SINGAPORE Jun 23 Tony Tan, executive director
at Singapore's sovereign wealth fund GIC, said on Thursday he
has resigned and will run for president in an election that must
be held before end-August.
Tan, a former deputy prime minister, said at a media
conference that his resignation will be effective from July 1.
Although mostly ceremonial, Singapore's president has powers
to veto senior appointments to the civil service and
government-linked firms such as GIC, which manages around $250
billion, according to the Sovereign Wealth Fund Institute.
(Reporting by Kevin Lim)