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We’re sorry, Jentayu Danaraksa tells Khazanah Nasional

Posted on 19 December 2014 by VRS  |  Email |Print

Jentayu Danaraksa Sdn Bhd (JD) today expressed its profound regret over events that have transpired since the company’s media briefing on Dec 15. “We sincerely hope we have the opportunity to share, elaborate and explain in greater detail our proposal to Khazanah Nasional Bhd and apologise if we have caused any inconvenience,” JD said in a statement.
On Tuesday, JD said its meeting with Khazanah over the former’s proposal to buy Penerbangan Malaysia Bhd (PMB) and turn it into a global aircraft leasing firm had been called off………………………………………..Full Article: Source

Ahmad Maslan: 1MDB should engage more with the public

Posted on 19 December 2014 by VRS  |  Email |Print

The management of state investment fund 1Malaysia Development Bhd (1MDB) should increase public engagement to be more transparent and avoid any unclear accusations against the company, said Deputy Finance Minister I Datuk Ahmad Maslan.
He was responding to a question on Batu Kawan Umno division vice-head Datuk Seri Paduka Khairuddin Abu Hassan’s move to lodge a police report against 1MDB and its subsidiaries on Dec 12. In the report, the Penang Umno leader had urged the police to conduct a thorough and objective investigation into the “dubious” and “suspicious” nature of the company’s financial transactions and decisions………………………………………..Full Article: Source

1MDB should clear the air, says Ahmad Maslan

Posted on 19 December 2014 by VRS  |  Email |Print

Putrajaya today urged the top management of embattled 1Malaysia Development Bhd (1MDB) to face the public and clear the air over the company’s finances, theedgemarkets.com reported.
Deputy Finance Minister Datuk Ahmad Maslan said 1MDB has to clearly explain the dynamics of its operations and financials to the public, as it involves taxpayers’ money. Ahmad said this when asked about the police report against 1MDB by Batu Kawan Umno division deputy chief, Datuk Paduka Khairuddin Abu Hassan, last Friday………………………………………..Full Article: Source

Ex-Wall Street executive founds community for sovereign women

Posted on 18 December 2014 by VRS  |  Email |Print

The founder of a new women-focused organization explains its rationale and goals to Opalesque. Sefi Shliselberg worked on Wall Street, at Moody’s and Deutsche, for many years and got to meet many people from the sovereign financial sector; she realized that the few women working there did not know each other, and there were no networking associations in place for them. So she founded Women in Sovereign Entities (WSE), the first women-focused organization for the sovereign financial sector, in 2011.
She recently explained on Opalesque TV that the “sovereign financial sector” includes organizations such as central banks, ministries of finance, sovereign wealth funds, public pension funds, development banks and multilateral financial institutions………………………………………Full Article: Source

Jentayu laments Khazanah cancelling meeting to discuss MAS takeover

Posted on 17 December 2014 by VRS  |  Email |Print

Jentayu Danaraksa Sdn Bhd is disappointed with the sudden cancellation of its meeting with Khazanah Nasional Berhad to discuss its RM8.75 billion plan to save ailing Malaysia Airlines (MAS).
Confirming The Malaysian Insider report on the indefinite postponement of its meeting with the state sovereign fund this afternoon, Jentayu managing director Feriz Omar said they were surprised with this latest development. “At the request of Khazanah, our meeting with them has been cancelled. We are disappointed because we were not given the chance to brief them thoroughly on our proposed plan…………………………………..Full Article: Source

Julie Bishop urging PNG to establish a sovereign wealth fund

Posted on 15 December 2014 by VRS  |  Email |Print

Julie Bishop is in Papua New Guinea urging its government to establish a sovereign wealth fund to ensure the whole nation benefits from its natural gas boom. Ms Bishop flew to PNG yesterday with Immigration Minister Scott Morrison, Defence Minister David Johnston and Justice Minister Michael Keenan for talks that will also focus on defence and policing co-operation, the resettlement of asylum-­seekers and help for PNG in providing security when it hosts the 2018 APEC summit.
PNG is also looking for ways to strengthen its public service through improved education and training. Bishop told the Sky News Australian Agenda program yesterday that PNG was going through an energy renaissance, with a huge natural gas project about to come online………………………………………..Full Article: Source

