Is GIC concealing massive CPF investment losses?

CPF fund manager, GIC, appears to have mismanaged our CPF monies.

Information from reputabIe sources of information strongly suggests past reserves have not been invested but converted into land assets. These assets may take many years before yielding any return.

Since Tony Tan became President, there was not a squeak from him although our financial reserves must have been converted numerous times into land assets. Perhaps that’s the reason why PAP die-die cannot afford to have a President who question the use of our reserves and CPF.

1. Facts:
– GIC manages surplus land sales revenue and CPF.
– GIC’s latest estimated AUM by SWFI stood at US$344 B, US$350 B and US$359 B in the month of June in 2015, 2016 and 2017 respectively.

4. From 2015 to 2016, CPF balances had increased by slightly more than US$20 billion: this alone is higher than SWFI’s US$15 billion increase in the past 2 years. Billions are therefore unaccounted for.

5. If land sales revenue of about US$20 billion (S$27.3 billion) in the past 2 years is included, then surely tens of billions are missing.  GIC should disclose its realized/unrealised losses in Parliament.

6. The discrepancy is so alarming large and warrants the PAP government to challenge the publication of such data by SWFI.  SWFI is effectively suggesting – maybe even confirming – the massive losses which Singaporeans have suspected since years ago.

7. SWFI’s figures have been often quoted by foreign media in GIC-related news. If SWFI’s figures are not factual, the PAP should not allow fake news to shake the confidence of CPF members.

Information available in the public domain suggests massive CPF investment losses.  Doesn’t this, as well as the unknown billions of financial reserves converted into land assets, warrant Parliament’s urgent attention?

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

 

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29 Responses to “Is GIC concealing massive CPF investment losses?”

  • india is malay in Singapore:

    Phillip Ang – thanks bro for the information.

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  • Ah yah!:

    Ah Yah! Why you so goondu? They know want to give us too much information, otherwise we become very confuse lah! They need money to pay their members very very high sallery. Government think we all very stupid lah! Government don’t want us to get smart, ah?

    Let;s make some sense here… The government believes that the least we know the better it will be. Yes, it is our funds that they are playing with. What can we expect when our funds are managed by ‘FAMILEE’? There is a clear sign of conflict.

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  • Naji Boleh 0 MDB:

    I wonder what happened to 1MDB.
    NO DEFAULT IN PAYMENT RIGHT?

    We must always trust sovereign wealth funds.
    We must not Question it.
    It’s for the sovereignty of nations.

    现有国,才有家。

    Even if they loss all our money WE MUST NEVER QUESTION.
    ITS A FORM OF RESPECT.

    Luckily, Asians prefer authoritarianism.

    Otherwise, there would have been many revolts by the people.

    If bankrupt, just tax the people more. We can say tax hike is for the country. It’s in the People’s best interest.

    We are Number One!

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  • PAP cannot be trusted.:

    The only way to know the truth is REGIME CHANGE. PAP has always been “opaque” so it can hide its mistake and not be held accountable. That is why PAP CANNOT BE TRUSTED.

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  • oxygen:

    WE NEED THE NEXT ELECTED PRESIDENT to come from someone OUTSIDE THE POLITICAL ESTABLISHMENT.

    Otherwise, return all our CPF now.

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  • oxygen:

    APART FROM GLOBAL BANKS, our Sovereign Wealth Funds investment in natural resources sector mostly turned out BAD bought near the peak of metal commodities price trend – some vaporized to nearly zero.

    You really have to wonder if they know what they are doing in mining investments.

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  • Puppets on a string:

    We sgs mostly feel something is amiss… ,hence the never ending tweaking n rules changing in regards to our cpf withdrawal age n withdrawal amounts account holders are getting less n less each year…
    No matter what we signed on the dotted line was never honoured..
    there’s many secrets that they need to keep hidden…even the President himself doesnt know how much the reserves amount to, so what is he/she guarding?..a chestful of monopoly money?
    President & ministers allowing themselves to be puppets on a string! How degrading.
    Thats why PAP has to pay them highest world salaries, just to keep mouths shut. Right?

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  • Bapak:

    When you have a nation made of 70% stupid citizens, they can hide anythings. Stupidity has no cure.

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  • kf:

    Just need to ask TT and the lady candidate to show us the money for the multimillions they have taken.

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  • rukidding:

    Roy was “killed” for asking this question .

    I happened to “suspect” the same as you too !

