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KIC chief prioritizes risk management

Posted on 18 February 2016 by VRS  |  Email |Print

The new chief of Korea’s sovereign wealth fund on Wednesday stressed risk control in an era of global financial volatility, saying its return on investment this year could remain negative after a near 3 percent loss last year.
“The outlook for our investment returns is not bright this year in light of the weakness in global markets, with the New York Stock Exchange down nearly 10 percent,” Eun Sung-soo, CEO of Korea Investment Corp. told reporters at its head office in Seoul. The former World Bank director and long-time Korean Finance Ministry official took charge of the $91.8 billion national wealth fund last month………………………………………..Full Article: Source

KIC CEO promises to expand asset trust to $200 billion by 2020

Posted on 18 February 2016 by VRS  |  Email |Print

Having reported a negative return last year, South Korea’s sovereign wealth fund Korea Investment Corp. (KIC) decided to up the scale of asset trust by 2.5 times from current levels to $200 billion by 2020. The corporation will install the offices of auditor and risk management officer to reinforce oversight of the state asset agency.
KIC CEO Eun Sung-soo said KIC will incrementally increase its asset from last year’s $80 billion to $200 billion by 2020 to raise efficiency in asset management………………………………………..Full Article: Source

Malaysia: The 1MDB money trail

Posted on 16 February 2016 by VRS  |  Email |Print

The chief executive of BSI, the Swiss private bank, was jubilant about its foray into Asia. So much so that he wrote to a star employee in Singapore who had helped lead the effort. “I wanted to personally thank you for your immense contribution not only to the growth of our new Asia business, but to BSI Group as a whole,” enthused the December 2011 letter from Alfredo Gysi, who is now BSI’s honorary chairman.
What a difference four years makes. Today that same bank official in Singapore, Yak Yew Chee, is battling a criminal investigation by the city-state’s authorities on suspicion that he benefited “from criminal conduct”………………………………………..Full Article: Source

Malaysia 1MDB scandal: How is Kimora Lee Simmons linked to Malaysian Prime Minister Najib Razak?

Posted on 16 February 2016 by VRS  |  Email |Print

It’s the scandal that enraptured Malaysia and attracted the attention of the FBI and celebrity obsessives alike. Malaysian prime minister Najib Razak is accused of syphoning almost $700m (£483m) from state-owned investment fund 1Malaysia Development Bhd (1MDB).
The government probed if the leader used the company to turn capital city Kuala Lumpur into one of the world’s financial hubs as his personal slush fund. The company was formed in 2009 – when the economy was booming. Razak denied the claim after the fund caught the attention of authorities when 1MDB amassed eye-watering debts of a reported $11bn. It then missed payments worth to creditors billions of dollars………………………………………..Full Article: Source

Raid Future Fund ‘at your peril’

Posted on 15 February 2016 by VRS  |  Email |Print

Current turbulent world markets are a reminder that governments should have some financial “insulation” such as sovereign wealth funds for when times are tough, says Future Fund chairman Peter Costello.
The comments come as the former federal treasurer steps up calls for future governments not to raid the $120 billion fund when the cashflow becomes available from 2020. The government has access to the assets of the fund from July 2020 to pay out the superannuation liabilities of public servants, which could come to about $9bn a year………………………………………..Full Article: Source

Finance Minister invites UAE to invest in India’s sovereign wealth fund NIIF

Posted on 12 February 2016 by VRS  |  Email |Print

Finance Minister Arun Jaitley has said that investors from the UAE could participate in India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF), which has been set up to fund infrastructure projects, during his meeting with visiting UAE Minister of Economy Sultan Al Mansoori.
The Rs 40,000-crore NIIF will have government holding of 49 per cent and the rest will be of private investors. UAE Minister Mansoori notified that the various institutions from Gulf have already invested in sectors, like infrastructure. He reiterated that the different agencies of UAE will continue their efforts to widen their relationship with India………………………………………..Full Article: Source

Are Sovereign Wealth Funds to Blame for Bank Stock Drop? (Video)

Posted on 12 February 2016 by VRS  |  Email |Print

Gabriela Santos, JPMorgan Asset Management strategist, discusses the selloff in U.S. stocks with Bloomberg’s Alix Steel, Joe Weisenthal and Scarlet Fu on “What’d You Miss?”.………………………………………Full Article: Source