Despite probe, Najib must answer questions on 1MDB, says DAP leader

Posted on 15 December 2014 by VRS  |  Email |Print

Prime Minister Datuk Seri Najib Razak cannot turn his back on 1Malaysia Development Berhad (1MDB) just because police have begun their investigations into the alleged improprieties in the management of the sovereign wealth fund, said Lim Kit Siang.
The Gelang Patah MP, who was in Subang Jaya today to address DAP Johor members attending a two-day retreat, also questioned if the police investigation was just for show. “Are the police serious in carrying out investigations into the alleged improprieties or are they just putting on a show for the public?” Lim asked………………………………………..Full Article: Source

Khazanah has the right to appoint Mueller

Posted on 10 December 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd has the right to appoint Christoph R. Mueller as chief executive officer-designate to lead the restructured Malaysia Airlines (MAS) as it is injecting the RM6 billion investment to revive the national carrier, says Abdul Wahid Omar.
The Minister in the Prime Minister’s Department said the 12-point MAS Recovery Plan outlined by the government’s investment holding arm, the carrier’s major investor, clearly indicates the need for talents with the necessary skills to help turn MAS profitable………………………………………..Full Article: Source

Khazanah Picks CEO for Restructured Malaysia Airlines

Posted on 09 December 2014 by VRS  |  Email |Print

The Malaysian government’s sovereign wealth fund, Khazanah Nasional Berhad, has picked Aer Lingus CEO Christoph Mueller to lead the restructured and privatized Malaysia Airlines. Mueller’s contract with Aer Lingus ends on May 1 next year, but Khazanah hopes to install the German national as CEO by as early as March 1. It expects to complete the privatization of the company by July 1.
Named Aer Lingus CEO in 2009, Mueller orchestrated that airline’s recovery from heavy losses to profits over the course of one year, even while the Irish market in general languished and European market conditions remained “tepid.” Meanwhile, Aer Lingus led Dublin’s development into one of Europe’s leading hubs for North Atlantic long-haul traffic………………………………………..Full Article: Source

Analysts back Khazanah appointment of Mueller to revive Malaysia Airlines

Posted on 09 December 2014 by VRS  |  Email |Print

Analysts have backed Khazanah Nasional Bhd’s decision to appoint Christoph Mueller to revive Malaysia Airlines Bhd despite the move drawing flak from politicians. They said that Mueller’s track record in reviving an airline was paramount in the decision to hire him.
Furthermore, they pointed to one of Mueller’s key performance indicators, which was grooming a local successor. Last Friday, the sovereign fund announced the appointment of Mueller as the future chief executive officer of Malaysia Airlines………………………………………..Full Article: Source

Dr Mahathir slams Umno silence over 1MDB, TPPA

Posted on 08 December 2014 by VRS  |  Email |Print

Tun Dr Mahathir Mohamad continued his tirade against his successors in Umno, writing today that party delegates and Putrajaya have not addressed issues about the controversy-ridden 1Malaysia Development Bhd (1MDB), a Pacific Rim trade pact and the widening wealth gap.
Dr Mahathir, who is one of 1MDB’s fiercest critics, congratulated Prime Minister Datuk Seri Najib Razak for keeping the Sedition Act but noted that there was no response from the government on the controversial sovereign wealth fund………………………………………..Full Article: Source

Al-Sayed’s exit shows Qataris operate on a different plane

Posted on 05 December 2014 by VRS  |  Email |Print

Ahmad al-Sayed was ousted from the top of the Qatar Investment Authority, the £200 billion sovereign wealth fund that holds large stakes in Barclays and Credit Suisse, owns Harrods, and wanted to purchase Canary Wharf. His successor is Sheikh Abdullah bin Mohammed bin Saud al-Thani, a member of the Qatari royal family.
The QIA and its Canadian partner, Brookfield Group, had made an offer for Songbird Estates, majority owner of Canary Wharf. To say the personnel change threw the QIA-Brookfield camp into confusion is an understatement………………………………………..Full Article: Source

Emir appoints new CEO at Qatar Investment Authority

Posted on 04 December 2014 by VRS  |  Email |Print

Qatar appointed a new chief executive of its sovereign wealth fund on Wednesday, naming ruling family member Sheikh Abdullah bin Mohamed bin Saud al-Thani as the new head of the Qatar Investment Authority (QIA), one of the top investors globally.
Sheikh Abdullah is currently chairman of telecommunications firm Ooredoo, a position he has held since 2000, served as chief of the royal court from 2000 to 2005 and has been a member of the country’s planning council………………………………………..Full Article: Source

