Does NUS have a clear investment policy for its funds and, if so, does that investment policy allow it to buy such a significant stake in a private company involved in property development?

Property development is a potentially risky activity given the volatility of property prices, so has NUS considered the risks? Or does the investment involve an immaterial financial commitment or has NUS established that this investment is low-risk?

There is another issue involved. As an educational institution, NUS has to behave even more responsibly than other corporations. Even though it is trying to raise as much funds as possible, it should not do so at the risk of damage to its reputation.

I am surprised that NUS will allow itself to be placed in a position of actual, or at least perceived, conflict of interest, by allowing itself to be involved both as a shareholder of the buyer of Gillman Heights, and as a seller of a majority of the units in the estate.

Even if the sale of Gillman Heights and the purchase of a stake in Ankerite are unconnected, there seems to be a lack of judgement in purchasing a stake in Ankerite. Reasonable people are likely to make a connection between the two, as Ankerite is an unknown company to those who are not involved in the Gillman Heights sale.

Jennifer Teo Hwee Ling (Ms)