GIC appoints chairmen

Three weeks after appointing heads for its private equity and real estate businesses, GIC has appointed Ang Kong Hua and Lim Hng Kiang as acting chairmen of the two business units.

Singapore sovereign wealth fund the Government of Singapore Investment Corporation (GIC) has appointed Ang Kong Hua as acting chairman of GIC Special Investments, its private equity investment arm, and Lim Hng Kiang as acting chairman of GIC Real Estate.

The appointments follow the resignation of deputy chairman and executive director Tony Tan, who resigned to run for president in the upcoming Singapore election.

Both Ang and Lim are currently directors at GIC. It is unclear when the sovereign fund planned to replace them. GIC could not be reached for comment by press time.

In addition to his roles at GIC, Ang is currently the chairman of Global Logistics Properties and Sembcorp Industries. He started his career at the Singapore Economic Development Board before joining DBS Bank at its inception in 1968. During his six-year stint at DBS, he was responsible for establishing the corporate finance division. He then spent 28 years in NSL as chief executive and retired as executive director in December last year.

Lim joined Singapore’s Ministry of Defence in 1986 and later worked for the Ministry of National Development as Deputy Secretary. He was appointed chief executive officer of the Housing and Development Board in 1991. Prior to his current role as minister of trade and industry, he has served as minister of national development, minister of health, senior minister of Foreign Affairs and second minister of Finance.

According to a statement, the position of executive director will not be filled immediately, as the sovereign wealth fund is looking for “a suitable candidate who has the requisite knowledge and experience, and also a clear appreciation of how the financial reserves under GIC management contributes towards the well-being of Singaporeans”.

The statement also noted that GIC’s plans for senior management succession and investment development, including its increased focus on the emerging markets, will remain unchanged.

His departure came just three weeks after GIC conducted a major reshuffling of its executive ranks, which included the appointments of Tay Lim Hock as president of GIC Special Investments and Goh Kok Huat as president of GIC Real Estate.