Nomura head blames SWFs for Japan sell-off

Posted on 11 February 2016 by VRS  |  Email |Print

The head of Japan’s biggest brokerage believes the country’s battered equity market will rebound once oil-dependent sovereign wealth funds run out of stocks to sell. Koji Nagai, chief executive of Nomura, said Japanese shares had been targeted by Middle Eastern SWFs, which have been under pressure from dropping crude prices, because of the market’s abundant liquidity.
When they do stop selling, investors can expect a “sharp rebound”, he said. Brokers estimate the biggest petrodollar-funded SWFs held a collective 6 per cent of the Japanese equity market in mid-2015………………………………………..Full Article: Source

Norway’s oil fund urges US banks to split CEO-chairman role

Posted on 08 February 2016 by VRS  |  Email |Print

The world’s largest sovereign wealth fund has warned the biggest US banks that time is running out for them to end the highly contentious practice of combining the roles of chief executive and chairman.
Yngve Slyngstad, chief executive of Norway’s $810bn fund, said that while the battle to split the roles in many US companies could take a generation, it was “not in a sustainable position”. “There is a special consideration for banks given that history of 2008 which makes it untenable for companies not to separate the roles,” he added………………………………………..Full Article: Source

Indian Finance Minister calls for sovereign wealth fund investment in infra, railways

Posted on 08 February 2016 by VRS  |  Email |Print

Amid global slowdown, Finance Minister Arun Jaitley met sovereign wealth funds from Singapore and the UAE and has pitched for a stable policy regime and resilience of Indian economy. Jaitley highlighted opportunities the country presents to investors and sought investment in sectors like road, highways, oil & gas, urban infrastructure and railways and invited foreign capital in these sectors.
Jaitley held a discussion with several potential investors including European investment banks and sovereign funds of countries like Singapore and the UAE and highlighting investment opportunities India offers, Jaitley said with one-sixth of the world population and largest the largest middle class, there are huge opportunities………………………………………..Full Article: Source

Malaysia PM haunted by $4bn wealth fund inquiry

Posted on 01 February 2016 by VRS  |  Email |Print

The financial scandal engulfing Najib Razak, Malaysia’s prime minister, flared up after the Swiss authorities said that they were investigating the alleged embezzlement of $4 billion (£2.8 billion) from a state company he set up.
Michael Lauber, Switzerland’s attorney-general, said that he was investigating former staff of the Malaysian sovereign wealth fund, officials of the United Arab Emirates and “persons unknown” for alleged bribery of foreign public officials, misconduct in public office, money laundering and criminal mismanagement. It is the latest twist in a tale that has shaken Malaysia and provoked huge anti-government demonstrations………………………………………..Full Article: Source

Kazakh large fund’s new staff approved

Posted on 01 February 2016 by VRS  |  Email |Print

The new staff of the board of the Kazakh Sovereign Wealth Fund Samruk-Kazyna joint-stock company has been approved, the Samruk-Kazyna Corporate Communications Department said Jan. 29. Umirzak Shukeyev retained his post of the chairman of the board. Kaur Baljeet was appointed managing director of strategy and portfolio management.
Previously, she held the position of Senior Advisor of the Development Program of the National Fund of the Asian Development Bank (ADB), Managing Director and Vice-Chairperson of the Kuwait Investment Authority & Kuwait Finance House, Vice President at ABN AMRO Bank, Maybank Malaysia and Deutsche Bank in various years………………………………………..Full Article: Source

‘Much to worry about’, says Future Fund boss

Posted on 28 January 2016 by VRS  |  Email |Print

Addressing media at a portfolio update to 31 December 2015, Future Fund chairman Peter Costello said returns are likely to be harder to come by in the immediate future. The Future Fund, which like all sovereign wealth funds around the world pays no tax, returned a healthy 8.4 per cent throughout 2015.
However, the return for the last six months of the year was only 1.0 per cent. Mr Costello put the difficulties facing the Future Fund down to the phenomenon of central banks “pumping lots of money at very low interest rates” into the global economy………………………………………..Full Article: Source

