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Trinidad and Tobago’s Sovereign Wealth Fund Reaches the US$ 5 Billion Mark

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Although Trinidad and Tobago’s annual Heritage and Stabilisation Fund (HSF) report isn’t due for another few months, Finance Minister Larry Howai has been quoting the fund value in a number of reports.

The first notable mention was in a budget report issued on September 9th, 2013. Howai credited “consistent and strong earnings” for the sovereign wealth fund’s impressive growth. Comparing the previous year’s statement, the fund grew from US$ 4.712 billion to US$ 5 billion with US$ 42 million in government contributions. The number was also reported in an appropriation bill issued on September 20th, 2013.

The contributions represent a significant decrease in government injections into the fund. According to reports issued by the HSF, US$ 451.4 million and US$ 207.5 were contributed to the fund in FY 2011 and FY 2012, respectively.

However, the Caribbean institutional investor has until the end of October for another cash contribution according to rules outlined in The Heritage and Stabilisation Fund Act. No. 6 – 2007 Section 13(2).

Representatives from the HSF didn’t respond to repeated attempts from the Sovereign Wealth Fund Institute to confirm the numbers quoted in the two reports.

SWFI First Read, September 19, 2018

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QIA Eyes Investment in Chinese Lender Lufax

The Qatar Investment Authority (QIA) is in talks about a possible investment into Shanghai-based Lufax, one of China’s largest online lenders. The seller of the possible stake is China’s Ping An Insurance (Group) Co. Ltd. Lufax’s official name is Shanghai Lujiazui International Financial Asset Exchange Co. Ltd.

Wealth Funds Back Hotpot Giant

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Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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