GIC insider trading: Govt must answer questions

The recent case of insider trading at the GIC is as revealing as it is worrying. The Government’s handling of the matter raises yet more questions about the way state business is conducted.

The three staff members of the GIC found to have committed insider trading were basically asked to return the money that was taken illegally. Reports also indicate that it was the Japanese authorities who had discovered the matter. Worse, the MAS did not report the matter until 18 months later. Why was this so?

The MAS also said that its own “investigations did not find any breach of the SFA (Securities and Futures Act) by GIC.” This begs the question: What did the investigations reveal? Singaporeans should not just be told what the MAS did not find but be given the complete picture of the incident.

Also if the deeds of the three employees did not profit themselves, then whom did they profit? Again what did the investigations of the case reveal?

The Singapore Democrats call on the PAP Government to reveal all the findings of the investigations regarding the case. It can start by answering the questions raised in this statement.

These are questions that must be answered especially given the secretive nature of the GIC. Singaporeans must remember that this is money that belongs to the people; it does not belong to any one individual or group. The kind of non-statements given by the Government thus far will not do.

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