Russian fund eager for joint investment with Turkey in media, TV series

Posted on 03 December 2014 by VRS  |  Email |Print

“Turkish television series are very popular in Russia,” Kirill Dmitriev said on Dec. 1 during a speech on diversifying fields of bilateral cooperation in joint investments with Turkey in areas such as engineering, infrastructure and logistics, in addition to the existing cooperation in construction field.
“All of my friends are watching it,” said Dmitriev, who runs Russia’s sovereign wealth fund, the $10 billion Russian Direct Investment Fund (RDIF), referring to the popular TV series “Muhteşem Yüzyıl” (The Magnificent Century). Turkey’s experience in media is significant, Dmitriev said. “Turkish television series are very popular in Russia and frankly one of the most popular television series is coming from Turkey to Russia. So I think it is also possible to grow joint media projects.”……………………………………….Full Article: Source

NZ Super Fund’s Orr says responsible investing now a groundswell globally

Posted on 26 November 2014 by VRS  |  Email |Print

NZ Superannuation Fund chief executive Adrian Orr said long-term and responsible investing has become a groundswell globally, rather than a ripple. Speaking at today’s Responsible Investment Association of Australasia conference in Auckland, Orr said globally it had reached a tipping point where more asset owners were now having regard for responsible investment drivers such as environmental, social and governance issues.
The latest report from the RIAA showed in 2013 assets managed responsibly in New Zealand increased by 20 percent to just over $27 billion, around 40 percent of total assets under management, much of that due to the Super Fund………………………………..Full Article: Source

Afraid of ‘difficult’ questions? Ahmad Maslan CHICKENS OUT of 1MDB forum

Posted on 18 November 2014 by VRS  |  Email |Print

Deputy Finance Minister Datuk Ahmad Maslan said today that he did not receive an invite to Pakatan Rakyat’s forum on 1Malaysia Development Berhad (1MDB), despite the forum’s promotional poster featuring him as a speaker, and that he will not be attending it.
Ahmad also said the government-owned strategic development company’s CEO Mohd Hazem Abd Rahman, who was also featured as a speaker in the forum’s promotional poster, has told him that he would not be attending the forum billing DAP’s Petaling Jaya Utara MP Tony Pua and PKR’s Pandan MP Rafizi Ramli as speakers. “I’ve already answered in Parliament, so there’s no need to attend the forum,” Ahmad said………………………………..Full Article: Source

Don’t bend the rules for 1MDB, Anwar tells Putrajaya

Posted on 14 November 2014 by VRS  |  Email |Print

Datuk Seri Anwar Ibrahim warned Putrajaya against manipulating the checks and balances set out by the Treasury in order to counter the allegations against 1Malaysia Development Berhad (1MDB), saying that the fund is now “the government’s greatest liability”.
The former deputy prime minister, who also served as finance minister from 1992 up to his sacking in 1998, insisted that there was no difference between a letter of support and a sovereign guarantee as Putrajaya is still liable if the state investment arm fails to service its loan………………………………….Full Article: Source

Brazil, China, India still offer investment value - CPPIB

Posted on 14 November 2014 by VRS  |  Email |Print

Brazil, China and India still offer long-term investment value but a lot of global assets are fully priced and competing with huge sovereign wealth funds is getting harder, one of Canada’s biggest dealmakers said on Thursday. Mark Wiseman, CPPIB’s chief executive, said he’s optimistic about North American assets and longer-term plays in Brazil, China and India, where economic growth looks set to continue.
Wiseman said the market is seeing the growth of large and increasingly sophisticated pools of capital in the form of sovereign wealth funds, in Singapore, South Korea, China and the Middle East, all of whom are competing for similar deals…………………………………..Full Article: Source

Dr. Mahathir:Malaysia can do without 1MDB

Posted on 13 November 2014 by VRS  |  Email |Print

Tun Dr Mahathir Mohamad said Malaysia does not need a sovereign fund like the 1Malaysia Development Berhad (1MDB), especially if it results in losses for the country. The former prime minister (PM) said Malaysia could do without the 1MDB, which has been criticised for its lack of transparency as well as for racking up big debts to finance its projects.
Some of 1MDB’s business strategies have also been questioned recently and the fund has been accused of paying above market rates for some of its investments. “We can do without the 1MDB,” Dr Mahathir said when asked whether 1MDB should be shut down………………………………………..Full Article: Source

