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.

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.

In reality, it generates returns for older investors by acquiring new investors.

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.

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