Jaitley to launch India’s first sovereign wealth fund on Feb 4

Posted on 26 January 2016 by VRS  |  Email |Print

The ‘ 40,000-crore National Investment and Infrastructure Fund (NIIF), India’s own sovereign wealth fund, will be launched on February 4 by finance minister Arun Jaitley, sources said. The launch, expected to be a grand event spread over two days, will showcase the specific infrastructure needs of different states.
A few of these projects would be identified for investment. Several domestic, and international infrastructure companies, lenders and sovereign wealth funds, from countries such as Japan, UAE, China, and Australia etc are expected to be present at the launch. The sovereign wealth fund would invest in greenfield, brownfield and stalled projects, which are commercially viable………………………………………..Full Article: Source

South Korea’s new SWF chief sets sights on ‘top ten’

Posted on 26 January 2016 by VRS  |  Email |Print

Former World Bank executive director takes office as CEO of the Korea Investment Corporation; sets out desire to grow assets under management beyond $200 billion The new chief executive officer of the Korea Investment Corporation has set his sights on making the sovereign wealth fund (SWF) one of the “top 10″ in the world, since taking office last week.
Sung-Soo Eun, formerly an executive director at the World Bank, joined the fund, which oversees around $85 billion in assets………………………………………..Full Article: Source

HSBC hires former BoE FX chief for central bank, sovereign wealth fund push

Posted on 25 January 2016 by VRS  |  Email |Print

Michael Cross, who resigned as the Bank of England’s former head of foreign exchange and reserves management in 2015, has joined HSBC Global Asset Management in a new role that aims to win business from central banks and sovereign wealth funds.
An HSBC spokesman confirmed the move. Cross will be based in London and will be responsible for building out the firm’s business with official sector clients across currencies, rates and other flow products, as well as debt capital markets. He will report to Simon Ellis, global head of client segments………………………………………..Full Article: Source

‘Dubai will weather the storm,’ says CEO of $183bn sovereign wealth fund

Posted on 22 January 2016 by VRS  |  Email |Print

Global economic uncertainty and low oil prices will have little lasting impact on Dubai, according to the CEO of the emirate’s $183 billion sovereign wealth fund. Mohammed Al Shaibani, executive director and CEO of the Investment Corporation of Dubai (ICD), sought to reassure the public that “Dubai will weather the storm”.
He said the emirate did not rely on oil revenues as much as the other GCC states and would not have to significantly cut spending………………………………………..Full Article: Source

Sovereign Wealth Funds Are Driving Asset Slump, Jefferies Says

Posted on 20 January 2016 by VRS  |  Email |Print

Sovereign wealth funds from energy-producing countries are exacerbating a global market rout by selling off assets to meet their financial commitments amid slumping oil prices, according to Jefferies LLC.
The sales mark a new phase for the countries, after they tried boosting oil production and printing currency to make their payments, David Zervos, chief market strategist at New York-based Jefferies, wrote Monday in a note to clients………………………………………..Full Article: Source

Brace for further economic ‘shocks’: Future Fund

Posted on 20 January 2016 by VRS  |  Email |Print

Australia’s sovereign wealth fund, Future Fund, has warned of further imbalances within the global economy and below average returns. Future Fund managing director, David Neal, said although the global economy has recovered since the global financial crisis, inequities across economies remain.
“While the global economy has continued to heal following the 2008-09 financial crisis, significant imbalances persist and the potential for missteps and shocks remain,” said Mr Neal. “We are continuing our disciplined investment approach while striving to be nimble and innovative in identifying and accessing opportunities.”……………………………………….Full Article: Source

Korea Investment Corp. taps World Bank executive as CEO

Posted on 20 January 2016 by VRS  |  Email |Print

Sung-Soo Eun joined Korea Investment Corporation Tuesday as CEO as well as chairman of the sovereign wealth fund’s board of directors, said Jeongjin Lim, a spokeswoman for the $85 billion, Seoul-based fund.
Eun replaces Hank Ahn, who resigned as CEO late last year shortly before the Korea Board of Audit and Inspection released a report critical of the fund’s management. Eun comes to KIC from the World Bank, where he served as an executive director representing a number of countries in the region, including Korea, Australia, New Zealand, Cambodia and Mongolia………………………………………..Full Article: Source

