Singapore's founding prime minister Lee Kuan Yew relinquished all major government posts Wednesday after ceding chairmanship of the Government of Singapore Investment Corporation (GIC) to his son.
Prime Minister Lee Hsien Loong, 59, is the new chairman of GIC, a company founded in 1981 to invest Singapore's foreign reserves, which stood at close to Sg$300 billion ($243 billion) in April.
Premier Lee said his 87-year-old father will stay on as "senior adviser" to the firm, one of Singapore's two state investment vehicles and among the world's biggest sovereign wealth funds. Full story
Related:
Lee Kuan Yew fully retires from top posts - Inquirer.net
Lee Kwan Yew, Singapore's founding father, retires from cabinet - Guardian.co.uk
