June 23, 2011 / 4:19 AM / in 7 years

Singapore GIC executive director Tony Tan resigns

SINGAPORE, Jun 23 (Reuters) - 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)

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