    Die, die,…this Cat must not be let out of the bag !!!!

    …….otherwise, no more obscene pay and suddenly the currency become “Sink” dollar and overnite ,….$1RM can fetch $3 “sink dollar” ????

    What will become more “worst” is suddenly all the Pino and Intor ..all “stop” work and “Go” home , leaving lots of “debts and unpaid morgaged”.

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  • Where's My CPF?:

    You think to keep TCB and, the likes of him, out is for fun? Con job is serious business and will decide the leegacy.
    What PAP is soughting is a unquestioning dummy as president.

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  • Authoritarianism is whatitis:

    Where's My CPF?:
    You think to keep TCB and, the likes of him, out is for fun? Con job is serious business and will decide the leegacy.
    What PAP is soughting is a unquestioning dummy as president.

    Authoritarianism cannot remain in power otherwise.

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  • N.Jungne:

    Yet there’s this Prawn Head aspire to be like KFC to continue hiding under that piece of cloth. Looking beyond you’ll find Mirage, looking underneath nothing but SHIT & waste

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  • Bystander:

    Naji Boleh 0 MDB.

    A slave is still a slave, even if the Monarchy in China was abolished last century.
    No cure for stupidity.

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  • PATRIOT of TEMESAK:

    Phil. it is NOT “is GIC concealing”….it should be “How is GIC concealing???”

    GIC keys are held by the LeeDynasty NOT even PM Goh had the opportunity to hold that Solid Gold & Diamond studded key…It was handed from the Evil Father to the Evil son and the Stoopid Wooden Piece of Shit can just smile and hold some stoopid titles like Chairman of this & that and EmeritusMisnister whatever that stoopid title is

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  • Hey you...yes you paps:

    WHERE IS THE MONEY?!!!

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  • Trust only myself:

    Yesterday my family shared a table at a coffee shop during dinner with a 60 yo Malaysian uncle….

    We talk about CPF and the uncle was saying in Malaysia the gov encourage them to take out all their “CPF” money.
    I said our interest from CPF is from 2.5% 4% and what did they pay in Malaysia. He said more than 5%…..

    We have to believe our CPF is not in good shape……

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  • NotMyProblem:

    So you think LHL pays ministers and his paper-generals for their ability and talent?

    The reason is for these ministers and paper generals to shut their mouths. See no evil, hear no evil and speak no other people’s evil.

    Very soon we will have an Indian Muslim to be our Malay President, her tudung not only hide her hair but also to hide a lot of other things too.

    LHL is very concern with the health of the voters. If they know the truth, a lot the them would have heart attack.

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  • Boh Bian Por:

    Naji Boleh 0 MDB:
    I wonder what happened to 1MDB.
    NO DEFAULT IN PAYMENT RIGHT?

    We must always trust sovereign wealth funds.
    We must not Question it.
    It’s for the sovereignty of nations.

    现有国,才有家。

    Even if they loss all our money WE MUST NEVER QUESTION.
    ITS A FORM OF RESPECT.

    Luckily, Asians prefer authoritarianism.

    Otherwise, there would have been many revolts by the people.

    If bankrupt, just tax the people more. We can say tax hike is for the country. It’s in the People’s best interest.

    We are Number One!

    Learn to use excuses like Boh Bian.
    You will accept everything.

    It’s a form of SURRENDER . RESIGNED TO FATE. Unquestioning Trust. As much trust as you trust in God.

    This is the Ultimate effect of Authoritarianism . Absolute Control.
    Because everyone is controlled.

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  • The Rot Start From The Top:

    Someday, the secret can be revealed, and those responsible, must be made accounted for. It is a national crime, and a life time lock-up is deserving.

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  • Undercover tudong:

    Halimah lacks integrity
    She has taken an oath as an mp and speaker of parliament to serve a full term .She has resigned as an mp and speaker of parliament not because of medical condition or because of any strong reason.She has has lass for money and power.
    She has brought shame and dishonour to her late father by not honouring her heritage.
    She pretant to be thinking about standing for the EP when she has already decided the day Chan CS address her as Madam president.She lied all this time.
    Halimah you threw insults at Dr Chee during the last By elections look to at yourself now you hypocrite.You said that you will better serve the people as the president.Stop kidding yourself as the president you will only do disservice to Singaporeans by supporting LHL and supressing information about our reserves.
    You and you boss the d**honourable son are playing racial politics be very very afraid it is going to bite you in the ass.

