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Singapore GIC urges UBS to restore confidence after alleged fraud

Other News Materials 20 September 2011 18:28
The Government of Singapore Investment Corp (GIC), one of the biggest shareholders in Swiss bank UBS, on Tuesday urged the bank to restore confidence and tighten controls after a alleged rogue trading case caused UBS a 2.3-billion-dollar-loss , reported dpa.
Singapore GIC urges UBS to restore confidence after alleged fraud

The Government of Singapore Investment Corp (GIC), one of the biggest shareholders in Swiss bank UBS, on Tuesday urged the bank to restore confidence and tighten controls after a alleged rogue trading case caused UBS a 2.3-billion-dollar-loss , reported dpa.

In a rare press statement, Singapore's biggest sovereign wealth fund said its senior management met with UBS Group Chief Executive Oswald Gruebel in Singapore Tuesday and discussed the case.

"GIC expressed disappointment and concern at the lapses and urged UBS to take firm action to restore confidence in the bank," said the company.

"GIC sought details of how UBS is tightening the control environment and looks forward to the conclusions of on-going investigations," it added.

However, Singapore's state investor, which holds a 6.4-per-cent stake in UBS, affirmed its confidence in the Swiss bank.

"GIC's view of UBS' fundamental strength as a well-capitalized bank with a strong private wealth management franchise remains unchanged," it said.

Kwaku Adoboli, a 31-year-old trader, on Friday was charged with fraud at UBS in London.

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