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Sovereign Wealth Funds Briefing 22.Jul 2016

Posted on 22 July 2016 by VRS |  Email |Print

The White House urged Malaysia on Thursday to demonstrate good governance and a transparent business climate, a day after U.S. prosecutors sued to try and seize $1 billion in assets they said were bought with money stolen from a state development fund.
The civil lawsuits present a potentially thorny issue for the two countries that have grown closer during the administration of President Barack Obama, who has visited the southeast Asian nation twice in the last two years. The lawsuits will likely affect relations, but they did not come as a surprise, said a U.S. congressional aide. “It has been a concern of a lot of people for a long time. Corruption in Malaysia is a huge problem,” the aide said………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

The thing with the kind of investigation currently engulfing Malaysia’s sovereign investment fund 1MDB is that it’s hard to assess where the risk for investors ends. Unless you know exactly who was involved and to what extent, you might have to add a premium or a discount for companies with potential dotted lines to the eye of the storm.
The Monetary Authority of Singapore said Thursday it had found “instances of control failings” in the local units of UBS and Standard Chartered, as well as at the country’s biggest bank, DBS Group Holdings………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

A spokesman for Malaysian premier stated that 1MDB has been the subject of multiple inquiries in Malaysia and “the attorney general found that no crime was committed.” US prosecutors are trying to seize more than $1 billion in assets they said were tied to money stolen from the Malaysian state fund, overseen by the prime minister and used to finance The Wolf of Wall Street film, and to buy property and works of art.
Civil lawsuits filed in federal court on Wednesday did not name Malaysian premier Najib Razak, referring instead to “Malaysian Official 1.” Some of the allegations against this official are the same as those in a Malaysian investigation over a $681 million transfer to his personal bank account………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

US$731 million was allegedly siphoned from Malaysia’s sovereign wealth fund 1MDB into a bank account owned by the unnamed ‘Malaysian Official 1′, according to the lawsuit filed by the US Department of Justice (DOJ) yesterday.
DOJ did not name ‘Malaysian Official 1’ but described the individual as a “high-ranking official in the Malaysian government who also held a position of authority with 1MDB.” Upon its formation, Malaysian Official 1 assumed a position of authority with 1MDB, said DOJ………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

The plot behind the 1Malaysia Development Berhad (1MDB) state fund scandal has thickened with the intervention of the United States government. Gambling debts in Las Vegas, a private jet, and funding for Oscar-nominated movie ‘The Wolf of Wall Street’ are among the opulent expenses allegedly bankrolled by the Malaysian sovereign wealth fund in a scandal involving billions of dollars of taxpayers’ money.
Amid colossal allegations of transborder graft and money laundering, the U.S. Department of Justice is looking to seize more than $1 billion in assets that federal officials say were misappropriated from the 1Malaysia Development Berhad (1MDB) wealth fund………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

The Swiss authorities, acting on United States request, have seized three rare paintings linked to an investigation into the scandal-hit Malaysian state fund 1MDB. A spokeswoman for the Federal Office of Justice said the paintings were Vincent van Gogh’s La maison de Vincent à Arles and Claude Monet’s Saint-Georges Majeur and Nympheas avec Reflets de Hautes Herbes.
She was confirming a report by the Neue Luzerner Zeitung newspaper. “The operation is not over yet so we will not comment at the moment on the location of the paintings,” she said………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

Goldman Sachs (GS) is under fire this morning after the U.S. government alleged that Malaysian sovereign wealth fund 1MDB diverted billions of company dollars from bond sales issued by Goldman Sachs for the personal use of 1MDB officials, Reuters reports.
In 2012 and 2013, Goldman assisted the fund in raising $6.5 billion in three separate bond sales to invest in energy projects and real estate. The investments were meant to boost the Malaysian economy………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

Singapore’s regulator will take “firm regulatory actions” against UBS, Standard Chartered and DBS bank for serious failings in anti-money laundering controls relating to flows of cash linked to Malaysia’s state investment fund 1MDB.
The Monetary Authority of Singapore said in a statement on Thursday that inspections had found instances of control failings in all three banks. In some cases there were weaknesses in the process for accepting clients and monitoring transactions……………………………………….Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