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  • LIONS:

    So be prepared they will COLLECT MORE MONEY FROM YOU.
    HY will diam diam only.
    Expect more of the same.
    No accountability.
    Its the PAP’s EP you have here,same like Prataman n KFC Tan.

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  • Ownself Masturbate Ownself:

    oxygen:
    WE NEED THE NEXT ELECTED PRESIDENT to come from someone OUTSIDE THE POLITICAL ESTABLISHMENT.

    Otherwise, return all our CPF now.

    You first have just got to get over the dead body of the 70%.

    Wahahahaa!!!

    Impossiber! wahahahaa!

    There are many impossible things in life and one of them is the 70% VTO.

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  • Huh:

    Huh GIC doesn’t manage all our cpf money la. It’s split between GIC, temasek and MAS. A lot of money is not invested but instead left in cash and cash equivalents (very liquid assets) which are managed by GIC (most portfolios have some proportion of the funds invested in cash or cash equivalents). The amount of cash should. E quite high given the liquidity needs of the CPF i.e. a lot of the money has to be in cash cause Singaporean need to claim their CPF regularly for various things which is in cash la. Another portion is given to temasek to manage but much less than the portion given to GIC given that temasek’ investment strategy is riskier than GIC’s as its aim is to get higher returns. So it doesn’t make sense to just look at GIC’s AUM lol. Technically CPF money is used to by SG government bonds whose proceeds are then invested by GIC/Temasek/MAS. SG government bonds are the closest thing to a risk free rate in SG given that they are backed by the sovereignty of the govt.

    And now with regards to the thing about our interest rate being lower than Malaysia’s. Three points to note:
    1. The higher the risk the higher the interest rate needed to compensate for the risk. That’s why a 10 year corporate bond issued by say Samsung would have to pay a higher interest rate than a 10 year US treasury bond as there is a greater chance Samsung would default on the bond in the eyes of investors. The US treasury bond is backed by the US government which is arguably the most powerful country in the world (messed up la I know) so the US treasury rate is regarded as the “risk free rate” in finance. Malaysia is a riskier country than Singapore. Our government bonds are rated Aaa by Moody’s (the highest rating possible) while Malaysia’s rating is A3 (6 ranks BEHIND Singapore which is not surprising given what happened with 1MDB billions going missing just like that).

    2. Malaysia is a developing country with a higher GDP growth rate than Singapore (our growth rate is compatible to other developed countries) so in a sense they can “afford” to give more.

    3. Inflation in Malaysia is higher (3-4%) than Singapore (around 1%), so a higher interest rate is needed to match inflation to preserve purchasing power.

    That being said I’d much prefer more transparency with regards to the management of our funds. But there’s a reason why they don’t disclose the compeoments of their portfolio. Later other fund managers copy how? (when GIC takes a position they don’t buy at once cause that would push the price up too much. So they buy in batches. Knowing this I can buy in between and wait for price to rise.) Or other sovereign wealth funds take a position disadvantageous to Singapore to hantam us how? (Eg sell shares of companies GIC has a big stake…

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  • Huh:

    Whoops slight error in my post above. Temasek manages the reserves but they claim they don’t touch our CPF ahahaha

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  • wrong become right:

    they’ve been doing many small wrongs from time to time for so long…
    till now even the big wrongs don’t seem wrong to them anymore..
    they think its their right !

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  • Change We Must:

    I believe our CPF is bankrupt already. If all CPF members ask for money back, they cannot pay lah.

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  • Face Reality!:

    If brother, sister and nephew have to ‘run road’, ordinary Singaporeans like you and I better ‘kwai kwai’ and keep our mouths shut!

    We can only vote wisely and quietly. No need to beat drum and say loud loud who you voted.

    Our vote is secret. Only we know who we voted. Hopefully can celebrate win at HongLim Park!

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  • System based on Believing:

    Change We Must:
    I believe our CPF is bankrupt already. If all CPF members ask for money back, they cannot pay lah.

    Whatever and ever you choose to believe becomes your truth.

    Singaporeans TOO TIMID TO QUESTION.
    THEREFORE, ITS IMPOSSIBLE FOR THEM TO KNOW THE TRUTH.

    THIS IS WHAT THEY HAVE ACCEPTED AS A WAY OF LIFE,
    FROM CRADLE TO GRAVE.

    PROVEN FOR OVER HALF A CENTURY.

    TOP IN MATHS AND SCIENCE SOME MORE!

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