Russia crisis is ‘controllable’: Wealth fund head

Posted on 20 January 2016 by VRS  |  Email |Print

Russia’s economy is seen shrinking another 1 percent this year, but the head of the $10 billion Russian Direct Investment Fund (RDIF) told CNBC the situation was under control.
Kirill Dmitriev, the CEO of RDIF since 2011, said that while Russia was in “crisis,” due to the slump in oil prices and the international sanctions on the country, he remained optimistic and saw the situation as an opportunity to restructure. “It could have been much worse (the forecast decline); we believe it is sort of okay,” Dmitriev told CNBC………………………………………..Full Article: Source

Korean Sovereign-Wealth Fund Names New CEO

Posted on 19 January 2016 by VRS  |  Email |Print

South Korea’s sovereign-wealth fund has said it has hired a World Bank director as its new chief executive following the resignation of its previous leader in November. Korea Investment Corp., which had $84.7 billion of assets at the end of 2014, appointed World Bank executive director Sung-Soo Eun to start Tuesday.
He was previously deputy minister for international affairs at South Korea’s Ministry of Strategy and Finance. His predecessor resigned after leading a controversial and unsuccessful bid to purchase a stake in the Los Angeles Dodgers baseball team………………………………………..Full Article: Source

Kazakh wealth fund fires senior executive

Posted on 18 January 2016 by VRS  |  Email |Print

Sovereign wealth funds are notoriously secretive. Contact 10 for a story and you are guaranteed that most, if not all, will decline to comment. Even consultants and researchers who specialise in state-owned investment vehicles are often reluctant to speak on the record about specific sovereign funds, which are set up to save money for a rainy day or to ensure stable social and economic growth of a country.
This veil of secrecy is one of the reasons Berik Otemurat’s recent actions are exceptional. This month, while he was still a senior official at oil-rich Kazakhstan’s central bank, the 35-year-old warned that the country’s $64.2bn national fund could fold………………………………………..Full Article: Source

TIFF snags another investment exec from Alaska Permanent Fund

Posted on 18 January 2016 by VRS  |  Email |Print

David R. Fallace was named managing director at The Investment Fund for Foundations, said spokesman Paul Horvitz. It is a new position. Mr. Fallace, who starts Jan. 19, will oversee TIFF’s diversifying strategies, which includes conducting manager research, selectio, and monitoring; directing the hedge fund component of TIFF’s outsourced CIO strategies; and expanding TIFF’s investment efforts across special opportunities.
He will report to Jay Willoughby, chief investment officer. Messrs. Willoughby and Fallace previously worked together at the $50 billion Alaska Permanent Fund Corp., Juneau, where Mr. Willoughby was CIO and Mr. Fallace was director of investments-special opportunities………………………………………..Full Article: Source

Kazakhstan Fires Wealth Fund Manager Who Criticized Strategy

Posted on 14 January 2016 by VRS  |  Email |Print

The chief executive of Kazakhstan’s National Investment Corp., which was set up to help manage the country’s $64 billion oil fund, has been fired. Berik Otemurat’s departure comes less than a week after he told The Wall Street Journal that he was concerned the oil fund could run out of money within six or seven years as slumping oil prices cut revenue and the government spends its savings.
The 35-year-old executive was replaced by his predecessor, Yeszhan Birtanov, the National Investment Corp. said in a statement. Mr. Birtanov most recently led Kazakhstan’s stock exchange. He previously worked at the central bank and was chief executive of the National Investment Corp. between 2012 and 2014………………………………………..Full Article: Source

Abu Dhabi Investment Authority hires head of private equities

Posted on 14 January 2016 by VRS  |  Email |Print

Sherwood Dodge was named global head of private equities at the Abu Dhabi Investment Authority, said a spokesman for the sovereign wealth fund. The role was previously held by James Kester, who left in 2013. Further details could not be learned by press time.
Mr. Dodge is responsible, alongside members of the senior management team, for setting ADIA’s private equity strategy, overseeing the private equity program, and for making investment recommendations to the investment committee. His responsibilities encompass private equity funds, principal investments, secondary fund investments and private credit………………………………………..Full Article: Source

Sovereign Wealth Funds Can Be Management Leaders

Posted on 14 January 2016 by VRS  |  Email |Print

The rise of the activist investor is typically seen as a challenge to existing management. An outside investment fund, often coming in as part of a hostile takeover, forces management to cut costs and reins in the company’s ambition, frequently seeking to boost its stock price and sell.
But what if, instead, activist investors followed a business model based on figuring out the capabilities of companies they wanted to buy and improving them for long-term success? They would have to change the way they operated, building relationships with the existing management of the companies in which they bought a stake, and assuming that the best results come from collaborative learning between the investors and the enterprise………………………………………..Full Article: Source

