(Columbia, SC) – The State Treasurer’s Office filed its response with the South Carolina Supreme Court this morning advising the Court that the Warburg Pincus investment funding has been authorized based upon the information contained in sworn affidavits supplied by senior officials of the South Carolina Investment Commission. The sworn statements verify each of the criteria enumerated in the Treasurer’s one-page document of Legal Sufficiency, one of the standardized forms that are required to manage and transmit funds housed in the Treasurer’s custody account.
“The Treasurer’s Office has repeatedly requested this information which must be received prior to authorizing payment to fund a new investment account,” Treasurer Loftis said. “My attorneys were surprised to find the requested information concerning legal sufficiency included within the sworn Court pleadings and now that basic safety and procedural issues are satisfied, the funding of this investment will proceed.
“The purpose of the document of Legal Sufficiency is to ensure that the terms, fees and conditions in the final investment agreement are the same as approved by the Investment Commission. The Retirement System should never pay more fees than it approved.”
Treasurer Loftis added, “The assets of the Treasurer’s custody account, including the $27 billion of the Retirement System, are valued at approximately $40 billion. Standardized forms, policies and procedures are common banking practice across South Carolina and the public’s treasury should be no different.”
The State Treasurer is the “private banker” for South Carolina. He is responsible for the investment, cash management, and safekeeping of the State’s general and restricted funds and the assets of the South Carolina Retirement Systems.
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