GIC responds to "Olympus losses" speculation
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SINGAPORE: The Government of Singapore Investment Corporation (GIC) said it disposed of almost all its shareholding in the troubled Japanese electronics maker Olympus "on first suspicion of possible wrongdoing".
GIC was responding to media reports that it had held a two per cent stake in Olympus and speculation it may have suffered losses on the investment.
"The majority of the investment was made in the midst of the global financial crisis," GIC said in a statement.
Olympus shares have plunged almost 80 per cent since mid-October, following allegations of fraud at the company by former CEO Michael Woodford.
GIC said in its statement it "currently has only an insignificant holding under a portfolio managed by an external fund manager".
GIC did not disclose whether it had suffered any losses on the transactions.
- CNA/wk=========
wu kong ka na bo kong!!!
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ofdd..why every company with GIC got fraud one???very suspicious.
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"On first suspicion of possible wrongdoing".
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why disposed almost all and not all?
i dont get it.
if you suspect possible wrongdoing why not dispose all? keep for what?
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Originally posted by dragg:
why disposed almost all and not all?
i dont get it.
if you suspect possible wrongdoing why not dispose all? keep for what?
Wah, you read the report so thoroughly.
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