Najib misled the people on 1MDB promise, says Tony Pua

Posted on 12 January 2016 by VRS  |  Email |Print

Prime Minister Najib Abdul Razak’s statement that the RM42 billion 1Malaysia Development Bhd (1MDB) scandal will be resolved soon and without using the people’s money are clear attempts at “misleading” the people, says DAP lawmaker Tony Pua.
Any Malaysian who is financially literate would know that the prime minister “lied” during his monthly address to the Prime Minister’s Department in Putrajaya yesterday, Pua, the MP for Petaling Jaya Utara, claimed in a statement. The first point, he said, is the reality that 1MDB’s financial troubles are still far from being resolved………………………………………..Full Article: Source

Dubai-Based SWF Hunts for Public Markets Chief

Posted on 07 January 2016 by VRS  |  Email |Print

A multi-billion sovereign wealth fund in the United Arab Emirates is seeking a director of public markets to be based in Dubai. According to a job posting on eFinancialCareers, the unnamed fund is looking to hire a “highly strategic” investor with extensive experience in global equities to take over its public investments in more than 30 countries.
The ideal candidate will be able to work with not only public equities, but also fixed income, multi-asset strategies, and short-term assets. There is one multi-billion sovereign fund based in Dubai: the Investment Corporation of Dubai. The estimated $165.6 billion fund and recruiting firm Madison Pearl did not respond to CIO’s requests for confirmation by time of press………………………………………..Full Article: Source

Alaska Permanent taps DHR International to conduct search for CIO

Posted on 06 January 2016 by VRS  |  Email |Print

Alaska Permanent Fund Corp., Juneau, hired DHR International to conduct a search for a new chief investment officer, said a spokeswoman for the $52 billion sovereign wealth fund. Jay Willoughby, CIO, left the fund in the fall to become CIO of the The Investment Fund for Foundations, which manages about $11 billion.
Jim Parise, director of fixed income, is currently acting chief investment officer at the permanent fund while continuing to fulfill his fixed-income responsibilities………………………………………..Full Article: Source

1MDB and the Money Network of Malaysian Politics

Posted on 30 December 2015 by VRS  |  Email |Print

Malaysian Prime Minister Najib Razak was fighting for his political life this summer after revelations that almost $700 million from an undisclosed source had entered his personal bank accounts. Under pressure within his party to resign, he called together a group of senior leaders in July to remind them everyone had benefited from the money.
The funds, Mr. Najib said, weren’t used for his personal enrichment. Instead, they were channeled to politicians or into spending on projects aimed at helping the ruling party win elections in 2013, he said, according to a cabinet minister who was present………………………………………..Full Article: Source

Libyan Investment Authority assets should remain frozen says chairman

Posted on 28 December 2015 by VRS  |  Email |Print

Responding to calls by breakaway factions to unfreeze Libya’s assets, Mr AbdulMagid Breish, chairman and CEO of the Libyan Investment Authority (LIA), says:“While important negotiations on a National Unity Government continue, it is imperative that the Libyan Investment Authority’s assets remain frozen to safeguard them against the continued threat of misappropriation and corruption”.
“Rogue parallel institutions outside the country have been appealing to the international community to loosen the sanction regime on the LIA’s assets in order to gain access to these funds.It would be dangerous, and deeply counter-productive, to let the prospect of peace provide an excuse for unfreezing any of the LIA’s assets,” says Breish………………………………………..Full Article: Source

Norway SWF names CEO of real estate group

Posted on 18 December 2015 by VRS  |  Email |Print

Norway’s $840 billion sovereign wealth fund named Karsten Kallevig as the head of its new real estate group, formed this summer to expand the fund’s real estate footprint worldwide. Kallevig joined Norges Bank Investment Management, a division of Norway’s central bank that manages the country’s substantial oil wealth, in 2010 and helped Norges amass an $18 billion real estate portfolio.
In New York City, Norges is in contract to partner on Trinity Real Estate’s 11-building Hudson Square portfolio, in a deal that values the real estate at $3.55 billion. Norges will pay $1.56 billion for a 44 percent share in a 75-year ownership stake………………………………………..Full Article: Source

