Daily Briefing: MND says VERS transition to roll out when SERS hits limit; Singapore seizes over $27m linked to Chinese Ponzi scheme

And a source says GIC eyes Brazilian power firm.

From iCompare Loan:

The government will start the transition to the Voluntary Early Redevelopment Scheme (VERS) when the limit for Selective En Bloc Redevelopment Scheme (SERS) reaches its limit, Minister for national development Lawrence Wong said in a forum.

Mr Wong said that the Government was seeking more feedback on VERS and that it would finetune the new Government programme accordingly. He added that it would be “unproductive” to play up expectations of homeowners due to the VERS.

The Government said that it will try its best to manage expectations of Singaporeans on VERS.

Read more here.

From Yahoo! News Singapore:

Singapore police recovered more than $27 m of illicit proceeds have been seized by the authorities in Singapore, in connection with a large-scale Ponzi scheme in China.

In a statement, the police said the seizure resulted from Singapore’s Commercial Affairs Department (CAD) assisting Chinese authorities with its probe into Ezubao, a large-scale Ponzi scheme. The scheme involved about 1.15 million investors with an estimated loss of RMB38b ($7.59b).

According to financial education website Investopedia, a Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. In reality, it generates returns for older investors by acquiring new investors.

CAD and the Economic Crime Investigation Department (ECID) of China’s Ministry of Public Security then conducted a joint investigation on this matter in China and Singapore concurrently, with the assistance of the Chinese embassy here.

Read more here.

From Reuters:

Singapore’s GIC is amongst those who are targeting to acquire Brazilian electric firm Companhia Energética de São Paulo (Cesp), a reliable source revealed.

GIC executives in Brazil as well as executives from Brazilian investment firm Squadra executives went to meetings at Cesp to get access to details of a privatization, said the source, who is not authorized to discuss the matter publicly and asked for anonymity.

The auction of a controlling stake in Cesp is scheduled for Oct. 2. GIC, Cesp and Squadra did not immediately comment on the matter.
Cesp has 1.65 gigawatts in hydro generation capacity in Brazil’s richest state, Sao Paulo.

Read more here.

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