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The Associated Press September 21, 2011, 12:59AM ET

Singapore's GIC concerned with UBS trading loss

A Singapore state investment fund that is the biggest UBS shareholder says it is disappointed and concerned with lapses at the Swiss bank that led to a $2.3 billion rogue trading loss.

The statement from the Government of Singapore Investment Corp. comes as the UBS board holds a scheduled meeting in the Southeast Asian city-state.

GIC said in the statement late Tuesday that it had met with UBS chief executive Oswald Gruebel to discuss the losses resulting from unauthorized trades by a London-based trader.

It said UBS should take firm action to restore confidence in the bank and discussed how UBS is tightening internal controls.

Gruebel has said he doesn't plan to resign over the scandal.

GIC owns about 6.4 percent of UBS.

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