Sarawak BN will reconsider loyalty if Najib found guilty in 1MDB imbroglio

Posted on 17 December 2015 by VRS  |  Email |Print

Sarawak Chief Minister Tan Sri Adenan Satem and the state Barisan Nasional (BN) will reconsider their loyalty to Datuk Seri Najib Razak if the prime minister is found guilty of any offences related to 1Malaysia Development Berhad (1MDB).
“I might consider that. (But) until then, he is innocent and has done no wrong. “Our loyalty to him right now is because he is the prime minister of Malaysia and head of the BN,” he said in his winding-up speech at the state assembly in capital Kuching………………………………………..Full Article: Source

SOFAZ Executive Director attends 31st EITI Board Meeting

Posted on 11 December 2015 by VRS  |  Email |Print

A delegation led by Chairman of the National Extractive Industries Transparency Initiative (EITI) Commission, member of the EITI International Board and the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Shahmar Movsumov is participating at the 31th EITI Board Meeting in Kiev, Ukraine.
At the last Board Meeting before the 2016 EITI Global Conference members discussed issues related to Validation process, internal governance and refinements to the EITI Standard. Board members have also offered their condolences to the members of Azerbaijan`s delegation on the tragedy which took place at the platform in Gunashli oil field………………………………………..Full Article: Source

Volkswagen holds talks with key investor in Qatar

Posted on 08 December 2015 by VRS  |  Email |Print

Volkswagen AG said Sunday that its chief executive, chairman and top shareholders are in Qatar for talks with one of the company’s core investors, the Qatar Investment Authority, amid reports that the Qataris are calling for sweeping changes in the German car maker’s management.
Volkswagen is portraying the talks as a routine introductory visit by Chief Executive Matthias Müller and Supervisory Board Chairman Hans Dieter Pötsch, who assumed their posts in September. They are joined by Wolfgang Porsche and Hans Michel Piëch, representatives of the Porsche-Piëch clan that controls Volkswagen, according to a person familiar with the matter………………………………………..Full Article: Source

Did Tony Blair pave the way for Manchester City’s £265m deal with Chinese firms?

Posted on 02 December 2015 by VRS  |  Email |Print

Tony Blair took the chairman of Manchester City to meet senior officials in China two years before the country bought a large stake in Britain’s richest football club. The former prime minister introduced Khaldoon Al Mubarak to high-level contacts in 2013, raising the possibility that he laid the groundwork for a £265 million investment deal announced on Tuesday by the club.
Blair, who advises an Abu Dhabi sovereign wealth fund, is estimated to be worth in the region of £60 million earned on the back of lucrative consultancy deals set up since leaving Downing Street in 2007. He has separately lobbied the Treasury on UAE’s behalf as Abu Dhabi United Group, Manchester City’s owner, was attempting to secure a £1 billion property deal in Manchester………………………………………..Full Article: Source

Putting more money into SWF is right thing to do, says Orji

Posted on 30 November 2015 by VRS  |  Email |Print

Barely three years after Uche Orji pioneered the Nigerian Sovereign Investment Agency (NSIA), his leadership has turned around the fortunes of the agency. The additional $250 million injected into NSIA by its shareholders, he believes, is a vote of confidence in its management.
The development is that we have a very successful engagement with the National Economic Council which resulted in what we believe is a vote of confidence, as evidenced by the additional contribution that has been made to the Sovereign Wealth Fund of $250 million………………………………………..Full Article: Source

Qatar-US investment dialogue ‘reflects shared values’

Posted on 30 November 2015 by VRS  |  Email |Print

Speaking at the Second Annual Sovereign Wealth Funds (SWF) Conference held at the Kogod School of Business at American University in Washington, DC, on Qatar Investment Authority (QIA)’s strategy, Qatar’s Ambassador to the US, Mohamed Jaham al-Kuwari said that Qatar is ranked in the 14th place among the most competitive economies in the world ahead of numerous member-states at the Organisation for Economic Co-operation and Development (OECD), affirming Qatar’s stable outlook ‘AA’ ratings.
Such a data has contributed in elaborating Qatar’s development strategy through the Qatar National Vision (QNV) 2030, which clearly focuses on the economic and social progress, al-Kuwari said, pointing out that the future generations will not suffer from depletion of non-renewable resources, but will share the benefits of new sources of renewable wealth………………………………………..Full Article: Source

