CPIB assistant director charged with fraud, S$1.7m

[Zatoichi]

GIC is a substantial shareholder of Las Vegas Sands which in turn owns MBS.

I'm not sure what you mean by "substantial"; is it at least 5%?
If yes, do you know which brokers/subsidiaries GIC uses: http://investors.morningstar.com/ownership/shareholders-major.html?t=lvs

In late 2008 when LVS was on the verge of going belly up, Old Fart directed GIC to pump in US$5.5b into LVS otherwise they were not able to complete the MBS construction.

Then it seems that the Ministry of Finance lied when it said this in early 2009:
http://app.mof.gov.sg/TemNewsroomDe...cmpar_year=2009&news_sid=20100322509074580415
"If the Member is asking if the Government has directed or suggested to any of its agencies or companies linked to it that they should invest in Las Vegas Sands or its subsidiaries and associated entities, the answer is a categorical no."

If GIC didn't pump in US$5.5b into LVS, Mr Sheldon Adelson was going to declare bankrupt and the development of MBS would have been abandoned.

If the MBS development was abandoned half way through construction, where would the old bastard put his face?

That is why after Adelson came down to negotiate with him for one week at the Istana, he directed GIC to put up US$5.5b which turned out to be a blessing in disguise.

Wasn't it US$2 billion?
http://www.sammyboy.com/archive/index.php/t-21843.html
Or was another US$3+ billion pumped in later on?

Anyway, if you are right, Bloomberg also seems to have lied in late 2008 when it said this:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a87XCYeeu1z4&refer=asia
"Las Vegas Sands, which owns the Venetian resorts in Las Vegas and Macau, said last month it has enough money to finish its Singapore casino without help from the city-state’s government after the company raised $2.1 billion."

 

[eatshitndie]

I'm not sure what you mean by "substantial"; is it at least 5%?

details of the sgd-denominated sgd5.44b financing of the mbs development and all coordinating banks and financial institutions and arrangers involved can be found here:

http://www.prnewswire.com/news-rele...r-marina-bay-sands-in-singapore-56798312.html

 

[eatshitndie]

If GIC didn't pump in US$5.5b into LVS, Mr Sheldon Adelson was going to declare bankrupt and the development of MBS would have been abandoned.

financing was denominated in sgd, not usd. it was based on borrowings under a credit agreement that would bear interest at a spread of 2.25% above the then sgd swap offer rate for selected maturities of 1, 2, 3 or 6 months. it's not usd5.5b but sgd5.44 well sgd5.5b. it was wise to borrow, finance and denominated in sgd at that time. in usd, cost would have spiralled to usd8b due to drastic weakening and loss of purchasing power of the dollar.

hindsight 20/20.

 

[Zatoichi]

details of the sgd-denominated sgd5.44b financing of the mbs development and all coordinating banks and financial institutions and arrangers involved can be found here:

http://www.prnewswire.com/news-rele...r-marina-bay-sands-in-singapore-56798312.html

Thanks, and just to add the date, it's "January 4, 2008":
http://investor.lasvegassands.com/releasedetail.cfm?releaseid=348349
well before the global financial crisis started in the second half of 2008, which was when Sands raised the US$2 billion in November 2008.

So it seems that not only is GIC not a shareholder of Sands, the 5.5billion was actually a loan to Sands by some banks and not an injection of capital that caused GIC to become a shareholder.

 

[eatshitndie]

Thanks, and just to add the date, it's "January 4, 2008":
http://investor.lasvegassands.com/releasedetail.cfm?releaseid=348349
well before the global financial crisis started in the second half of 2008, which was when Sands raised the US$2 billion in November 2008:
http://www.sammyboy.com/archive/index.php/t-21843.html

yes, and thanks to sbf for the great archives!

 

[Narong Wongwan]

Only know him as Ngeow Cher. Understand his son is running the show.

They own/operate a casino in Cambodia?

 

[Yingge]

This deal has got nothing to do with Whore Jinx, Dhana and Temasick.

It's about the old fart not wanting to lose face if MBS end up with a half completed IR development.

My estimate is that GIC made about 50b-60b on this investment.

Bro, your statement is pretty unfair... When GIC loss money example the China bank all blame her( maybe not her decision too)... When GIC gain profit nothing to do with her...

