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1MDB scandal is quite damaging, concedes Nazir

Posted on 27 September 2016 by VRS  |  Email |Print

In an interview with the magazine Euromoney, CIMB bank chairperson Nazir Razak shares his views on the 1MDB scandal and being dragged into the imbroglio. Published in its September issue, the article’s writer noted how two days before the meeting with Nazir, a brother of Prime Minister Najib Abdul Razak, the United States Department of Justice filed a civil suit in relation to alleged abuse of 1MDB funds.
“When you agree to an interview, you don’t imagine what’s going to happen two days beforehand,” Nazir had told the writer, who claimed that the banker honoured the interview against the advice of his communications advisers, “three of whom joined us in the room with a barrage of notebooks and tape recorders”……………………………………..Full Article: Source

Future Fund may not buy more infrastructure: Peter Costello

Posted on 26 September 2016 by VRS  |  Email |Print

Future Fund chairman Peter Costello has warned that the $125 billion fund might have sated its appetite for infrastructure assets by the time the Queensland government accepts reality and reverses its anti-privatisation position.
Speaking after the Future Fund-led Lonsdale consortium paid an eye-popping $9.7bn on Monday for a 50-year lease of the Port of Melbourne, Costello noted the irony of the Queensland government-owned QIC’s participation in the well-timed privatisation of the nation’s leading container port…………………………………….Full Article: Source

With Kleptocrats Untouchable, America Goes Big on Another Strategy: Taking Their Stuff Instead

Posted on 23 September 2016 by VRS  |  Email |Print

Accused of involvement in stealing billions from Malaysia’s sovereign wealth fund, Prime Minister Najib Razak did what autocratic leaders around the world do when scandal is in the air. He cleared house. In the space of a day last July, he fired his deputy prime minister and attorney general and sidelined members of a parliamentary committee looking into the apparent theft.
With the press increasingly muzzled and the country’s opposition leader behind bars, Najib appeared to have weathered the crisis unscathed. That is, until the United States stepped in. On July 20, the US Department of Justice announced it was launching a case to recover more than US$ 1 billion in assets out of a total of about $3.5 billion allegedly stolen from the sovereign wealth fund, 1Malaysia Development Berhad (1MDB)………………………………………Full Article: Source

Robert De Niro doesn’t ‘give a s—-’ about Malaysian corruption scandal

Posted on 23 September 2016 by VRS  |  Email |Print

Robert De Niro is unconcerned after being linked to a Malaysian corruption scandal. Back in July, the U.S. Department of Justice filed to seize the assets of a Malaysian sovereign wealth fund called 1MDB, set up by the country’s Prime Minister Najib Razak. It is claimed more than $1 billion was embezzled and misappropriated from the fund - including $100 million which was used from the fund to finance Leonardo DiCaprio’s 2013 movie The Wolf of Wall Street.
Now, The Hollywood Reporter has revealed Robert De Niro is the latest star to be embroiled in the corruption scandal, with the actor’s Tribeca Film Institute reportedly taking a donation from the Jynwel Foundation, which is linked to the 1MDB fund………………………………………Full Article: Source

Julius Baer Responds to DiCaprio, 1MDB Questions

Posted on 22 September 2016 by VRS  |  Email |Print

Swiss private bank Julius Baer responded to questions over its links to actor-environmentalist Leonardo DiCaprio, who has been criticized over his ties to representatives of Malaysia’s 1MDB fund.
The Zurich-based private bank hasn’t been connected to illicit dealings with 1MBD, a Malaysian state fund which stands accused by U.S. authorities of graft on a grand scale…………………………………….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

Unesco holds back award for Malaysia PM’s wife amid 1MDB fallout

Posted on 21 September 2016 by VRS  |  Email |Print

Honour for Rosmah Mansor on hold in sign of growing international impact of graft scandal. Unesco has postponed an award it planned to give to Rosmah Mansor, the Malaysian prime minister’s wife, at the last minute in a sign of the growing international fallout from a corruption scandal engulfing the country’s leaders.
Irina Bokova, the Unesco director-general, wrote to Ms Rosmah this month saying Malaysia’s first lady was to receive the award at an event in New York this Thursday, according to the Malaysian government………………………………………Full Article: Source