Rosneft Must Keep Hands Off Wealth Fund, Kudrin Says

Posted on 13 November 2014 by VRS  |  Email |Print

The man who designed Russia’s rainy-day fund to protect against swings in commodity prices says the country’s state oil company shouldn’t be allowed anywhere near the money. OAO Rosneft (ROSN), headed by Igor Sechin, a long-time ally of President Vladimir Putin, asked last month for more than $44 billion from Russia’s Wellbeing Fund to finance investment after sanctions closed capital markets for the company.
The request runs totally against the spirit of the reserve, designed to hedge against dependence on energy exports, said Alexei Kudrin, who was finance minister for more than a decade until 2011………………………………………..Full Article: Source

Osborne poised to take up the ConHome manifesto proposal for a Sovereign Wealth Fund

Posted on 13 November 2014 by VRS  |  Email |Print

In the ConservativeHome manifesto, we proposed “the creation of a UK Sovereign Wealth Fund into which all new public windfall revenues – for instance, the tax revenues from offshore gas and oil extraction – would be paid”.
Bang on cue, the Daily Mail reports that the Government “is preparing to announce plans for a sovereign wealth fund to hold the revenues from fracking for the north of England”. The news comes via Matthew Hancock, who is to make a speech today announcing the creation of a new National College for Onshore Oil and Gas………………………………………..Full Article: Source

Kazakh leader orders government to open oil fund for projects

Posted on 12 November 2014 by VRS  |  Email |Print

Kazakhstan’s president ordered his government on Tuesday to allocate $3 billion from the National Fund every year from 2015 to 2017 to bolster growth in an economy hit by falling oil prices and a slowdown in Russia.
The National Fund, which is replenished with windfall revenues from oil exports, stood at $76.8 billion as of Oct 31. Kazakhstan, Central Asia’s largest economy and the second-largest former Soviet oil producer after Russia, similarly tapped its fund after being hard hit during the global financial crisis of 2007-09, spending $10 billion to cushion the effects………………………………………..Full Article: Source

Dr M’s take on losers, transgenders, 1MDB

Posted on 12 November 2014 by VRS  |  Email |Print

Former premier Mahathir Mohamad waxed lyrical on a number of issues gripping the nation today. On the issue of 1MDB, Mahathir condemned the fund outright, saying there was little need for a fund that only served to increase the country’s debt rather than live up to its name as the nation’s sovereign wealth fund.
He said, “1MDB is said to be a sovereign wealth fund, but it is not. It is money we have borrowed. When we borrow, we have to pay back. This is not wealth.” He also said the country would be much better off if the fund was done away with completely………………………………………..Full Article: Source

Chua Tee Yong sparks protest in Parliament after refusing to discuss 1MDB

Posted on 12 November 2014 by VRS  |  Email |Print

A ruckus broke out in Parliament today when Deputy Finance Minister Datuk Chua Tee Yong refused to answer questions on the controversial state sovereign fund, 1Malaysia Development Bhd (1MDB).
Tony Pua (DAP-Petaling Jaya Utara) had asked Chua about Putrajaya’s letter of support for 1MDB as well as a land deal for the relocation of defence units from land marked for government development project, Bandar Malaysia………………………………………..Full Article: Source

Australia missed a chance to set up wealth funds, says Asciano chairman

Posted on 10 November 2014 by VRS  |  Email |Print

ASCIANO chairman and BHP Billiton director Malcolm Broomhead says Australia to some extent wasted the decade-long commodities boom by failing to establish a sovereign-wealth fund and follow the likes of Norway. But the resources industry veteran says a fund is still needed to tackle looming demographic changes and that industry cost structures need to change to be able to establish one.
Mr Broomhead, speaking after a recent Australian Futures Project panel session at La Trobe University in Melbourne, said Australia had been through a “decade of decadence”. “We’ve ended up with the highest cost structure, albeit with the highest standard of living in the world, making it twice as expensive to stevedore a ship here as it is in New Zealand,” he told The Australian………………………………………..Full Article: Source

