Singapore’s sovereign wealth fund company managing CPF retirement funds and the country’s national reserves today (Jan 25) announced that it has spent S$1.5 billion to purchase 95% ownership of a 47-storey officer tower in New York. The officer tower at 60 Wall Street, serves as the US headquarters of Deutsche Bank AG, whose lease contract is until 2022.

In July 2016, GIC reported an undisclosed amount of losses amounting to billions. The sovereign wealth fund company reported a 0.9% drop to 4.0% in 20-year annual rate of return based on a US$135 billion fund 20 years ago. GIC’s 20-year annualised real rate of return was 4.9% last year, and it reportedly manage a US$344 billion portfolio.

Read: GIC declare undisclosed multi-billion losses in latest Financial Year report

The chairman of GIC is Prime Minister Lee Hsien Loong – a position he inherited from his father Lee Kuan Yew – while his wife is the CEO of Temasek Holdings, the country’s other sovereign wealth fund company. The current President is Tony Tan, a puppet chosen by the Prime Minister, who gives the government unbridled access to the national reserves.

The country’s CPF retirement fund has seen withdrawal rules changed over 15 times under the dictator Prime Minister’s control. The withdrawal age is now at 65, with plans to increase to 67 following the increase of Re-employment Age. CPF Retirement Sum (previously known as the Minimum Sum, name change due to negative connotation) has been increased to S$166,000.

GIC and Temasek Holdings operates in a fail-safe framework where profits made are not returned to CPF account holders and citizens while losses are paid for by the Singapore public.