Libya sovereign fund denies handover rumours

Posted on 15 September 2016 by VRS  |  Email |Print

AbdulMagid Breish, the chairman of LIA Tripoli, and Fawzi Farkash, the newly-appointed Chairman of the Tobruk-based LIA has denied veracity of the reports that a steering committee has taken over responsibility for managing the LIA following a handover process. In a joint statement, they confirmed that these reports are “completely false”:
“Reports in recent days of a handover of power to an interim steering committee are simply untrue. Reports that a steering committee has taken over responsibility for managing the LIA following a handover process are also completely false. The Tripoli LIA and the Tobruk LIA are united in our condemnation of these totally unfounded stories.”……………………………………….Full Article: Source

Mubadala CEO signals more oil deals as IPIC megamerger advances

Posted on 15 September 2016 by VRS  |  Email |Print

Mubadala Development Co, the Abu Dhabi sovereign fund merging with International Petroleum Investment Co, 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,” Mubadala chief executive officer Khaldoon Mubarak said in an interview last week at his office in the UAE capital. “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

Temasek chief on Fortune’s list of 50 most powerful businesswomen

Posted on 14 September 2016 by VRS  |  Email |Print

Temasek Holdings executive director and CEO Ho Ching has been ranked eighth in a list of the world’s 50 most powerful businesswomen outside of the US. The list by Fortune magazine is topped by Ms Ana Botin, executive chairman of Banco Santander, the euro zone’s largest bank by market value. At No. 2 is State Bank of India chairman Arundhati Bhattacharya.
Ms Ho, 63, is credited for her leadership of Singapore’s state investment firm whose US$180 billion portfolio posted an annual shareholder return of 6 per cent over the past decade. The magazine highlighted Ms Ho’s role in broadening Temasek’s portfolio beyond Asia since she became the state investment fund’s executive director in 2002………………………………………..Full Article: Source

Former Korea Investment Corp. CIO to join Asian Infrastructure Investment Bank

Posted on 12 September 2016 by VRS  |  Email |Print

Dong-ik Lee, former chief investment officer of Korea Investment Corp., will join Asian Infrastructure Investment Bank, the China-backed multilateral development bank launched at the end of 2015, as operational adviser to private-sector investment.
Lee confirmed in an e-mail he would relocate to Beijing to take up that position, “directly related to private-sector infrastructure investment,” in mid-September………………………………………..Full Article: Source

Husni tells of 1MDB epiphany prompting him to quit his post

Posted on 12 September 2016 by VRS  |  Email |Print

“Everyone knows that you are not involved in 1MDB. Why are you feeling stressed over the 1MDB issue?” These were the words of a Bank Negara senior official that had led Ahmad Husni Hanadzlah to finally decide to resign as second finance minister and dissociate himself from the 1MDB scandal.
In an interview with Sinar Harian today, Husni said he had been under heavy stress for several months as he was tasked with resolving the growing 1MDB controversy, even though he was never part of the debt ridden sovereign fund when it was first set up. The stress had even caused Husni to suffer prolonged high blood pressure………………………………………..Full Article: Source

Kuwait hopes investment authority contribute to boosting economy

Posted on 08 September 2016 by VRS  |  Email |Print

His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah on Wednesday expressed hope that Kuwait Direct Investment Promotion Authority (KDIPA) would play a role in bolstering Kuwait’s economic status.
The Crown Prince expressed his aspiration in this respect during a reception of Minister of Commerce and Industry and KDIPA Chairman Dr. Yousef Mohammad Abdullah Al-Ali, accompanied by General Director of the investment authority, Sheikh Dr. Meshaal Jaber Al-Ahmad Al-Sabah, and Board members………………………………………..Full Article: Source