I believe most of the investment are propose by a team... She only say yes or no... Or maybe all yes..yes..yes... So if wants to blame her for losses I think we should credit her when make profit...

 

[Dark Knight]

Teh Cheang Wan?

1976 : Meritorious Service Medal

You know Sillypore political history quite well.
It was claimed that this corrupted chap was old fart's good buddy.
My guess is that he knew quite a lot of corruption dealings of old fart.

 

[watchman8]

This deal has got nothing to do with Whore Jinx, Dhana and Temasick.

It's about the old fart not wanting to lose face if MBS end up with a half completed IR development.

My estimate is that GIC made about 50b-60b on this investment.

I think it was about saving pinky too. Casino was pinky's baby, and if mbs failed, then pinky's position would be weaker. Risking 5bn to save the dragon son is nothing, less than 1% of total sovereign wealth.

 

[watchman8]

Bro, your statement is pretty unfair... When GIC loss money example the China bank all blame her( maybe not her decision too)... When GIC gain profit nothing to do with her...

I believe most of the investment are propose by a team... She only say yes or no... Or maybe all yes..yes..yes... So if wants to blame her for losses I think we should credit her when make profit...

Whore jinx assembled her investment team, their poor performance reflects her poor choice and lack of experience in the investment world.

Well known that temasick invest strategy made a lot of very bad calls on overall portfolio level, Over weight global financials in 2007, commodities in 2010, china in 2011 etc. need I say more?

 

[Yingge]

Whore jinx assembled her investment team, their poor performance reflects her poor choice and lack of experience in the investment world.

Well known that temasick invest strategy made a lot of very bad calls on overall portfolio level, Over weight global financials in 2007, commodities in 2010, china in 2011 etc. need I say more?

I do agree with you... When they make bad call... F them... But when they make good call have to give credit right??? The problem is when they do a good call... The credit goes to others... Anyway they get paid for it...

 

[watchman8]

I do agree with you... When they make bad call... F them... But when they make good call have to give credit right??? The problem is when they do a good call... The credit goes to others... Anyway they get paid for it...

You don't get my point. Whore jinx is responsible for the entire portfolio, and for past decade temasick is jumping from one fad to another, resulting in the portfolio to overweight in sectors at peak level pricing. I'm not blaming her for individual investment losses, but for the poor strategic level investment calls.

If not for the GLC stocks that temasick holds as gifted from MOF as well as national assets like power stations, temasick performance would definitely be way below global average.

 

[halsey02]

When old fart and his entourage visited Las Vegas on a one week exploratory trip, Sheldon personally went out of his way to look after him.

I was getting live reports from my pals working as senior executives in Sheldon's Venetian Mega Casino.

How many toothpicks, did they bring back as sample??

 

[halsey02]

Whore jinx assembled her investment team, their poor performance reflects her poor choice and lack of experience in the investment world.

Well known that temasick invest strategy made a lot of very bad calls on overall portfolio level, Over weight global financials in 2007, commodities in 2010, china in 2011 etc. need I say more?

That is why now, they need a HOLEly PAUL, with his MORAL COMPASS to show them the way...Peter is on the way....

 

[Charlie99]

Wonderful! What father-in-law made, daughter-in-law loses.

I hope the learned HC did not lose $50 to $60 billion in her other investments.

 

[halsey02]

I hope the learned HC did not lose $50 to $60 billion in her other investments.

In accounts, we have CREDIT & DEBIT..guess who books are debited?? ha ha ha ha

 

[GoldenDragon]

They own/operate a casino in Cambodia?

Casino ship just outside Batam. The one own/operate casino in Cambodia is Siam-kia.

 

[Charlie99]

Casino ship just outside Batam. The one own/operate casino in Cambodia is Siam-kia.

Who?
Sorry, that I missed the earlier part or post(s).

 

[Charlie99]

AD is an appointment. Need to know his grade to make a better guess.
My hunch is that this chap should be the equivalent of a Supt in the SPF. 10k easily. Most ADs hold Supt or DAC rank in the SPF.

He should be looking at minimum 10 yrs jail time.

If that is the case, then the Director of CPIB is equivalent in rank to a SAC in the SPF?

 

[Charlie99]

He can raise 500k in a snap but can only return less than 100k of stolen money

Shouldn't the AGC apply to freeze all his assets in case his family or mistress fled with the money?

The AGC may have applied for a "mareva" injunction