Fri, Jun 18, 2021
A A A
Welcome mteam
RSS
Sovereign Wealth Funds Briefing 21.Jul 2016

Posted on 21 July 2016 by VRS |  Email |Print

The U.S. Department of Justice has filed civil complaints seeking to recover a billion dollars’ worth of art, real estate and other assets bought with money allegedly stolen from a Malaysian sovereign wealth fund.
U.S. officials say a total of $3.5 billion, raised through bond offerings made by the investment fund 1MDB between 2009 and 2015, was laundered through a series of sham transactions and shell corporations by “high level officials” of the fund and their associates. The U.S. is seeking to reclaim only about $1 billion right now, because that’s how much officials have been able to trace through the system………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

Van Gogh paintings, Beverly Hills properties and the rights to profits from the hit movie The Wolf of Wall Street were among $1bn in assets US prosecutors moved to seize on Wednesday as part of a sprawling anti-money laundering investigation into Malaysia’s sovereign wealth fund.
In one of the largest seizures in US history, federal law enforcement agents also appeared to link Najib Razak, Malaysia’s prime minister, to a web of corrupt officials receiving stolen funds………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

The United States moved Wednesday to recover more than $1 billion that federal officials say was stolen from a Malaysian economic development fund and that was used for high-end real estate, fancy artwork and production of the Hollywood film, “The Wolf of Wall Street.”
The diverted funds paid for luxury properties in New York and California, a $35 million private jet and expensive paintings by Vincent Van Gogh and Claude Monet, according to federal government complaints that demand the recovery and forfeiture of the ill-gotten assets………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

US Attorney-General Loretta Lynch said on Wednesday (July 20) that a number of corrupt officials had treated Malaysia state fund 1Malaysia Development Berhad (1MDB) as their private bank account.
She was delivering prepared remarks to announce a new legal action to seize more than US$1 billion (S$1.36 billion) in assets including luxury real estate and a jet allegedly bought with money pilfered from the 1MDB state investment fund………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

The properties allegedly bought with funds misappropriated from a Malaysian investment fund would make for a stunning house tour of high-end real estate in New York and Los Angeles.
Besides flashy real estate, the U.S. government alleges that money from the fund, known as 1Malaysia Development Bhd. or 1MDB, was used to buy a $35 million private jet and a stake in EMI Music Publishing………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

Goldman Sachs’ work with Malaysian sovereign wealth fund 1MDB is under the spotlight over U.S. government allegations that billions of dollars were diverted for the personal use of officials in the southeast Asian country.
The Wall Street bank helped 1MDB raise $6.5 billion in three bond sales in 2012 and 2013 to invest in energy projects and real estate to boost the Malaysian economy. Instead, more than $2.5 billion raised from those bonds was misappropriated by high-level 1MDB officials, their relatives and associates, U.S. Department of Justice civil lawsuits filed in court on Wednesday said………………………………………..Full Article: Source

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

Posted on 21 July 2016 by VRS |  Email |Print

Public transport operator SMRT looks set to be privatised after Temasek Holdings announced a S$1.18 billion buyout offer at S$1.68 a share Wednesday (Jul 20). The offer from the Singapore state investment firm values SMRT at approximately S$2.565 billion, Temasek and SMRT said in a media statement. Once the acquisition is completed, SMRT will become a wholly-owned subsidiary of Temasek and will be delisted from the Singapore Exchange.
In their statement, Temasek and SMRT said that privatisation will provide SMRT with “greater flexibility to focus on its primary role of delivering safe and high quality rail service, without short term pressures of being a listed company, in the midst of its transition to a new regulatory framework under the new rail financing framework”………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

Singapore state investment firm Temasek Holdings Pte offered S$1.2 billion ($880 million) to buy out SMRT Corp., 16 years after the company became the first Asian subway operator outside of Japan to list shares.
The S$1.68 a share proposal, an 8.7 percent premium from the last traded price, values the rail operator at S$2.6 billion. The price is fair and final, Temasek President Chia Song Hwee said in Singapore Wednesday after the buyout, first reported by Bloomberg News this week, was made public………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

Billionaire Adi Godrej is considering an initial public offering of his group’s animal-feed unit, the largest producer in India, as business thrives in the biggest milk-drinking country in the world. Godrej Agrovet Ltd. may be listed in the future, group Chairman Godrej said in a recent interview in Mumbai, without providing details on the timing or valuations.
An IPO of the unit, which is partly owned by Singapore’s Temasek Holdings Pte, would be the first such deal for the 119-year old conglomerate — whose businesses range from locks to soaps, appliances and real estate — since 2010. It would also come as rising stock prices increase the number of initial share sales in the world’s fastest-growing major economy………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

The Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, said its long-term gains dropped in 2015. The fund’s 20-year annual rate of return slowed to 6.5 percent at the end of 2015, from 7.4 percent a year earlier, it said in its annual review. Over three decades, annual returns fell to 7.5 percent from 8.4 percent.
The sovereign wealth fund doesn’t disclose how much money it manages for the government. ADIA, as the fund is known, is bringing more investment management in-house and putting less assets in index-tracking funds as it seeks higher returns………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

Despite volatile conditions that saw equity markets end 2015 little changed from where they began, the Abu Dhabi Investment Authority, or Adia, recorded a creditable performance from an overall portfolio perspective, the world’s leading sovereign wealth fund said.
Now in its 40th year, Adia invests across more than two dozen asset classes globally. It does not disclose the total size of its assets, but the US-based Sovereign Wealth Fund Institute, which tracks the industry, estimates them at $792 billion………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

Abu Dhabi’s main sovereign wealth fund has brought more of its portfolio buying activity in house as it seeks greater value amid slower growth across increasingly volatile global markets.
Abu Dhabi Investment Authority has its portfolio managed by external firms overseen by the sovereign wealth fund’s staff to 60 per cent from 65 per cent in 2014. The amount of its assets tracking indexes has fallen from 55 per cent in 2014 to 50 per cent this year……………………………………….Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

The Abu Dhabi Investment Authority (Adia) remains focused on China’s and India’s long-term growth prospects, even after emerging markets were hit last year by a slowing global economy. The emirate’s main sovereign wealth fund said in its annual review, released on Wednesday, that long-term returns declined last year amid volatility in markets, although it said the lower rates were mainly caused by statistical averaging over the long periods it uses to measure returns.
The fund’s managing director, Sheikh Hamed bin Zayed, pointed to the continued long-term growth prospects of China and India, despite economic headwinds and the need for huge structural reforms undertaken by the former in the past couple of years………………………………………..Full Article: Source

Posted on 21 July 2016 by VRS |  Email |Print

Norwegian’s should be happy about the arrival of Pokémon Go - not only because they seem to be the most active players of the game in the Nordics. The Norwegian sovereign wealth fund, the largest of its kind in the world, has made big bucks from the Pokémon Go hype.
Even with Nintendo stock declining 12% today, at the time of writing, after having doubled since the release of the augmented reality mobile game, the sovereign wealth fund has made Norwegian’s over $100 million, reports E24………………………………………..Full Article: Source

See more articles in the archive

banner
banner
banner
banner
June 2021
M T W T F S S
« Nov    
 123456
78910111213
14151617181920
21222324252627
282930