SOFAZ Executive Director meets with Hungarian delegation

Posted on 04 November 2014 by VRS  |  Email |Print

SOFAZ Executive Director met with Hungarian delegation led by Minister of Foreign Affairs and Trade, Mr. Szijjártó, APA reports. Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) met with a Hungarian delegation led by Minister of Foreign Affairs and Trade, Mr. Szijjártó on November 3, 2014.
The current economic relations between Azerbaijan and Hungary, development perspectives of these relations, SOFAZ’s investment opportunities in this country were discussed at the meeting………………………………………..Full Article: Source

Ex-Goldman property head lands $1.5bn Kuwait play

Posted on 03 November 2014 by VRS  |  Email |Print

Kuwait’s giant sovereign wealth fund, whose holdings include the mayor of London’s headquarters, has handed a former Goldman Sachs partner $1.5 billion of cornerstone capital for his new property investment firm.
With appetite for real estate investment strong and prime commercial property in London in particular demand, Ed Siskind has launched a UK limited-liability partnership called Cale Street Partners………………………………………..Full Article: Source

Norway’s $860 Billion Wealth Fund Bets Big on Modi’s India

Posted on 30 October 2014 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, will increase its holdings “significantly” in India as Prime Minister Narendra Modi opens Asia’s third-largest economy to investments and competition.
The fund today revealed that it raised its holdings of Indian bonds and stocks to 0.9 percent of its fixed-income and equities portfolios, as part of a broader plan to increase its presence in emerging markets and generate bigger returns………………………………………..Full Article: Source

Najib telling half-truth on ‘guarantee’ given to 1MDB, claims DAP

Posted on 30 October 2014 by VRS  |  Email |Print

The prime minister was not entirely truthful when he said that the government’s guarantee for sovereign wealth fund, 1Malaysia Development Bhd (1MDB), was only RM5.8 billion, the DAP said.
The party’s national publicity secretary Tony Pua claimed that on top of the government’s guarantee, the Finance Ministry had also issued “letters of support” for other loans undertaken by 1MDB. Thus, he said, Datuk Seri Najib Razak’s written reply yesterday to a question by Bagan MP Lim Guan Eng on former prime minister Tun Dr Mahathir Mohamad’s criticism of 1MDB and its debt was a “half-truth”………………………………………..Full Article: Source

Mumtalakat’s Chief On The Fund’s Comeback

Posted on 27 October 2014 by VRS  |  Email |Print

As Mumtalakat rides high on its recent leap in profits, its chief executive Mahmood Hashim al Kooheji talks about the fund’s plans to step up its international investments and Bahrain’s non- oil sector. One of the smaller and younger sovereign wealth funds in the region, Bahrain’s Mumtalakat has played a key role in developing the Gulf country’s economy. Founded in 2006, it holds stakes in 38 firms, including non- oil stalwarts such as Aluminium Bahrain (Alba) and Bahrain Telecommunications Co (Batelco), for a combined value of $7.2 billion.
The year 2014 started on a distinctive note for the wealth fund as it posted a significant jump in profits 2013 after recording losses for five straight years. Mumtalakat’s gross profit last year rose 135 per cent to reach BD109.4 million compared with a net loss of BD46.5 million in 2012………………………………………..Full Article: Source

Prince Alwaleed attends sovereign funds HQ inauguration in Paris

Posted on 27 October 2014 by VRS  |  Email |Print

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), attended a dinner at the French presidential palace, The Elysee. The event marked the inauguration of the Institutional Investor Roundtable (IIR) headquarters with an official invitation from French President François Hollande.
Sovereign wealth fund (SWF) CEOs and French Economy Minister Emmanuel Macron attended the dinner. Prince Alwaleed had earlier attended the inauguration of the Institutional Investor Roundtable (IIR) headquarters in Paris attended by sovereign wealth fund CEOs………………………………………..Full Article: Source

China’s CIC suffers CEO reshuffle, again

Posted on 24 October 2014 by VRS  |  Email |Print

China’s sovereign wealth fund CIC has been hit with another senior management setback with news that its chairman and CEO, Ding Xuedong, has been named to replace Jin Liqun as head of investment bank CICC.
The fact the government has reshuffled the head of China Investment Corporation to run the nation’s largest investment bank left one commentator to conclude the state investment company no longer enjoyed the status it once had.However, one well-placed source said that Ding would retain his current position at CIC………………………………………..Full Article: Source

China’s CICC says chairman resigns, to be replaced by head of sovereign wealth fund

