Sovereign wealth fund Government of Singapore Investment Corp. (GIC) has disposed nearly all of its 2 percent holding in Olympus Corp., Bloomberg reports. Olympus, the world’s biggest manufacturer of endoscopes, recently admitted to concealing losses by paying $687 million to advisers on 2008 purchases.
GIC, which runs more than $100 billion of the city’s reserves, now has only an insignificant stake in Olympus under a portfolio handled by an external fund manager. The wealth fund did not disclose the financial impact of the sell-off or what it intended to do with the remaining stake. GIC is ranked the world’s sixth largest sovereign wealth fund by the Sovereign Wealth Fund Institute.
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