The scandal surrounding Malaysia’s sovereign wealth fund 1MDB has roped in three major banks, with Singapore’s investigations alleging failures and weaknesses at DBS Bank (DBSDY), Standard Chartered (SCBFF) and UBS (UBS) . That comes right after the largest-ever forfeiture complaint by the kleptocracy unit of the U.S. Justice Department, which has filed to seize more than $1 billion in assets in the United States.
Singapore has seized S$240 million ($177 million) in suspicious bank accounts in the city, its forces said in a statement issued on Wednesday. Half of the money belongs to the Malaysian businessman Low Taek Jho — a socialite known as Jho Low — and his family………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

S&P Global Ratings said on Thursday (July 21) that its credit rating on SMRT is not affected by the Temasek Holdings buyout offer for the rail and bus operator.
“Our rating already incorporates a very strong link between the company and its majority owner, the Government of Singapore, through Temasek, which is unlikely to change even if the company becomes a wholly owned subsidiary,” said S&P, which rates SMRT as triple-A with a stable outlook………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

SMRT Corporation Ltd has made two huge announcements in short order. Last Friday, the land transport services provider revealed that it plans to sell its rail operating assets to the Land Transport Authority (LTA) for S$1 billion. The sale, if it happens, would effectively change the company’s business model from asset-heavy to asset-light. It’s a deal that may change SMRT Corporation’s business significantly – you can find out more about the possible changes here.
Then, yesterday, SMRT Corporation announced that its largest shareholder, Temasek Holdings, has released a buyout offer. Temasek, which is one of the Singapore government’s investing arms, currently owns 54% of SMRT Corporation’s shares and it wants to buy the remaining 46% stake………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

Adi Godrej is considering an IPO of his group’s animal-feed unit as business thrives in the biggest milk-drinking country in the world. Billionaire Adi Godrej is considering an initial public offering (IPO) of his group’s animal-feed unit, the largest producer in India, as business thrives in the biggest milk-drinking country in the world.
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 22 July 2016 by VRS |  Email |Print

Primary markets are emerging as a new route to raise exposure to Indian equities for sovereign wealth funds (SWFs). Prominent SWFs such as Abu Dhabi Investment Authority (ADIA), Kuwait Investment Authority (KIA), Government Pension Fund Global (GPFG) of Norway and Monetary Authority of Singapore (MAS) invested in about 30% of the initial public offerings (IPOs) in the past 18 months. Narayana Hrudayalaya, InterGlobe Aviation, Parag Milk, VRL Logistics and Alkem Labs were some of the prominent investment targets.
In Parag Milk Foods IPO of May 2016, SWFs of Abu Dhabi and Norway cumulatively subscribed to 8% of the total book and nearly 18% of the total anchor book………………………………………..Full Article: Source

Posted on 22 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.
In its 2015 annual review, Adia said its 20-year annualised rates of return fell to 6.5 per cent in 2015 from 7.4 per cent the year before. The fund’s 30-year rate of return slipped to 7.5 per cent from 8.4 per cent. “This was primarily as a result of strong returns from the mid-1980s and 1990s falling out of the rolling averages over the periods in question.”……………………………………….Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

A trial date for a lawsuit brought by Libya’s $67 billion (51 billion pounds) sovereign wealth fund against French investment bank Societe Generale was pushed back to April 25, 2017, by a judge’s ruling in London’s High Court.
The case, in which the Libyan Investment Authority (LIA) is pursuing Societe Generale for some $2.1 billion in relation to disputed trades, was originally scheduled to come to trial in January 2017. The judge’s ruling came in response to a request for an adjournment by lawyers for the French bank, who had cited the volume of work that still needed to be done………………………………………..Full Article: Source

Posted on 22 July 2016 by VRS |  Email |Print

Ambassador of Mexico to the Republic of Azerbaijan Rodrigo Labardini accompanied by Head of the Competitive Technical Intelligence Unit of the Mexican Institute of Petroleum (IMP) Victor Ortiz has met with Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Shahmar Movsumov.
Rodrigo Labardini highlighted the development of the oil sector in Mexico. He noted that the significant growth in the economic sector, the increase of foreign trade, creation of a propitious environment for investment and the significant contribution of the Mexican energy sector in the last two decades has positioned Mexico as the eleventh largest oil producer in the world……………………………………….Full Article: Source

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