 by VRS  |  Email |Print

Hong Kong Monetary Authority (HKMA) announced that it has come to the notice of the Hong Kong Mortgage Corporation Limited (HKMC) that there have been cases of individuals posing as its employees to falsely solicit business opportunities.
These instances include individuals presenting a forged business card of the HKMC or suspected of making telephone calls purportedly on behalf of the HKMC. The HKMC wishes to inform the public that these impostors are not the HKMC’s employees or agents, nor are they authorised by the HKMC for the purposes they allege. The HKMC has already reported the relevant case to the Hong Kong Police Force for investigation………………………………………..Full Article: Source

MACC man’s 1MDB ‘not corruption’ logic mind-boggling

Posted on 09 August 2016 by VRS  |  Email |Print

Former Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Zakaria Jaffar said, “1MDB doesn’t fall under MACC.” With such an idiotic top officer like him who once led MACC, no wonder the anti-corruption agency is now the laughingstock of the country. 1MBD is no investment scheme but a ‘scam’ to defraud Malaysians.
And in this case it is called kleptocracy - grand theft by the ruling class who are in power. Zakaria said MACC officers have to answer to Allah if they have failed in their duties. Zakaria, don’t worry, your turn will come, and invoking God’s name will not get you a reprieve for your hypocrisy………………………………………..Full Article: Source

MACC man’s 1MDB ‘not corruption’ logic mind-boggling

Posted on 08 August 2016 by VRS  |  Email |Print

Former Malaysian Anti-Corruption Commission (MACC) deputy chief commissioner Zakaria Jaffar said, “1MDB doesn’t fall under MACC.” With such an idiotic top officer like him who once led MACC, no wonder the anti-corruption agency is now the laughingstock of the country. 1MBD is no investment scheme but a ‘scam’ to defraud Malaysians.
And in this case it is called kleptocracy - grand theft by the ruling class who are in power. Zakaria said MACC officers have to answer to Allah if they have failed in their duties. Zakaria, don’t worry, your turn will come, and invoking God’s name will not get you a reprieve for your hypocrisy………………………………………..Full Article: Source

Inside Ireland’s €8 billion Strategic Investment Fund

Posted on 08 August 2016 by VRS  |  Email |Print

Abrakebabra; Lily O’Brien’s. The AA. Carrolls Cuisine. House building. Student accommodation. Office blocks. Loans to milk farmers. Life-changing drug treatments and technology R&D. Is there any part of the economy that the state-backed Irish Strategic Investment Fund (ISIF) doesn’t touch?
At €8 billion, it may not be one of the world’s biggest sovereign wealth funds, but in a country the size of Ireland’s it is huge. It is so big that it has to be careful that any money it places in a fund doesn’t cause distortions across the whole economy………………………………………..Full Article: Source

Browne: Heritage & Stabilisation Fund not following best practices

Posted on 04 August 2016 by VRS  |  Email |Print

Trinidad and Tobago’s sovereign wealth fund (SWF), the Heritage and Stabilisation Fund (HSF), is not following best practices as outlined in the Santiago Principles and exemplified by the Norway’s SWF, Mariano Browne, a former minister of state in the Ministry of Finance said last month.
Delivering the feature address on July 21 at a special general meeting of the Trinidad and Tobago Transparency Institute (TTTI) at Fernandes Industrial Centre in Laventille, Browne, now the managing partner of Elida Management Services, looked at the comparable T&T Securities and Exchange Commission (TTSEC) Act which requires all publicly listed companies to report every 90 days. The HSF falls short of that standard, he said………………………………………..Full Article: Source

Malaysia forfeits US support with 1MDB graft

Posted on 03 August 2016 by VRS  |  Email |Print

The US Justice Department’s decision to seize more than $1bn in assets allegedly stolen from Malaysia’s sovereign wealth fund has sent shockwaves through the Southeast Asian nation. Until the US announcement last month, most Malaysians were resigned to creeping authoritarianism in their country as the prime minister, Najib Razak, concentrated power in his hands and eviscerated the last vestiges of independent governance.
Najib has in effect removed anyone — from the deputy prime minister to the attorney-general — who questioned his role in the alleged theft of billions of dollars from 1 Malaysia Development Berhad (1MDB), the sovereign wealth fund he established in 2009………………………………………..Full Article: Source

Deloitte becomes third auditor in a row to quit scandal-hit 1MDB

Posted on 28 July 2016 by VRS  |  Email |Print

Deloitte has resigned as auditor of 1Malaysia Development Berhad, as the scandal surrounding the Malaysian state investment fund reverberates through the global financial system.
1MDB said late on Tuesday that its 2013 and 2014 audited financial statements should no longer be relied on following a US Department of Justice complaint last week alleging an international scheme to siphon more than $3.5bn from the fund………………………………………..Full Article: Source

