Serious Mindef is also an Investment Fund Manager!

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An honorable member of the Coffee Shop Has Just Posted the Following:

This cuntry is resembling the end days of Qing Dynasty where a female gambler run smoke in the throne while the administration/military are busy filling their own bank accounts as well as the police who is useful only for crushing rebellious peasants.


Quote:
Last January, Mindef invested S$50.26 million in a United States Real Estate Investment Trust exchange-traded fund (US REIT ETF) without proper approval and evaluation by the SAVER-Premium Fund’s Board of Trustees. The ministry only sought approval from the then Director of Defence Finance

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• It also appointed an investment manager without the Board’s approval.

• Evaluation of the US REIT ETF was not adequate, and complete information on the investment costs was not presented when seeking the director’s approval.

• Mindef said no approval for the investment was sought from the Board because it was deemed a transitional investment consistent with the Board’s approved strategic asset alocation. This was pending the appointment of two Board-approved fund managers for investments of S$25 million each in Global REITS and US REITS.

• However, the AGO noted that Board’s approval was only for the aforementioned S$25 million investments.ast January, Mindef invested S$50.26 million in a United States Real Estate Investment Trust exchange-traded fund (US REIT ETF) without proper approval and evaluation by the SAVER-Premium Fund’s Board of Trustees. The ministry only sought approval from the then Director of Defence Finance.

• It also appointed an investment manager without the Board’s approval.

• Evaluation of the US REIT ETF was not adequate, and complete information on the investment costs was not presented when seeking the director’s approval.

• Mindef said no approval for the investment was sought from the Board because it was deemed a transitional investment consistent with the Board’s approved strategic asset alocation. This was pending the appointment of two Board-approved fund managers for investments of S$25 million each in Global REITS and US REITS.

• However, the AGO noted that Board’s approval was only for the aforementioned S$25 million investments.


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