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Sovereign Wealth Funds Briefing 23.Nov 2012

Posted on 23 November 2012 by VRS |  Email |Print

The out of court settlement between the 36 states of the federation and the Federal Government over the battle on the Sovereign Wealth Fund (SWF) has again suffered a set back. The parties were expected to report to the Supreme Court on Thursday, but could not do so because no agreement had been reached.
The Federal Government, through its counsel, Chief Wole Olanipekun told the court that they were yet to agree to the terms of settlement. He, therefore, prayed the court for an adjournment so as to enable them reach a formidable settlement………………………………………..Full Article: Source

Posted on 23 November 2012 by VRS |  Email |Print

States Thursday told the Supreme Court that they have lost confidence in the ability of the Federal Government to reach an amicable settlement with them on the dispute over illegal spending of the funds in the Excess Crude Account and other revenues which ought to be shared among the three tiers of government.
They are therefore calling on the Supreme Court to proceed with definite hearing of the case. Chief Adegboyega Awomolo, SAN who represented the states told the court that his clients wanted the case decided on the merit since the parties had not been able to come up with am amicable settlement………………………………………..Full Article: Source

Posted on 23 November 2012 by VRS |  Email |Print

The Federal Government and the 36 state governments have again failed to reach an out-of-court settlement in the Excess Crude Account suit. The latest episode was the 13th failed attempt to settle the dispute since the suit was filed in 2008.
This emerged on Thursday when the two parties appeared before a seven-member panel of justices of the Supreme Court to present the report on the proposed out-of-court settlement. At the last hearing in the matter on September 25, the apex court had granted an adjournment at the instance of the Federal Government to enable the two sides to settle the matter out of court………………………………………..Full Article: Source

Posted on 23 November 2012 by VRS |  Email |Print

Angola has just established a Sovereign Wealth Fund (SWF) shortly after Nigeria’s $1billion SWF. Goddy Egene writes that Angola’s move shows that Nigeria took the right decision in the first place. President Goodluck Jonathan’s signing of the Nigeria Sovereign Investment Authority (NSIA) bill into law in 2011 marked a positive step towards the establishment of the Sovereign Wealth Fund (SWF) in Nigeria.
A SWF has proven to be a veritable form of investment for the future, especially for countries that depend largely on commodities and raw materials such as oil and other mineral resources as their main source of revenue like Nigeria………………………………………..Full Article: Source

Posted on 23 November 2012 by VRS |  Email |Print

Assuming the government is right about Life Insurance Corporation of India (LIC) to scale up its stake, why isn’t it equally right for the foreign institutional investors (FIIs) to also be allowed similar freedom in their holdings? The current Sebi regulations for FIIs allows them to hold only up to 10 per cent in the listed shares of a company. As a group they are allowed to hold up to 24 per cent in any company.
The limit can be breached up to 49 per cent by a special resolution of the board of directors of the company, provided the sectoral cap for the sector is not breached………………………………………..Full Article: Source

Posted on 23 November 2012 by VRS |  Email |Print

The combination of the four major government funds does not necessarily have to be called a “sovereign fund,” said Chang Sheng-ford, Minister of Finance. Chang made the remarks during a hearing at the Legislative Yuan, following criticism for his earlier remarks that the ministry is not ruling out combining the four funds to form Taiwan’s “sovereign fund,” which would be used to invest in a variety of products abroad.
The four funds — the labor pension fund, the labor insurance fund, the civil servants pension fund and the postal fund — are all made up of taxpayers’ money and exist for the purpose of supporting laborers and civil servants after they retire………………………………………..Full Article: Source

Posted on 23 November 2012 by VRS |  Email |Print

Because of poor monitoring and slack operation of Taiwan’s four major funds — the Labor Insurance Fund, the Labor Pension Fund, the Public Service Pension Fund and the Postal Savings Fund — Minister of Finance Chang Sheng-ford has proposed setting up a new fund, similar to a sovereign wealth fund. This is truly a frightening idea.
The world’s major sovereign wealth funds are mostly based in oil-producing countries or countries that are less democratic, have no need for accountability or lack political transparency, such as China or Singapore………………………………………..Full Article: Source

Posted on 23 November 2012 by VRS |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment company, sold another 8.7 percent stake in Malaysia Airports Holdings Bhd. (MAHB) through a placement, a person familiar with the share sale said.
A total 106 million shares changed hands at 5.50 ringgit today in off-market trades valued at about 583 million ringgit ($191 million), according to data from the Kuala Lumpur stock exchange, which didn’t name the buyers or seller. That’s at the bottom of its marketed range of 5.50 ringgit to 5.60 ringgit, according to a term sheet sent to fund managers. It’s also 1.8 percent below Malaysia Airports’ closing price………………………………………..Full Article: Source

Posted on 23 November 2012 by VRS |  Email |Print

The IMF staff mission, which visited Baku on 8-20 November, has published an aide-memoire on the results of the mission’s visit. The mission concluded that the assets of the State Oil Fund of Azerbaijan (SOFAZ) in 2012 will reach $35.3 billion and in 2013 increase up to $37.369 billion.
At that, the Fund estimates gross official international reserves of the country at $12.887 billion for 2012 and $14.387 billion for the end of 2013………………………………………..Full Article: Source

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