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Singapore’s GIC Sues Merck and Schering-Plough

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The Government of Singapore Investment Corporation Pte Ltd (now known as GIC Private Limited), one of Singapore’s sovereign wealth funds, bought millions of shares in Schering-Plough Corporation common stock through both self-managed and externally managed accounts. Schering-Plough was a U.S. pharmaceutical company, until its merger with Merck on November 3, 2009.

The GIC is being represented by NY-based law firm Kirby McInerney LLP. The GIC is suing Schering-Plough and Merck, alleging the Schering stock purchases were at artificially inflated prices as a result of the pharmaceutical’s misconduct. According to the suit, Schering’s public disclosures omitted material information and made material misrepresentations in the commercial viability of two prescription drugs. These drugs, the anti-cholesterol agents Zetia and Vytorin (contains Zetia and Zocor), were marketed with Merck in a joint venture.

Schering-Plough Invests in Singapore

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HKMA and TRS Participates in Investment in Kakao Mobility

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Private equity firm TPG led a group of investors to acquire a minority ownership stake in Kakao Mobility Corporation, a South Korean taxi hailing service provider. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Meraas Holding Names Former KIO Executive as CEO

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Osama Al-Ayoub, the former CEO and President of the Kuwait Investment Office (KIO), was hired by property firm Meraas Holding to be its chief executive officer. KIO is a London-based unit of the Kuwait Investment Authority (KIA). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mumtalakat Contemplates Investing in SoftBank Vision Fund

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Bahrain-based Mumtalakat Holdings is interested in joining a chorus of sovereign funds committing capital to Japan-based SoftBank Group’s Vision Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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