Citi’s former TM head joins sovereign wealth fund

Posted on 08 September 2016 by VRS  |  Email |Print

Steven Dalzell, the former global head of transition management at Citi, has joined the Abu Dhabi Investment Authority (ADIA). Dalzell, who spent six years at Citi and has also worked at BlackRock, will take charge of the sovereign wealth fund’s transition management operations.
He will be responsible for ensuring changes in the sovereign fund’s asset allocation or investment management are handled efficiently, ADIA said in a statement, and will report to Salem Alblooshi, executive director of central dealing department. Dalzell has relocated from London to the United Arab Emirates………………………………………..Full Article: Source

Libya’s Rival Sovereign-Wealth Fund Chiefs Seek Truce

Posted on 07 September 2016 by VRS  |  Email |Print

Management of the frozen $67 billion fund has been the subject of a power struggle between competing governments. Rival chairmen of Libya’s $67 billion sovereign-wealth fund say they want to settle their differences and unify its management, seeking to end a feud that began during the country’s civil war.
The Libyan Investment Authority, or LIA, is suing New York-based Goldman Sachs Group Inc. and Paris-based Société Générale SA for billions of dollars in the High Court in London over failed investments. The chairmen said in interviews with The Wall Street Journal that they want to combine their efforts to cut legal costs and simplify operations………………………………………..Full Article: Source

Abu Dhabi’s Mubadala CEO doesn’t rule out more M&A

Posted on 07 September 2016 by VRS  |  Email |Print

The chief executive of Abu Dhabi state fund Mubadala said he did not rule out more mergers and acquisitions in the emirate after the planned merger of his institution with another of Abu Dhabi’s sovereign funds. “From a personal point of view, there is no doubt,” Khaldoon Khalifa al-Mubarak said, when asked about the possibility of more merger activity in the emirate.
“When the benefits of a merger are clear, it is in the interests of owners. We are in a competitive world and size matters, and the more competitive capability we form would be in the interest of concerned companies,” he added………………………………………..Full Article: Source

Behind the 1MDB scandal: How banks missed clues and bowed to pressure

Posted on 07 September 2016 by VRS  |  Email |Print

Financier Jho Low, who investigators believe is at the centre of one of the largest-ever financial scandals, kept up a stream of messages to an official at AmBank Bhd. Mr Low was obsessed about how the bank handled the peculiar accounts of Malaysian Prime Minister Najib Razak.
Don’t let people outside the bank or more than a few people inside know about the accounts, he instructed. Use Gmail, not the bank’s email system, for communication. Whatever you do, don’t send credit-card statements to the prime minister’s house………………………………………..Full Article: Source

China’s CIC Boosts Direct Investments in Search of Returns

Posted on 06 September 2016 by VRS  |  Email |Print

Bespectacled and with a professorial demeanor, Ding Xuedong smiles broadly as he walks the hallways of China Investment Corp’s headquarters, but the staff knows full well that the chairman carries a big stick.
Since taking the helm of CIC in July 2013, Ding has restructured China’s influential sovereign wealth fund by overhauling top management, shifting power over its $250 billion global portfolio from a handful of individual managers to investment teams, and conducting periodic audits to guard against corruption and conflicts of interest between managers and the investments they make………………………………………..Full Article: Source

Abu Dhabi Wealth Fund Hires Citigroup Banker as Transition Head

Posted on 06 September 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, hired former Citigroup Inc banker Steven Dalzell as head of transition management. Based in Abu Dhabi, Dalzell will lead a team responsible for ensuring changes or movements in the sovereign fund’s asset allocation or investment management are handled efficiently, ADIA said.
It’s a newly created role, a spokesman for the fund said. Dalzell will work on planning and implementing multi-asset class portfolio transitions, including pre-trade analysis, project planning, implementation and reporting, according to the statement………………………………………..Full Article: Source

LIA rival chairmen agree to resolve rift, say Presidential Council order is illegal

