Former VP of GIC is Non-Executive Director of firm GIC invests S$38 million in

~by: Jewel Philemon~

According to Today newspaper the Government of Singapore Investment Corp (GIC) will invest around 189 million yuan (S$38 million) in Li Ning a Chinese sportswear company through a convertible bond.

GIC will own around 8 per cent of the sportswear maker if the bond is fully converted and the five-year bonds will pay an annual interest of 4 per cent, convertible at an initial price of HK$7.74 a share, the newspaper reported. (source: TODAY)

Li Ning is one of the sports apparel maker identified by Greanpeace in their report ‘Dirty Laundry 2’ (see HERE) as one of the companies in China which contributes to the pollution of the Yangtze and Pearl Rivers.

Although Li Ning offered to reduce its use of toxic chemicals it is insufficient laments Greenpeace,  saying they still need more concrete details from Li Ning about how it will back up its promise to become more ‘environmentally friendly’. Greenpeace is calling Li Ning to totally eliminate of all such chemicals, and join sports apparel makers like Nike and Puma, which met its customers’ desire to free China’s waterways of hazardous chemicals.

Li Ning is founded by Mr Li Ning a 48 year-old Olympics gold medalist, who is dubbed “Prince of Gymnastics” in China.

Mr Lim Meng Ann, who served as Executive Vice President of Government Investment Corp from January 1996 to September 2006, heading GIC’s private equity investment activities in China, is one of the Non-Executive Directors of Li Ning.

Li Ning is the official sponsor of apparels for Singapore Badminton Association which is headed by its President, Lee Yi Shyan, who is also Singapore’s Minister of State (Trade and Industry, and Manpower).