Deloitte Resigns as 1MDB Auditor

Posted on 27 July 2016 by VRS  |  Email |Print

The Malaysian government investment fund says Deloitte Touche Tohmatsu resigned in February. The departure of a second auditor for a Malaysian government investment fund is putting focus on another global company that apparently failed to raise questions about what investigators are calling a large-scale fraud.
The fund, 1Malaysia Development Bhd. or 1MDB, said Tuesday that its auditor, Deloitte Touche Tohmatsu Ltd., resigned in February. An earlier dispute over the fund’s accounts in 2013 led to the firing of 1MDB’s previous auditor, KPMG, according to a Malaysian auditor general’s report last year………………………………………..Full Article: Source

The DoJ 1MDB complaint analysed: how the named banks fare

Posted on 26 July 2016 by VRS  |  Email |Print

The US Department of Justice’s complaint seeking the recovery of assets related to the Malaysian sovereign wealth fund, 1MDB, is compelling reading. In a 136-page filing, a remarkable web of money transfers and illicit purchases is exposed.
Several banks are involved in it and three more have since been rebuked by the Monetary Authority of Singapore for failing to implement proper money laundering checks. So who comes out of it in the best and worst shape? Here is a quick guide:……………………………………….Full Article: Source

Singapore Vows Tougher Stance After 1MDB Dents Reputation

Posted on 26 July 2016 by VRS  |  Email |Print

Singapore’s regulatory chief vowed stronger action to address the reputational damage caused by anti-money laundering lapses at banks in the city linked to the troubled state investment fund 1Malaysia Development Bhd.
The shortcomings uncovered by the Monetary Authority of Singapore’s more than 15-month probes into fund flows linked to 1MDB are “simply unacceptable” and the city’s reputation has “taken a dent” as a result, the central bank’s Managing Director Ravi Menon said at a press briefing Monday………………………………………..Full Article: Source

Pua: 1MDB ’social welfare’ paid with taxpayers debt

Posted on 26 July 2016 by VRS  |  Email |Print

Prime Minister Najib Abdul Razak’s claim that 1MDB had contributed immensely to social welfare is a “farce” as it is funded by debt that is borne by taxpayers, Petaling Jaya Utara MP Tony Pua says. Najib yesterday praised 1MDB Foundation for donating RM10.4 million to sponsor 1,100 pilgrims to perform the Haj this year.
In fact, Pua said, 1MDB Foundation was set up to to mask the billions in losses that have resulted in an international anti-money laundering action. He said 1MDB has not seen a sen of profit since it was set up six years ago, and is using the “social welfare” programmes as a “public relations exercise”………………………………………..Full Article: Source

QIA Makes Good on US Investment Promise—Again

Posted on 26 July 2016 by VRS  |  Email |Print

In January 2015, visiting officials of the State of Qatar told the U.S. Chamber of Commerce that the country would invest $35 billion in the U.S. over the next five years, and it continues to do just that, with its latest investment being Qatari Investment Authority’s acquisition of the office tower at 12100 Wilshire Blvd. in Los Angeles.
QIA, the sovereign wealth fund of Qatar, and joint venture partner Douglas Emmett Inc. recently acquired the 365,000-square-foot property, located in the prestigious Brentwood submarket, from Hines for $225 million. It appears the transaction took place in a time warp. Hines U.S. Office Value Added Fund II also paid $225 million for 12100 Wilshire when it acquired the Class A property from RREEF Property Trust in 2007………………………………………..Full Article: Source

Who are 1MDB Officers 1, 2, 3 and the others in US list?

Posted on 25 July 2016 by VRS  |  Email |Print

KiniGuide In the US Department of Justice’s recent filings related to the 1MDB scandal, among the relevant individuals named in the suit are ‘1MDB Officer 1’, ‘1MDB Officer 2’, and ‘1MDB Officer 3’. Like the much-reported ‘Malaysian Official 1’ in the document, the names of these other 1MDB officers are also concealed throughout the document.
And yet, there are tantalising clues throughout the 136 pages of the DOJ document. Thus far, little attention has been given to the identities of these 1MDB officers. In this instalment of KiniGuide, we look back at the history of the 1MDB scandal in an attempt to shed some light on this mystery, as well as on several others who have not been identified by name in the court filings………………………………………..Full Article: Source

Were You at the 1MDB Party?