Posted on 05 September 2016 by VRS  |  Email |Print

The two claimants to the position of Chairman of the Libyan Investment Authority (LIA) in Tripoli and Tobruk, AbdulMagid Breish and Fawzi Omran Farkash, met on August 29 to resolve the long-running dispute between the LIA in Tripoli and the parallel LIA operation in Tobruk.
Both sides agreed to restore the LIA’s Litigation Committee, which was originally established by the Tripoli-based LIA’s Chairman, Breish, in 2013 with the aim to supervise the international litigations he initiated to recover sums that were misappropriated from the Libyan people, including those misappropriated by Goldman Sachs and Société Générale………………………………………..Full Article: Source

Challenging times ahead for investment: Future Fund’s Peter Costello

Posted on 02 September 2016 by VRS  |  Email |Print

Future Fund chairman Peter Costello has warned of rising investment risks and lower returns despite the nation’s sovereign wealth fund rebounding from its first quarterly loss in four years.
It comes a slower market returns force the fund to look increasingly to private investments to maintain its performance in its second decade. The former federal treasurer also waded into the ongoing debate over monetary policy, signalling it was time for the world to focus on other means to stimulate the economy………………………………………..Full Article: Source

Governments have ‘limited firepower’ to deal with future financial shocks: Future Fund

Posted on 02 September 2016 by VRS  |  Email |Print

Future Fund chairman Peter Costello says governments are “running out of shots” to protect against any future financial shocks. The head of Australia’s $123 billion sovereign wealth fund said monetary policy alone was no longer enough to stimulate growth in the global economy.
This was creating a growing sense of unease among the investment community that governments would be powerless in the face of another GFC………………………………………..Full Article: Source

Same old same old, Salleh says of Muhyiddin’s 1MDB remarks

Posted on 01 September 2016 by VRS  |  Email |Print

Muhyiddin Yassin wants to create the perception that the RM2.6 billion controversy is still an outstanding issue to divert issues plaguing the Opposition, Salleh Said Keruak said.
In a blog post yesterday, Salleh who claimed the Opposition was in a mess and losing ground, wondered when the former deputy prime minister was going to accept the fact that the 1Malaysia Development Berhad (1MDB) saga and donation from the Middle East have been explained more than once and that the matter was now closed. “They insist that the Prime Minister replies to the allegations against him but then when he does, they ignore these responses and act as if nothing has been replied………………………………………..Full Article: Source

Tackle 1MDB affair urgently, Catholic bishops say

Posted on 01 September 2016 by VRS  |  Email |Print

Malaysia’s Catholic bishops believe that critical issues affecting the country, such as the 1Malaysia Development Bhd (1MDB) affair, need to be resolved urgently. In its National Day message, the Catholic Bishops Conference of Malaysia admitted that while the country has advanced in many sectors, there are also issues that need to be addressed.
“These include the controversial National Security Council (NSC) Act, which is perceived as being contrary to democratic norms, the volatile financial situation with a high cost of living aggravated by excessive levies, retrenchment of workers, corruption and wastages and, particularly, the 1MDB affair………………………………………..Full Article: Source

Abu Dhabi SWF hires ex-Citi transitions chief

Posted on 01 September 2016 by VRS  |  Email |Print

The former global head of Citigroup’s transition management unit has re-emerged at the Abu Dhabi Investment Authority, as the world’s second largest sovereign wealth fund brings more of its assets and investment operations in-house.
Steven Dalzell has joined the fund and moved from London to Abu Dhabi, according to person familiar with the situation. He joins as head of transition management in the central dealing unit, a role in which he oversees securities transactions across all asset classes managed in-house, including equity, fixed income, foreign exchange and derivative portfolios………………………………………..Full Article: Source

Abu Dhabi fund ADIA appoints Beaton global operations head

Posted on 31 August 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA) has appointed Garry Beaton to the newly created role of global head of operations, the sovereign wealth fund.Beaton joins the fund, which has around $792 billion in assets according to industry tracker Sovereign Wealth Fund Institute, from Ashmore Group, where he held the same title.
According to the statement, Beaton will be responsible, together with other members of senior management, for guiding the strategy of the operations department and overseeing its support of internal and external funds, corporate actions, performance and development, securities lending and custody………………………………………Full Article: Source