1MDB tells Mahathir: Stop slamming power-plant deal

Posted on 30 November 2015 by VRS  |  Email |Print

Malaysian state investment firm 1MDB took issue with former prime minister Mahathir Mohamad yesterday, saying of the “retired and former politician” that he “has failed in his numerous attempts to politicise the 1MDB issue”.
Responding to “false allegations” by Tun Dr Mahathir about the sale of its power assets, 1MDB said the sale of Edra Global Energy will help the state investor achieve a debt reduction of RM17 billion (S$5.6 billion), allowing it to “break even” in its energy investments………………………………………..Full Article: Source

Expect UAE Sovereign Fund to Invest in India Soon, says Jaitley

Posted on 19 November 2015 by VRS  |  Email |Print

The sovereign wealth fund of the United Arab Emirates should start investing in India soon, Finance Minister Arun Jaitley told Reuters on a visit to Dubai to drum up interest in Asia’s third-largest economy.
The first investment in India could be into India’s national infrastructure fund, Mr Jaitley said in an interview, adding that the government would put legal structures and tax predictability in place to attract sovereign wealth funds. ADIA’s first investment in India could be with the National Investment and Infrastructure Fund, set up in August with a mandate to co-invest with strategic partners and own 49% of projects……………………………………..Full Article: Source

PKR MP risks censure for naming wrong person in 1MDB question

Posted on 19 November 2015 by VRS  |  Email |Print

PKR’s Kelana Jaya MP Wong Chen might be hauled up to the rights and privileges committee for naming the wrong individual in a parliamentary question related to 1Malaysia Development Berhad (1MDB), Deputy Home Minister Datuk Nur Jazlan Mohamed said.
Wong had named Deutsche Bank country manager Yusof Annuar Yaacob as one of five individuals sought by authorities in connection with investigations into 1MDB, but later admitted making a mistake. He said he had meant to name SRC International director Datuk Suboh Md Yassin instead of Yusof. …………………………………….Full Article: Source

Why can’t any minister explain 1MDB to Parliament?

Posted on 17 November 2015 by VRS  |  Email |Print

In the past two days, the Umno/BN owned or controlled media and their legion of cybertroopers have been carrying glowing reports about what a superb performance the 1MDB CEO Arul Kanda Kandasamy gave at the briefing for Umno divisional leaders at the Putra World Trade Centre (PWTC) on Saturday about the 1MDB scandal, and that the participants, which included representatives from NGOs and government agencies, were satisfied with Arul’s explanations which gave “a better picture of the real situation”.
The immediate question that comes to mind is whether the cabinet of Prime Minister Najib Abdul Razak is so intellectually-challenged that none of the Ministers could explain the intricacies and complexities of the 1MDB scandal to Parliament for the past month, when Arul could so easily explain away the RM50 billion 1MDB scandal at the Umno briefing to its divisional leaders and pliable NGOs at PWTC last Saturday - as if Arul is such a superb performer that he is capable of getting birds to eat food from his hands?………………………………………Full Article: Source

A-G should charge 1MDB with cheating, says Amanah

Posted on 12 November 2015 by VRS  |  Email |Print

There is grounds for a charge against 1Malaysia Development Bhd (1MDB) for cheating the central bank, Parti Amanah Negara’s legal bureau chief Mohamed Hanipa Maidin said today, urging the Attorney-General (A-G) to reconsider the case against the state investment firm.
The Sepang MP said that the A-G’s clearance of 1MDB from any offence was only in the context of the Exchange Control Act 1953 (ECA) in relation to non-disclosure or incomplete disclosure of information to Bank Negara Malaysia (BNM) for permissions to make overseas transfers of money. But this did not mean that 1MDB was innocent of the crime of cheating which made the state firm liable to be charged under the Penal Code, Hanipa said………………………………………Full Article: Source

Kayveas: Don’t scapegoat Najib for 1MDB’s financial woes

Posted on 11 November 2015 by VRS  |  Email |Print

Datuk Seri Najib Tun Razak should not be made the scapegoat for the problems faced by 1Malaysia Development Bhd (1MDB), as they are the responsibility of the fund’s management, says PPP president Tan Sri M Kayveas. “If I have a company and my company is not doing well, you can say what you want but that is for the management of the company. Why make Datuk Seri Najib the scapegoat?” Kayveas told reporters when met at his party’s Deepavali open house.
He was asked to respond to the view held by some that the Prime Minister should be ultimately responsible for the financial issues faced by 1MDB as well as the RM2.6bil donation. “1MDB is just like any other company. If for example I have RM52bil in assets in my company along with debts of RM42bil, I have no problem,” Kayveas said………………………………………..Full Article: Source