Posted on 24 October 2014 by VRS  |  Email |Print

China International Capital Corp (CICC) said on Thursday its Chairman Jin Liqun resigned from his post and will be replaced by the head of the country’s sovereign wealth fund. China Investment Corporation’s current Chairman and Chief Executive Ding Xuedong has been appointed as the new CICC chairman, the investment bank said in a statement.
Reuters reported last week Jin would quit this year to take up a position at Asia Infrastructure Investment Bank (AIIB), a regional development bank being set up by Beijing………………………………………..Full Article: Source

Tory Peer Proposes Sovereign Wealth Fund Amendment to UK Infrastructure Bill

Posted on 24 October 2014 by VRS  |  Email |Print

Lord Hodgson of Astley Abbotts, a Tory peer, proposed an amendment to the UK infrastructure bill. In it, Hodgson entails the formation of a soverign wealth fund being funded by shale gas revenue. Hydraulic fracturing, also known as fracking, could provide the UK with a boom in energy revenue.
According to the Associated Press (AP), Lord Hodgson issued the following statement:“You could argue this is akin to an everlasting pension fund for UK plc. Norway has an extremely successful sovereign wealth fund and as a result Norwegian government bonds are some of the most sought after and highly rated in the world. A British sovereign wealth fund might not just help the country in the long run, it might also improve our financial stability in the short run”……………………………………….Full Article: Source

Future Fund focuses on finding the best people

Posted on 17 October 2014 by VRS  |  Email |Print

Australia’s sovereign wealth fund, the A$101 billion Future Fund, has just upped the stakes in not only attracting the best co-investment deals from fund managers, but in its bid to attract the world’s best investment professionals. Two months ago the fund’s long serving chief investment officer, David Neal, become chief executive in name (following the resignation of the previous CEO Mark Burgess, who held the role for nearly three years), but he might more accurately be described as the fund’s chief big picture strategist.
Frustrated at the lack of time he had to think strategically as chief investment officer, in his new role he now largely focuses on this alone, while former head of infrastructure and timberland Raphael Arndt has been promoted to chief investment officer where he designs, implements and oversees the investments and Steve Gilmore, as head of investment strategy, focuses on the overall risk exposure of the portfolio. The latter two tasks were both formerly led by Neal when he was chief investment officer………………………………………..Full Article: Source

Georgian minister to tell about his country’s transit potential at conference in Baku

Posted on 16 October 2014 by VRS  |  Email |Print

Georgian Regional Development and Infrastructure Minister David Shavliashvili departed for Baku, Azerbaijan. He will take part in an international conference titled “The Baku-Tbilisi-Kars railway – new opportunities for development of the historical Great Silk Road.”
Azerbaijan’s State Oil Fund (SOFAZ) is financing the project in accordance with the Azerbaijani president’s decree ‘On implementation of measures on the Baku-Tbilisi-Kars project’, dated Feb. 21, 2007. The railway’s new 105-kilometer branch is being constructed as part of the project………………………………………..Full Article: Source

Indian President Pranab in lobbyist role; Noway SWF

Posted on 15 October 2014 by VRS  |  Email |Print

President Pranab Mukherjee, blamed by some for driving away foreign investment as a UPA finance minister, is this week donning the mantle of chief lobbyist to re-ignite interest from Europe’s largest sovereign wealth fund — for Prime Minister Narendra Modi.
Norway holds Europe’s largest sovereign wealth fund — a state-owned investment fund used by nations to plough money usually into stocks, equities, markets or infrastructure projects that the country deems will earn it safe, high returns. Of its $890bn (Rs 54.3 lakh crore) sovereign fund, Norway has currently invested only about $4bn in Indian stock markets and specific infrastructure projects………………………………………..Full Article: Source

1MDB on PAC’s radar but no scheduled interview yet, chief says

Posted on 15 October 2014 by VRS  |  Email |Print

The 1Malaysia Development Bhd (1MDB) is now on the Public Accounts Committee (PAC) “radar” but the influential panel has no plan to haul up executives from the sovereign fund despite opposition claims of financial improprieties. Committee chief Datuk Nur Jazlan Mohamed said today that PAC’s priority was to investigate issues raised by the Auditor General and said it cannot haul up government agencies or state-linked companies based on individual allegations.
“Our job is to go through the audit report first… just because someone is saying there is something wrong with something doesn’t mean there is anything wrong,” Nur Jazlan said………………………………………..Full Article: Source