Abu Dhabi wealth fund ADIA appoints new global operations head

Posted on 30 August 2016 by VRS  |  Email |Print

Abu Dhabi Investment Authority (ADIA) has appointed Garry Beaton to the newly created role of global head of operations, the sovereign wealth fund said in a statement on Monday. Beaton joins the fund, which has around $792bn in assets according to industry tracker Sovereign Wealth Fund Institute, from Ashmore Group, where he held the same title.
According to the statement, Beaton will be responsible, together with other members of senior management, for guiding the strategy of the operations department and overseeing its support of internal and external funds, corporate actions, performance and development, securities lending and custody………………………………………..Full Article: Source

Turkey seeks to manage $200 bln in sovereign fund soon: Minister

Posted on 29 August 2016 by VRS  |  Email |Print

Turkey’s target for its newly announced sovereign wealth fund is for it to manage $200 billion as soon as possible, Economy Minister Nihat Zeybekci said on Aug. 26, as a public company has been established to run the process.
“Our aim is to make this fund one which can control a $200-billion asset pool,” he said in an interview with broadcaster NTV, as quoted by Reuters. Turkish lawmakers put forward legislation to create a sovereign wealth fund, which was intended to help boost annual growth over the next decade………………………………………..Full Article: Source

Kuala Lumpur rally calls for arrest of 1MDB’s ‘Malaysian Official 1′

Posted on 29 August 2016 by VRS  |  Email |Print

As many as 1,000 protesters marched in Malaysia’s capital on Saturday to protest the scandal surrounding 1MDB, the country’s troubled sovereign wealth fund. The protesters called for the arrest of “Malaysian Official 1,” an unnamed official who appeared repeatedly in a U.S. Department of Justice (DOJ) lawsuit in July in relation to a series of alleged thefts from the fund, which was set up by Prime Minister Najib Razak in 2009 to invest in strategically important assets.
The civil lawsuit alleged that more than $3.5 billion was looted from 1Malaysia Development Berhad (1MDB) and laundered through various shell companies by officials and others connected with the wealth fund………………………………………..Full Article: Source

Clinton Bundler Partnered With Malaysian Fund Under Investigation for Embezzling $3 Billion

Posted on 26 August 2016 by VRS  |  Email |Print

Malaysian sovereign wealth fund entered joint venture with D.C. firm owned by bundler for Obama, Clinton. A top bundler for President Barack Obama and now Hillary Clinton previously entered into a joint venture agreement with a Malaysian sovereign wealth fund accused of embezzling more than $3 billion dollars internationally.
The troubles surrounding 1Malaysian Development Berhad (1MDB), a state investment fund created by the Malaysian government to promote economic development in the country, has garnered increased headlines in recent days after it was discovered that actor Leonardo DiCaprio’s foundation is linked to the foreign entity………………………………………..Full Article: Source

China Central Huijin To Name Insurance Executive Bai Tao As General Manager

Posted on 24 August 2016 by VRS  |  Email |Print

China Central Huijin Investment Ltd. is to appoint Bai Tao, a vice president at China Life Insurance Co., Ltd., as its general manager, Caixin Media reported citing people familiar with the matter. Bai Tao, 52, will also become vice general manager at Central Huijin’s parent company, China Investment Corp, in a routine arrangement.
Ding Xuedong, chairman of China Investment Corp, currently serves as the chairman of Central Huijin, an investment holding company managing stakes of China’s biggest state-owned banks on behalf of the government. China Investment Corp, the country’s sovereign wealth fund, has made multiple appointments lately amid volatile management turnover………………………………………..Full Article: Source

1MDB-linked Leonardo DiCaprio pulls out of Hilary Clinton fundraiser

Posted on 23 August 2016 by VRS  |  Email |Print

Leonardo DiCaprio has abruptly dropped out of hosting a US$33,400-per-guest (S$45,200-per-guest) fundraiser lunch for Democratic presidential nominee Hillary Clinton at his Hollywood Hills home — just days before the event scheduled on Tuesday.
According to a report by The Hollywood Reporter, one source with experience planning presidential fundraisers said it would be a “no brainer” to keep DiCaprio away from a Clinton event, amid public scrutiny. DiCaprio and his Leonardo DiCaprio Foundation are facing questions over links to a US$3 billion embezzlement scheme surrounding Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB)………………………………………..Full Article: Source

Will Shahrol be made the 1MDB scapegoat?

