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Coffeeshop Chit Chat - Another GIC's $14B in danger of loss !!!</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>8:03 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>28153.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>GIC’s $14 billion investment in UBS in jeopardy after it faces collapse over tax dispute with U.S.
February 4, 2010 by admin
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Written by Our Correspondent
Government of Singapore Investment Corporation (GIC)’s S$14 billion dollar investment in giant Swiss bank UBS appeared to be in serious jeopardy following fresh concerns that UBS may face collapse if it loses its license in the United States after a protracted tax dispute.
GIC made its initial investment of S$14 billion to buy a 9 per cent stake in UBS on the same day that it was hit by a S$14 billion in losses from the sub-prime mortgage crisis in the United States in December 2007.
Dr Tony Tan, a former PAP minister and Deputy Chairman of GIC said he believes in the “long-term prospects” of UBS:
“We take a long view. This is not an investment (for) which we have any fixed time frame. Of course, we’ll review it from time to time. Our intention is to remain responsible, supportive investors… hopefully for the long-term.”
[Straits Times, 11 December 2007]
GIC’s UBS investments now look set to be wiped out unless the Swiss government manage to reach a settlement with the U.S. over a protracted tax dispute which erupted in 2008.
UBS has initially agreed to transfer data on 4,450 clients suspected of tax evasion to U.S. tax authorities.
However, a Swiss court ruled last month that most of the data cannot be transferred as this would break Swiss law.
The United States has threatened to revoke UBS’s license if the deal fails to go through and UBS will face collapse as a result.
As expected, there were no immediate comments from GIC or Dr Tony Tan. Neither did the mainstream media report on the matter.
Set up in 1981 to manage Singapore’s growing national reserves, GIC has been led ever since by Singapore’s strongman Lee Kuan Yew, who is a lawyer by training.
His daughter-in-law Ho Ching heads Singapore’s other sovereign wealth fund, Temasek Holdings.
Both GIC and Temasek Holdings were hit by billions of dollars of investment losses recently.
Despite calls from Singaporeans to establish an independent Commission of Inquiry to investigate into the losses, the ruling party has blatantly refused to do so.
Till today, nobody knows the exact amount of losses suffered by the two sovereign wealth funds.
There is no opposition in the Singapore parliament to hold the ruling party accountable.
All the printed newspapers in Singapore are owned by a single media agency – SPH whose Chairman is none other than Dr Tony Tan himself.
</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
February 4, 2010 by admin
Filed under Headlines
Leave a comment
Written by Our Correspondent
Government of Singapore Investment Corporation (GIC)’s S$14 billion dollar investment in giant Swiss bank UBS appeared to be in serious jeopardy following fresh concerns that UBS may face collapse if it loses its license in the United States after a protracted tax dispute.
GIC made its initial investment of S$14 billion to buy a 9 per cent stake in UBS on the same day that it was hit by a S$14 billion in losses from the sub-prime mortgage crisis in the United States in December 2007.
Dr Tony Tan, a former PAP minister and Deputy Chairman of GIC said he believes in the “long-term prospects” of UBS:
“We take a long view. This is not an investment (for) which we have any fixed time frame. Of course, we’ll review it from time to time. Our intention is to remain responsible, supportive investors… hopefully for the long-term.”
[Straits Times, 11 December 2007]
GIC’s UBS investments now look set to be wiped out unless the Swiss government manage to reach a settlement with the U.S. over a protracted tax dispute which erupted in 2008.
UBS has initially agreed to transfer data on 4,450 clients suspected of tax evasion to U.S. tax authorities.
However, a Swiss court ruled last month that most of the data cannot be transferred as this would break Swiss law.
The United States has threatened to revoke UBS’s license if the deal fails to go through and UBS will face collapse as a result.
As expected, there were no immediate comments from GIC or Dr Tony Tan. Neither did the mainstream media report on the matter.
Set up in 1981 to manage Singapore’s growing national reserves, GIC has been led ever since by Singapore’s strongman Lee Kuan Yew, who is a lawyer by training.
His daughter-in-law Ho Ching heads Singapore’s other sovereign wealth fund, Temasek Holdings.
Both GIC and Temasek Holdings were hit by billions of dollars of investment losses recently.
Despite calls from Singaporeans to establish an independent Commission of Inquiry to investigate into the losses, the ruling party has blatantly refused to do so.
Till today, nobody knows the exact amount of losses suffered by the two sovereign wealth funds.
There is no opposition in the Singapore parliament to hold the ruling party accountable.
All the printed newspapers in Singapore are owned by a single media agency – SPH whose Chairman is none other than Dr Tony Tan himself.
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