Singapore’s sovereign wealth fund company, GIC, managing CPF and national reserves funds made a record loss in FY2016/2017, posting at least a S$43 billion loss in the its asset.
According to the official report, the GIC covered up the actual assets but disclosed that the 20-year annualised average has fallen 0.3% from 4% to 3.7%. According to a report by Reuters, GIC had US$344 billion in assets in 2017. A backward calculation on 20 year average and USD currency exchange worked out the losses to be at least S$43 billion in 2017.
This is also the second consecutive year in losses with the 20-year average fallen from 4.9% to 4% in FY0215/2016.
GIC declare undisclosed multi-billion losses in latest Financial Year report
GIC covered up the actual losses and refuse to disclose how much it actually lost.
The Chairman of GIC is Prime Minister Lee Hsien Loong, and the corrupted Prime Minister’s wife sits as the CEO of Temasek Hodlings, which also posted massive losses to the tune of S$24 billion last financial year.
CPF Withdrawal Age and Retirement Sum (previously known as Minimum Sum, name change due to negative connotation) have been repeatedly raised by PM Lee Hsien Loong with his abuse of power in Parliament.
Retirement Sum today is S$166,000 – doubled that of 2003’s S$80,000. Withdrawal Age is now 65 years old, with plans to increase to 71 years old. Corrupted Prime Minister Lee Hsien Loong also depressed CPF interest rate to 2.5% on the CPF Ordinary Account to lessen the burden on GIC and Temasek Holdings.