Posted on 22 July 2016 by VRS  |  Email |Print

The thing with the kind of investigation currently engulfing Malaysia’s sovereign investment fund 1MDB is that it’s hard to assess where the risk for investors ends. Unless you know exactly who was involved and to what extent, you might have to add a premium or a discount for companies with potential dotted lines to the eye of the storm.
The Monetary Authority of Singapore said Thursday it had found “instances of control failings” in the local units of UBS and Standard Chartered, as well as at the country’s biggest bank, DBS Group Holdings………………………………………..Full Article: Source

US$731m siphoned from 1MDB to ‘Malaysian Official 1′ account, says DOJ

Posted on 22 July 2016 by VRS  |  Email |Print

US$731 million was allegedly siphoned from Malaysia’s sovereign wealth fund 1MDB into a bank account owned by the unnamed ‘Malaysian Official 1′, according to the lawsuit filed by the US Department of Justice (DOJ) yesterday.
DOJ did not name ‘Malaysian Official 1’ but described the individual as a “high-ranking official in the Malaysian government who also held a position of authority with 1MDB.” Upon its formation, Malaysian Official 1 assumed a position of authority with 1MDB, said DOJ………………………………………..Full Article: Source

Mexican Ambassador to Azerbaijan meets SOFAZ Executive Director

Posted on 22 July 2016 by VRS  |  Email |Print

Ambassador of Mexico to the Republic of Azerbaijan Rodrigo Labardini accompanied by Head of the Competitive Technical Intelligence Unit of the Mexican Institute of Petroleum (IMP) Victor Ortiz has met with Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov.
Rodrigo Labardini highlighted the development of the oil sector in Mexico. He noted that the significant growth in the economic sector, the increase of foreign trade, creation of a propitious environment for investment and the significant contribution of the Mexican energy sector in the last two decades has positioned Mexico as the eleventh largest oil producer in the world……………………………………….Full Article: Source

Russia’s Reserve Fund, National Wealth Fund will not be depleted

Posted on 19 July 2016 by VRS  |  Email |Print

The Reserve Fund and the National Wealth Fund will not be completely depleted, Russian Deputy Minister of Finance Alexeн Moiseev said in an interview with Rossiyskaya Gazeta newspaper to be published on Tuesday.
“We will not bring the Reserve Fund and the National Wealth Fund to the condition of complete depletion. The budget deficit will be contracted. It will be financed at the expense of renewable sources, privatization and government bonds floating in the first instance. Then expenditures from sovereign funds will stop,” the official said………………………………………..Full Article: Source

Temasek’s Fullerton Unit Hires JPMorgan’s Singapore Head

Posted on 18 July 2016 by VRS  |  Email |Print

Singapore state investor Temasek Holdings’ Fullerton Financial Holdings has hired Yeo Hong Ping, JPMorgan & Co’s Singapore head of investment banking, as a senior member of its management team.
“We confirm that Yeo Hong Ping will be joining Fullerton Financial Holdings later this year. We are pleased to welcome him as a senior member of the management team,” Fullerton said in an email on Thursday. JPMorgan declined to comment. The hiring is another example of investment bankers moving to private equity firms and sovereign funds………………………………………..Full Article: Source

JPMorgan’s Singapore investment bank head to join Temasek unit

Posted on 15 July 2016 by VRS  |  Email |Print

Fullerton Financial Holdings, an arm of Singapore investment company Temasek Holdings, has hired Yeo Hong Ping for a senior management role. Yeo is joining from JPMorgan Chase & Co, where he has worked since 2000, most recently as head of Singapore investment banking, according to a person with knowledge of the matter.
Yeo will start in his position this year, Fullerton said in an e-mailed response to Bloomberg’s queries………………………………………..Full Article: Source

Wealth fund’s investment circuit breaker

Posted on 13 July 2016 by VRS  |  Email |Print

A leading Philippine power-generation corporation has effectively been blacklisted from access to the world’s biggest sovereign wealth fund, Norway’s Government Pension Fund Global (GPFG), an oil fund with assets of US$847.6 billion.
Aboitiz Power Corp. (APC), a subsidiary of Aboitiz & Company, is one of 52 firms which have been sidelined by the fund’s operator, Norges Bank Investment Management (NBIM), the investment arm of the Norwegian central bank………………………………………..Full Article: Source

‘Short-term’ brexit volatility had ‘fairly modest’ impact: Temasek

Posted on 08 July 2016 by VRS  |  Email |Print

Temasek said on Thursday (July 7) that market volatility post-Brexit had only a “fairly modest” impact on its portfolio, and that it was not overly concerned about the short-term gyrations in the markets, given that its focus is on the long term.
As of March 31 this year, Europe accounted for about 8 per cent of the firm’s S$242 billion portfolio. It did not reveal its direct exposure to the United Kingdom, but said that it was “even smaller” and predominantly through its holdings in Standard Chartered bank………………………………………..Full Article: Source

Head of State Oil Fund of Azerbaijan remains in Supervisory Board of VTB Bank

Posted on 07 July 2016 by VRS  |  Email |Print

The Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov was elected to the new Supervisory Board of VTB Bank, where he has been serving as an independent member since June 28, 2013.
The message of the bank said that the decision was taken at the meeting of shareholders of VTB. Minister of Economic Development of Russia Alexei Ulyukayev was elected the chairman of the Supervisory Board of VTB Bank………………………………………..Full Article: Source

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