GIC Insider Trading a National Disgrace
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I read with grave dismay about the exploits of the three Government of Singapore Investment Corporation (GIC) staff who engaged in insider trading to avoid losses of $710,000 ('MAS files first civil penalties suit' (ST, Oct 22) and 'Three GIC staff guilty of insider trading' (BT, Oct 22)). In fact, I am shocked that such actions were taken by individuals assigned with investment responsibilities of the highest order - managing Singapore's reserves! Their acts have surely brought shame to our country and tarnished the Government's reputation, and we have lost far more than the $710,000 Lim, Teng and Choo tried to save us.
I am also deeply puzzled by how GIC, a premier investment organization headed no less by our Prime Minister and Minister Mentor, could possibly allow such an incident to take place. Having stated clearly in the GIC yearbook that one of the corporation's core values is "Integrity," and having elaborated on this as "being unflinchingly honest," the corporation should have had effective checks and balances to prevent such a faux pas from occurring. If it did, then obviously more needs to be done; I hope the disapproval publicly expressed in this letter helps make investment professionals think twice before they engage in such disgraceful acts.
That not one, but three(!) of GIC's professionals colluded to perpetrate the misdeed, and that one of them was a government scholar as well, truly leaves me confounded. That they still traded on the information even though they were warned by the securities salesman not to do so leaves me speechless. Surely the minds that handle the country's savings with a "long-term focus" have the sense to think about the long-term consequences of their actions?
I hope that this unfortunate incident is not a prelude to others to come; I refuse, as a Singaporean, to be associated with individuals who would profit through dishonest means while representing my country. This case is the first case of its kind, and it had better be the last.
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This letter was sent into the Straits Times Forum on 22nd Oct, and was rejected a few days after. I hope Singaporeans will take note of the kind of individuals who are currently managing their savings.
inspir3d.blogspot.com -
In the first place, nobody knows what the GIC does with its funds. Its activities are as secretive as that of Mindef.
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MINDEF has to be secrectOriginally posted by iveco:In the first place, nobody knows what the GIC does with its funds. Its activities are as secretive as that of Mindef. -
send them to jail.
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But why must GIC act in such a hush-hush manner? We, the taxpayers, have every right to know how our funds are being invested.Originally posted by sbst275:MINDEF has to be secrect -
OTC did questioned bef where did the $$ gone to...Originally posted by iveco:But why must GIC act in such a hush-hush manner? We, the taxpayers, have every right to know how our funds are being invested. -
But nobody told him anything. In fact, the incident raised a storm in a teacup.Originally posted by sbst275:OTC did questioned bef where did the $$ gone to... -
Because their ka ki nang questioned their act of jobOriginally posted by iveco:But nobody told him anything. In fact, the incident raised a storm in a teacup. -
Now i do know that GIC owns Seoul Financial Tower...a USD $400 million dollar building...
and 60% of Incheon Port...revealed in Straits times...
If we were to reveal the GIC, i think it would threaten our national security..
what do you all think? -
Only for lamers, not for the ordinary populace.Originally posted by SibeiSuayKia:Now i do know that GIC owns Seoul Financial Tower...a USD $400 million dollar building...
and 60% of Incheon Port...revealed in Straits times...
If we were to reveal the GIC, i think it would threaten our national security..
what do you all think?