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Sovereign Wealth Funds Briefing - Categorized | Market

UBS board meets in Singapore amid trading scandal

Posted on 22 September 2011

Swiss banking giant UBS began a meeting of its board in Singapore on Wednesday as it faces increasing pressure from shareholders after being hit by a $2.3 billion rogue-trading scandal. On the eve of the meeting the Government of Singapore Investment Corp (GIC), UBS’ biggest shareholder, issued a rare public rebuke of the bank for lapses that led to the losses.
“GIC expressed disappointment and concern at the lapses and urged UBS to take firm action to restore confidence in the bank,” the cash-rich sovereign wealth fund said in a statement Tuesday. “GIC sought details of how UBS is tightening the control environment and looks forward to the conclusions of on-going investigations.”………………………………………Full Article: Source


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