CICC Chief Executive Levin Zhu Resigns

Posted on 15 October 2014 by VRS  |  Email |Print

Levin Zhu, son of former Chinese Premier Zhu Rongji, has resigned as chief executive of investment bank China International Capital Corp. after nearly 17 years at the helm, as its planned initial public offering has been delayed.The biggest shareholder of C.I.C.C., with a 43.3 percent stake, is Central Huijin Investment, a subsidiary of China’s sovereign wealth fund, the China Investment Corporation.
CICC said Tuesday that it had appointed Chief Operating Officer Shoukang Lin, who joined CICC in 2000, as acting chief executive. Mr. Zhu’s plans weren’t clear and he couldn’t immediately be reached for comment. CICC was formed by Morgan Stanley and China Construction Bank Corp as China’s first Sino-foreign joint-venture investment bank in 1995. Morgan Stanley sold its stake in December 2010 to a consortium that included sovereign-wealth fund Government of Singapore Investment Corp……………………………………….Full Article: Source

Sovereign fund chaired by PM Najib, yet 1MDB cannot furnish its accounts in time!

Posted on 10 October 2014 by VRS  |  Email |Print

After 1Malaysia Development Berhad (1MDB)’s lengthy delay in submitting its financial statements, its subsidiaries are now in the spotlight for still failing to submit their own financial statements since 2012.
Petaling Jaya Utara MP Tony Pua said the two subsidiaries, 1MDB Real Estate Sdn Bhd and 1MDB (Energy) Langat Sdn Bhd, failed to submit their financial statements since Dec 28, 2012 and Sept 21, 2012 respectively. Pua told a press conference at the Parliament lobby today that the accounts are important as it will reveal controversial dealings by the two key subsidiaries of 1MDB………………………………………..Full Article: Source

The guardian of Azerbaijan’s oil riches

Posted on 08 October 2014 by VRS  |  Email |Print

Shahmar Movsumov has an interesting challenge. He has been entrusted with a very large amount of money, told to spend some of it wisely but to keep a sizeable proportion for the future. And he has also been told to publicly account for every cent.
Mr Movsumov is the chief executive of the State Oil Fund of the Republic of Azerbaijan (Sofaz), the sovereign wealth fund (SWF) of the comparatively small but energy-rich Caspian country, and his main job is to keep the balance between expenditure and management of the surplus reserves built up over the years. Since the cash began to flow 15 years ago, Sofaz has received some US$110 billion worth of energy revenue and spent most of it. “Invested in future generations,” Mr Movsumov says………………………………………..Full Article: Source

Khazanah: Global Search For MAS CEO Ongoing

Posted on 08 October 2014 by VRS  |  Email |Print

While recent news reports centre on the appointment of a new chief executive officer (CEO) for Malay-sia Airlines (MAS), more crucially it is learnt that majority shareholder Khazanah Nasional Bhd is mulling with the idea to re-introduce the executive chairman post for the revamped national carrier.
Business Times learnt that some changes were made to the previous shortlisted candidates with two new names being added for the new post after the announcement of MAS’ new business plan in August. The three names currently bandied about are National Aerospace and Defence Industries Sdn Bhd director and president Tan Sri Ahmad Johan, Malaysia Airports Holdings Bhd adviser Tan Sri Bashir Ahmad and Celcom Axiata Bhd CEO Datuk Seri Shazalli Ramli………………………………………..Full Article: Source

Goldman Bankers Threatened by LIA Executive in ‘Tirade’

Posted on 07 October 2014 by VRS  |  Email |Print

A Libya Investment Authority executive threatened two Goldman Sachs Group Inc. bankers at a 2008 meeting in Tripoli, telling them the lender had “screwed” the sovereign wealth fund, according to the LIA’s evidence at a London court hearing.
Former LIA executive Mustafa Zarti was so angry about bad investments that he cursed at the two bankers, Youssef Kabbaj and Nick Pentreath, in English and Arabic after questioning some of the fund’s 2008 trades with Goldman, according to Catherine McDougall, a lawyer at a London law firm who was temporarily assigned to the LIA at the time………………………………………..Full Article: Source

Libya’s $1bn hangover – fund’s losses after drinks with Goldman

Posted on 07 October 2014 by VRS  |  Email |Print

Goldman Sachs bankers took Libyan sovereign wealth fund bosses on a boozy weekend to Marrakesh – befriending them before selling them financial products the clients did not understand, the High Court heard.
Libyan Investment Authority (LIA) said it lost $1bn (£622m) on the deals from January to April 2008, and told the court it believes Goldman Sachs made around $350m. It is suing Goldman, arguing it was misled by the bank. Goldman Sachs is fighting the claims, arguing “the LIA’s …executives included highly experienced banking professionals.”……………………………………….Full Article: Source