Dar meets Kuwait Fund MD

Posted on 11 November 2015 by VRS  |  Email |Print

Minister for Finance Mohammad Ishaq Dar, who is currently in Kuwait to attend the High Level Global Islamic Finance Conference, Tuesday held a meeting with Abdulwahab Al-Bader, Managing Director of Kuwait Fund for Arab Economic Development (Kuwait Fund) and reviewed progress of various projects being financed by the Fund. Senior officials of the Fund and Pakistan’s Ambassador to Kuwait Muhammad Aslam Khan also participated in the meeting, said a message received here from Kuwait.
The minister thanked Abdulwahab for the important role that Kuwait Fund has played as a reliable development partner, contributing to several important development projects in the energy, infrastructure, human resource development and other sectors. During the meeting, progress of various projects being financed by Kuwait Fund in Pakistan was reviewed………………………………………..Full Article: Source

Head of Korea Investment Corp. Resigns

Posted on 09 November 2015 by VRS  |  Email |Print

The head of South Korea’s sovereign-wealth fund has resigned, leaving a cloud over one of the world’s largest national wealth funds. Ahn Hong-chul, the chairman of Korea Investment Corp., which oversees about $85 billion in assets, said in an email to The Wall Street Journal that he was resigning for personal reasons. He didn’t elaborate.
KIC confirmed in a brief statement that Mr. Ahn had submitted his resignation Friday. Mr. Ahn had been a controversial leader during the first two years of his three-year term, which was due to expire in December 2016………………………………………..Full Article: Source

KIC chief loses job over 2012 Twitter postings

Posted on 09 November 2015 by VRS  |  Email |Print

Korea Investment Corporation (KIC) Chairman and CEO Ahn Hong-chul, the most highly paid public company head in Korea, resigned Friday morning over political comments he posted on social media. Ahn had a year left in his term, which ends in December 2016. He resigned for personal reasons, according to the KIC, the nation’s sovereign wealth fund.
In 2012, while he was serving on Park Geun-hye’s presidential election campaign, Ahn made a Twitter post that accused the late President Roh Moo-hyun and then-presidential candidate Moon Jae-in of being pro-Pyongyang figures. That Twitter post and 9,739 more came up during a parliamentary audit of the KIC early last month………………………………………..Full Article: Source

SOFAZ Executive Director attends annual meeting of Co-Investment Round-Table of Sovereign and Pension Funds

Posted on 05 November 2015 by VRS  |  Email |Print

Delegation led by the Executive Director of Azerbaijan`s State Oil Fund (SOFAZ) Shahmar Movsumov has attended the annual meeting of Co-Investment Round-Table of Sovereign and Pension Funds (CROSAPF) hosted by the Korea Investment Corporation (KIC) in Seoul, Republic of Korea.‎
During the event participants agreed that 2016 annual meeting will be hosted by SOFAZ in Baku. As the host of the next year annual meeting, Movsumov accepted the symbolic flag and CROSAPF Chairmanship from now ex-chairman Hank, CEO and Chairman of KIC. Following the inaugural ceremony, Movsumov gave the closing speech by conveying his vision of CROSAPF development………………………………………..Full Article: Source

1MDB debate can be held this Friday, says Salleh

Posted on 04 November 2015 by VRS  |  Email |Print

The debate on 1Malaysia Development Berhad (1MDB) can be held this Friday at Studio 1 of Radio Televisyen Malaysia (RTM) without an audience, said Communication and Multimedia Minister Datuk Seri Dr Salleh Said Keruak.
He said RTM had proposed that the debate between 1MDB President and Group Executive Director Arul Kanda Kandasamy and Public Accounts Committee (PAC) member Tony Pua which would be broadcast “live” be held over an hour from 9pm. “RTM as the host broadcaster will contact them to get their consent on this proposal,” he told a press conference after opening the 19th International Linguistics and Malay Culture Seminar at Universiti Putra Malaysia (UPM) here………………………………………..Full Article: Source

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