“GIC disposed of almost all of its investments on first suspicion of possible wrongdoing in Olympus,” said GIC in a rare public statement issued last Saturday, as quoted by Reuters.
The world’s sixth largest sovereign wealth fund added that, “the majority of the investment was made in the midst of the global financial crisis,” and that "it currently has only an insignificant holding under a portfolio managed by an external fund manager".
According to the last Olympus annual report, GIC held a 2.17 percent stake in the company as of March this year, making them the company’s 10th largest shareholder. While GIC may have issued its statement in response to continued speculation over its potential losses, it refused to divulge details in regards to any of its shares transactions.
GIC’s investments has come under greater scrutiny in recent years, after news emerged that the fund had suffered $7.4 billion worth of paper losses in the aftermath of the UBS trader scandal, while also seeing unrealised losses from its investment in Citigroup Inc.