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Sovereign Wealth Funds Briefing 21.Feb 2014

Posted on 21 February 2014 by VRS |  Email |Print

National sovereign wealth fund 1Malaysia Development Bhd (1MDB)’s failure to file its audited accounts for the financial year ending March 2013 with regulators has raised questions over its transparency. Petaling Jaya Utara MP Tony Pua said this is even so when coupled with 1MDB’s decision to replace KPMG - its auditors since its inception - with rival firm Delloite.
Pua said the change of auditors “rings the loudest alarm” as there are many unanswered questions over 1MDB’s US$2.32 billion fund in the Cayman Islands………………………………………..Full Article: Source

Posted on 21 February 2014 by VRS |  Email |Print

Government-backed 1Malaysia Development Bhd (1MDB) has confirmed that it has changed its auditors and that it has gotten a six-month extension from the authorities to file its accounts for the financial year ended March 31, 2013 (FY13).
1MDB stated that it had been granted an extension of time up to March 31, 2014 from the Companies Commission of Malaysia (CCM) to file its annual returns. The spokesperson also confirmed reports that accounting firm KPMG had been replaced with Deloitte to complete the audit for FY13………………………………………..Full Article: Source

Posted on 21 February 2014 by VRS |  Email |Print

An opposition MP has proposed setting up a sovereign wealth fund to prevent the government in power from abusing Malaysia’s oil riches as a personal piggy bank.
Compared to oil-rich Norway which today has the richest sovereign wealth fund in the world at RM2.7 trillion, PKR MP Nurul Izzah Anwar lamented the fact that Malaysia’s equivalent oil fund, the Petronas-backed Kumpulan Wang Amanah Negara (Kwan), only has RM5.43 billion………………………………………..Full Article: Source

Posted on 21 February 2014 by VRS |  Email |Print

A federal lawmaker urged Putrajaya today to set up a special oil fund for Malaysians like Norway’s pension fund, which recently ballooned to USD828.66 billion (RM2.7 trillion) and turned every Norwegian into theoretical millionaires.
PKR’s Lembah Pantai MP Nurul Izzah Anwar said most of the revenue from Malaysia’s national oil company Petronas should not continue to be spent, but be set aside for rainy days in the future like Norway’s oil fund. “Petronas cannot continue to be the prime minister’s and his Cabinet’s personal bank, with almost 40 per cent of the revenue from petroleum being used in the country’s budget,” she said……………………………………….Full Article: Source

Posted on 21 February 2014 by VRS |  Email |Print

A team of Blackstone Group and GIC Private Ltd. reached a deal to take a minority stake in Kronos Inc. that values the human-resources software company at around $4.5 billion, including debt, said people close to the negotiations.
Blackstone, the world’s largest private-equity firm, and GIC, a sovereign-wealth fund owned by the Singapore government, are together investing about $750 million in Kronos, the people said. That will give the pair a roughly 44% stake in Kronos, one of the people said. The deal values Kronos equity at about $1.7 billion………………………………………..Full Article: Source

Posted on 21 February 2014 by VRS |  Email |Print

Abu Dhabi Investment Authority (Adia) has suffered another setback in its legal battle over its investment in Citigroup. An appeals court in New York on Wednesday dismissed Adia’s attempt to nullify an arbitration award in Citigroup’s favour from October 2011.
Adia had appealed the court’s decision in March not to dismiss the arbitration award. The court’s summary order said that Adia had failed to meet the “high hurdle” of showing that the arbitration panel either exceeded their powers or had showed a “manifest disregard for the law” in ruling in Citigroup’s favour in the arbitration proceedings………………………………………..Full Article: Source

Posted on 21 February 2014 by VRS |  Email |Print

A Kuwaiti MP filed a bill Thursday to create a government-funded trust fund for every citizen from birth that would become an 18th birthday present of around $40,000 (29,200 euros). Under MP Askar al-Enezi’s proposal, the government of the oil-rich Gulf state would deposit 50 dinars ($177) each month into an account for each citizen from the time of birth.
The money would be managed by the country’s sovereign wealth fund, Kuwait Investment Authority, and the capital and profits handed to citizens when they become adults………………………………………..Full Article: Source

Posted on 21 February 2014 by VRS |  Email |Print

Private equity and sovereign wealth fund (SWF) investments in the MENA region are strongly rebounding aided by the improved confidence in the regional economy, according to a report by Ernst & Young (EY).
Out of 442 deals announced in the MENA region during 2013, SWFs were involved in 19 deals with a deal value of $14.5 billion. This makes SWFs the single largest buyer constituency in MENA, contributing to 29 per cent of overall deal values………………………………………..Full Article: Source

Posted on 21 February 2014 by VRS |  Email |Print

A number of sovereign wealth funds (SWFs) dependent on oil have been facing up to the twin threats of declining traditional asset values and flatlining oil prices, leading many of them to realize that the time to consider alternative investments might be here.
While oil was at its peak in 2009 at $140 per barrel, the flow of funds into oil-based SWFs grew significantly. During the past few years, however, this flow has been halted, as oil prices hover around $100 a barrel, proving irksome to SWFs of countries, states and provinces reliant on the commodity………………………………………..Full Article: Source

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