Posted on 23 August 2016 by VRS  |  Email |Print

Former 1MDB chief executive officer Shahrol Halmi will likely be made the scapegoat in the multi-billion ringgit 1MDB scandal if police restrict their investigations as ordered by the cabinet, Petaling Jaya Utara MP Tony Pua says.
Pua said this in reference to the statement by inspector-general of police Khalid Abu Bakar yesterday that police investigations are restricted to the five Public Accounts Committee recommendations, as ordered by the cabinet. Pua, who is a Public Accounts Committee member, said the PAC recommendations were to do with corporate reorganisation………………………………………..Full Article: Source

1MDB linchpin Khadem Al Qubaisi arrested by Abu Dhabi authorities

Posted on 22 August 2016 by VRS  |  Email |Print

Abu Dhabi authorities have arrested Khadem Al Qubaisi, who authorities say is a key figure in an alleged multi-billion-dollar fraud related to a Malaysian sovereign wealth fund.
The arrest last week was made in relation to an Abu Dhabi investigation into fraud and corruption, which includes Mr Qubaisi’s alleged role in the 1Malaysia Development Berhad, known as 1MDB, affair. No charges have been filed against him. Qubaisi was previously restricted from leaving the United Arab Emirates and had his ­assets in the country frozen, The Wall Street Journal reported in April………………………………………..Full Article: Source

Key Figure in 1MDB Probe Is Arrested in Abu Dhabi

Posted on 19 August 2016 by VRS  |  Email |Print

Abu Dhabi authorities have arrested Khadem Al Qubaisi, who authorities say is a key figure in an alleged multibillion-dollar fraud related to a Malaysian sovereign-wealth fund, according to people familiar with the matter.
The arrest last week was made in relation to an Abu Dhabi investigation into fraud and corruption, which includes Mr. Qubaisi’s alleged role in the 1Malaysia Development Bhd., known as 1MDB, affair, the people said. No charges have been filed against him………………………………………..Full Article: Source

The former chairman of the Hakkasan restaurant group is allegedly being investigated in a global embezzling case

Posted on 16 August 2016 by VRS  |  Email |Print

Khadem al-Qubaisi, the former head of Abu Dhabi’s state oil investment firm and the ex-chairman of the Hakkasan restaurant group, is allegedly being probed over suspected embezzling from Malaysia’s government wealth fund, 1MDB.
According to a report in the Financial Times, al-Qubaisi is allegedly being investigated by Swiss authorities over a possible role in a scheme to siphon funds from Malaysia’s sovereign wealth fund. The authorities suspect al-Qubaisi of “fraud, money-laundering and corruption,” according to a letter cited by the FT………………………………………..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

1MDB scandal: Malaysian PM Najib Razak says no one can force him out of office

Posted on 15 August 2016 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak has made it clear that he has no plans to either quit as the country’s premier or to go on leave, despite facing increasing pressure in the wake of the scandal surrounding sovereign fund, 1Malaysia Development Fund Berhad (1MDB).
Najib said that he would continue to serve Malaysians as best as he could and hoped critics would let him do his job. “I am not going to cave in to pressure to go on leave.” He pledged to pass the baton to his successor but only when the time was right, The Star reports. “I was chosen democratically and no one could force me out just like that,” he insisted………………………………………..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

Aramco Names Wealth Fund Secretary General to Board in IPO Push

Posted on 11 August 2016 by VRS  |  Email |Print

Saudi Arabian Oil Co. named to its board the secretary general of the kingdom’s sovereign wealth fund, which will become the majority owner of the state energy producer after Aramco’s planned share sale, a move also expected to turn it into the largest such fund in the world.
Yasir Al-Rumayyan, the secretary general of the Public Investments Fund and an adviser to the Saudi Royal Court, was appointed a member of the board of Saudi Aramco, according to the company’s website. The Saudi government plans to sell less than 5 percent of Aramco shares to the public by the end of 2018, a move that will make it the largest listed company in the world………………………………………..Full Article: Source