Goldman had ‘inappropriate’ relationship with Libyan fund

Posted on 07 October 2014 by VRS  |  Email |Print

A lawyer seconded to the Libyan Investment Authority, which is suing Goldman Sachs over $1 billion of trades that ended up worthless, was “shocked” by the bank’s “inappropriate” relationship with the fund, according to court filings.
In a suit filed at London’s High Court, the Libyan Investment Authority (LIA) claims the Wall Street investment bank exploited a position of trust by encouraging the sovereign wealth fund to invest more than $1 billion in a series of equity derivatives trades that expired as worthless in 2011………………………………………..Full Article: Source

Boris Johnson: Britain needs ‘gigantic’ SWF to help build new roads

Posted on 06 October 2014 by VRS  |  Email |Print

Britain’s public sector pensions should be merged to create “gigantic” sovereign wealth fund which can invest in the roads, railways and airports that “this country is crying out for”, Boris Johnson has said.
The Mayor of London said that there has been an “ontological explosion” of pension fund managers who each have “their little jaws wrapped blissfully around the giant polymammous udder of the state”. He said that pensioners would enjoy higher incomes if Britain’s 39,000 public sector funds were merged to create a “citizen’s wealth fund” which could invest in major infrastructure to help stimulate Britain’s economy………………………………………..Full Article: Source

Putin Not Big Enough Threat to Undermine Europe, Norway Says

Posted on 06 October 2014 by VRS  |  Email |Print

Europe shouldn’t fear the economic fallout of deteriorating ties with Russian President Vladimir Putin, Norway’s Prime Minister Erna Solberg said.
Norway, western Europe’s biggest oil and gas producer and home to an $860 billion sovereign wealth fund, has so far weathered Russian sanctions and Putin’s retaliation without much pain, Solberg said. Yet the country is grappling with a slowdown in its energy industry as oil prices fall and costs rise………………………………………..Full Article: Source

Dubai SWF chief urges merger of UAE bourses

Posted on 06 October 2014 by VRS  |  Email |Print

The head of Dubai’s sovereign wealth fund (SWF) has called for the creation of one stock exchange in the UAE, a merger that officials have unsuccessfully been trying to engineer in the past few years.
The merger of Dubai Financial Market and Abu Dhabi Securities Exchange has been on the cards for years as the authorities hope to create a financial market with more depth that could accommodate larger listings and stimulate trade and investment flows. Despite the consensus that such a move would make sense, merger attempts so far have failed………………………………………..Full Article: Source

Africa’s Richest Man Aliko Dangote Explores New Opportunities With Dubai Sovereign Fund ICD

Posted on 02 October 2014 by VRS  |  Email |Print

The Investment Corporation of Dubai (ICD), the sovereign fund owned by the government of Dubai, United Arab Emirates, is exploring further investment opportunities in Africa in collaboration with Dangote Group, the Nigerian conglomerate owned by Africa’s richest man, Aliko Dangote.
According to a Reuters report, Mohammed al-Shaibani, ICD’s CEO, disclosed this on Wednesday, while speaking alongside Aliko Dangote during a session at the Africa Global Business Forum in Dubai. “We have been looking at Africa for a long time. We are looking to do more business with Mr. Dangote and we have some things that we are exploring at the moment together,” Mohammed al-Shaibani told the audience during the event at Atlantis, The Palm, in Dubai………………………………………..Full Article: Source

Dubai’s Sovereign Fund Keen On More Deals With Dangote

Posted on 02 October 2014 by VRS  |  Email |Print

Barely a month after it made its first investment in Africa’s largest economy following the purchase of a $300 million minority (1.4 percent) stake in Dangote Cement, Dubai’s sovereign wealth fund – Investment Corporation of Dubai (ICD) said it is planning to invest more in other sectors of Dangote Group.
Speaking at a conference in Dubai, CEO of the Emirate fund, Mohammed Al Shaibani said the company is diversifying its portfolio and looking forward to expanding its partnership with Dangote Group, especially in areas of agriculture and infrastructure………………………………………..Full Article: Source

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