Super high yield SGX Dividend Stock-Global Investments Limited. STAR buy?

It seems that Global Investments Limited ("GIL") has been producing dividend yield of over 10% for the past few years. Now, this is where it becomes very interesting. Its principle activities  is actually an open ended balanced mutual fund launched and managed by Singapore Consortium Investment Management Limited. GIL invests in public equity and fixed income markets globally.

I first came across this "SUPER"" stock mentioned on some of the investment forums. Then recently, my curiosity was piqued when  a close friend told me that he had uncovered a "hidden gem" that had a track record of paying out over 10% in dividend yield and out of goodwill, revealed this secret to me. I found this claim incredulous as it means that GIL gross investment return on the assets purchased must be over 10% per annum in order to fund dividends to shareholders on top of paying remuneration and salaries for the Directors and permanent staff cost. The gross returns will also need to sufficiently cover administrative costs such as statutory compliance cost (Eg: Audit fees, Corp tax fees, Corp Sec fees).

Is this too good to be true? A secret stock with a double digit dividend yield per annum? 

Well, seems that the dividend yield part is true. But then the key questions that we need to ask ourselves are:

1. Are the super high dividends sustainable?

2. What is the risk profile and key business risks for this business?

3. Is GIL a value for money undervalued stock right now?

Will be digging up the financial statements and also glance into the annual reports of GIL to try to address the above mentioned questions in my next posting. GIL may in fact really be a star buy after-all. 
(Pls see published review of GIL- Global Investment Limited Financial Review)