Securities Regulator Appointed Deputy GM of China’s Sovereign Wealth Fund

Posted on 05 August 2016 by VRS  |  Email |Print

China’s sovereign wealth fund China Investment Corporation (CIC) has appointed a veteran securities regulator as its deputy general manager. Qi Bin, who was at the China Securities Regulatory Commission (CSRC) for 16 years, assumed responsibilities in his new role on August 3, sources with knowledge of the matter told Caixin. CIC has not announced the appointment yet.
Qi, 48, joined CSRC in 2000 after studying and working abroad for several years including a stint at Goldman Sachs Asset Management………………………………………..Full Article: Source

China Investment Corp Appoints Qi Bin As Vice General Manager

Posted on 04 August 2016 by VRS  |  Email |Print

China Investment Corp has appointed Qi Bin (pictured), former director of the international cooperation department at the country’s securities regulator, as vice general manager, Chinese media reported.
The news came after the Chinese sovereign wealth fund tapped Shanghai’s deputy major Tu Guangshao in June as its new general manager to replace retiring Li Keping. After graduating from Tsinghua University in 1991, Qi, 48, obtained a M.A. from the University of Rochester and a M.B.A. from the University Of Chicago………………………………………..Full Article: Source

Goldman Sachs’ 1MDB woes deepen on conflict of interest lawsuit

Posted on 27 July 2016 by VRS  |  Email |Print

Former client EON Capital claims fraudulent misrepresentations over Malaysian bank takeover. Goldman Sachs’ troubles stemming from the 1MDB scandal deepened on Tuesday, as the bank was sued for more than $500m by a shareholder of a former client claiming fraudulent misrepresentations and breaches of fiduciary duties.
The lawsuit, which was filed in New York State court, concerns advice that Goldman gave to a Malaysian bank, EON Capital, which was subject to a December 2009 bid by a domestic rival, Hong Leong Bank, to create the country’s fourth-biggest lender by assets………………………………………..Full Article: Source

SCMP CEO Robin Hu to join Temasek Holdings in December

Posted on 26 July 2016 by VRS  |  Email |Print

The South China Morning Post’s chief executive officer Robin Hu is stepping down from his post to join Singapore investment company Temasek Holdings. Mr Hu will join Temasek as the joint head of its sustainability and stewardship group - a new senior leadership role - with effect from Dec 1.
He will serve in the role alongside Ms Cheo Hock Kuan, who is currently head of the group. A Temasek spokesman said Mr Hu “brings a wealth of business experience to Temasek and we look forward to him joining us later this year”………………………………………..Full Article: Source

Is 1MDB Malaysia’s defining moment?

Posted on 26 July 2016 by VRS  |  Email |Print

The US government has accused Malaysian Prime Minister Najib Abdul Razak of having received hundreds of millions of US dollars into his personal banking accounts from money stolen from 1MDB. Najib has not refuted the allegation.
The US government has also accused officials and associates of 1MDB of having stolen more than US$3.5 billion from 1MDB, to which Najib has also failed to deny. What is most devastating to the prime minister personally is that among the millions of such stolen money in his banking accounts is the famous US$681 million which he claimed to be a donation from the Saudi royal family………………………………………..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

CIC names new vice chairman

Posted on 21 July 2016 by VRS  |  Email |Print

China’s sovereign wealth fund (SWF) China Investment Corporation (CIC) has named Tu Guangshao, former general manager and party secretary of the Shanghai Stock Exchange (SSE), as the SWF’s vice chairman and president effective July 19, replacing Li Keping, who is retiring after heading the entity for the past five years.
Mr. Tu has been the vice mayor of Shanghai since December 2007 and was promoted to executive vice mayor in February 2013. Before that, he was head of the SSE and the China Securities Regulatory Commission………………………………………..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

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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