一次性誊清:淡马锡控股到底有投资新加坡人的公积金吗?

Clarity, Once And For All: Temasek Holdings Did Invest Singaporeans’ CPF?

作者:梁实轩先生和鄞义林先生

By Leong Sze Hian and Roy Ngerng Yi Ling

注:经作者同意,本网站转发Leong Sze Hian和鄞义林先生共同撰写的文章《Clarity, Once And For All: Temasek Holdings Did Invest Singaporeans’ CPF?》中文翻译。如本翻译文章与作者原文与文章原意或字眼有出入,均以英文版本为最后解释权。特此说明。

文章全文如下:

好了!这是一个极其宝贵的问题:淡马锡控股到底有投资新加坡人的公积金吗?

So, the golden question – did Temasek Holdings invest Singaporeans’ CPF?

今年6月份,新加坡政府最终承认:GIC有投资在新加坡人的公积金。这是有史以来第一次。见图表1。

In June this year, the government finally admitted for the very first time ever that the GIC does invest Singaporeans’ CPF.

CPF How It Works cropped

图表:1

但是。淡马锡控股态度是什么?

But what about Temasek Holdings?

在这篇文章里让我们一次性找出,假设淡马锡控股已经动用了我们的公积金去进行投资。

In this article, let’s find out once and for all if Temasek Holdings has ever taken our CPF to invest.

在星期二(2014年7月22日)由‘政策研究所’主办的“公积金与退休需求”论坛上(IPS Forum on CPF and Retirement Adequacy),鄞义林先生向副总理兼财政部长善达曼提出了下述问题:

On Tuesday, at the IPS Forum on CPF and Retirement AdequacyRoy Ngerng asked the Deputy Prime Minister and Finance Minister:

淡马锡控股说他们没有投资我们的公积金。我是否可以知道:假设在过去淡马锡控股是否投资在我们的公积金?因为GIC是在1981年才成立了。那就说,在1981年之前,(政府)是如何利用公积金进行投资的,或者,公积金是投资者在淡马锡控股?

Temasek Holdings has said that they do not invest our CPF, is it possible to know if in the past Temasek Holdings had invested our CPF? Because the GIC was only set up in 1981, so prior to 1981, how was the CPF used and otherwise was it invested in Temasek Holdings?

副总理兼财政部长善达曼答复如下:

The Deputy Prime Minister and Finance Minister replied:

淡马锡控股在过去是否管理过公积金的资金?没有。淡马锡控股从来就没有管理过公积金的资金。淡马锡控股的起步资金是从政府的资产一次性注入的。我手上没有具体的数据——大约是相等于市值4亿新元的资产作为公司成立的起步资金。淡马锡控股从来没有从公积金哪儿获取任何资金进行投资。

Did Temasek manage the CPF funds in the past? No. It has never managed CPF funds. Temasek started off with a set of assets which were transferred by the Government at time of inception. I don’t have the exact figure in my head – but about $400 million dollars worth of assets in the form of a set of companies. It has never received CPF monies to invest.

我们在1992年修改有关公积金资金的法律前的早些时候,公积金是投资在新加坡政府特别债券(SSGS)。政府是利用它来进行基础建设工程——诸如道路基础建设、新加坡的经济基础建设和社会基础建设。这就正如(其他)政府债券(SGS),政府被允许从公积金局通过借贷投资金融基础建设的方式以增加盈利。这是旧的公积金管理制度。

What was the case in the early days, before we amended the constitution in 1992, is that CPF monies, which were invested in Special Singapore Government Securities (SSGS), could be used by the Government to finance infrastructure – such as road infrastructure, Singapore’s economic infrastructure and social infrastructure. Just like (other) Singapore Government Securities (SGS), the Government was allowed to use borrowings in addition to the revenues it got in its budget, to finance infrastructural investments. That was the old system.

好的。政府所谓的‘经济基础建设和社会基础建设’投资是指那些方面?

Well, exactly what “economic infrastructure and social infrastructure” investments is the government referring to?

劳工与通讯部长在1982年的讲话为我们提供了答案:

And we do seem to have the answer. According to a speech given by the Minister for Labour and Communications in 1982:

公积金的存款是绝大多部分的新加坡储蓄。这些储蓄是被用来作为资本形式进行建设新工厂、安装新设备和机器、扩充基础建设,如道路、港口和通讯设施、建设住房等等。这些设施与新加坡的经济和政治稳定相结合在一起,进而吸引了早年巨额的投资。这样再进一步设立更多的商业、工厂和企业。

CPF savings form a large portion of Singapore’s savings. These savings are used for capital formation which means the construction of new factories, installation of new plant and equipment, expansion of infrastructure such as roads,’ ports and telecommunications, the building of houses and so on. These facilities coupled with Singapore’s economic and political stability have in turn attracted large amounts of investments each year. These again go into the setting up of more businesses, factories and enterprises.

情况假设就是这样。我们的公积金在过去就是被用来投资在包括工厂、港口和通讯设施、住房建设等等。那么,这些资产目前是归谁拥有?

So, there you have it. Our CPF was used to invest in, among others, factories, ports and telecommunications, the building of houses and so on. So, who currently owns this?

让我们进一步探索这些细节。

Let’s explore these in detail.

公积金是通过建屋发展局投资到淡马锡控股

CPF is Invested in the Temasek Holdings, via HDB

根据《在千禧年里的社会不安全》(Social Insecurity in the New Millennium)一书的作者Linda Low and Aw Tar Choon所描述的:“公积金已经成为住房建设资金的实际资金者。建屋发展局是这个资金的最大使用者”。这本书继续解释,“在开始几年,在政府累计财政盈余之前,它们是向公积金局借贷建设资金以扩大发展的预算。建屋发展局就是其中一个主要是使用公积金资金者。”

According to the book, ‘Social Insecurity in the New Millennium’ by Linda Low and Aw Tar Choon, “the CPF became a de facto housing financier since the Housing and Development Board (HDB) was a heavy user of development funds”. It went on further to explain that, “In the initial years, before the government built up budgetary surpluses, it borrowed funds from the CPF for its development expenditure budget, one important user being the HDB.”

事实上,根据《新加坡的政策创新和适用与纽西兰的报告》也同时再一次肯定了“在1961——1964年期间国家发展计划和后来是直接受益于公积金,那就是住房建设。”那就是“公积金与建屋发展局的关系”,“在1960年代公积金是新加坡公共住房建设的资金资助者,建屋发展局是政府发展计划的最大借贷者。”

Indeed, according to the Innovation Policies in Singapore, and Applicability to New Zealand report, it also reaffirmed that, “The single largest item in the 1961-64 State Development Plan, and hence indirect beneficiary of CPF funds, was housing,” and that in this “CPF-HDB nexus”, “The CPF financed Singapore’s public housing program (where) In the 1960s and 1970s, the HDB was the largest borrower from the government’s development fund.”

作者 Linda Low and Aw Tar Choon也同时解释说,“公积金局扮演的另一个角色就是购房资金借贷的代理人,——当公积金会员使用自己的公积金储蓄购买建屋发展局的住房”。

Low and Aw also explained that, “The other way the CPF functions as a financing agent is when CPF members use their CPF savings to purchase HDB housing”.

为什么怎样成了问题呢?您可以看到“公积金——建屋发展局”关系一年里现金流程图表。这个现金流程图标一直是高额净利流入建屋发展局。这就是大多数的新加坡人流失的公积金并进入了建屋发展。见图表:2

And how does this become problematic? You can see that the net flow in one year in this “CPF-HDB” nexus is that there is still a higher net inflow into HDB, where Singaporeans would lose more of our CPF into the HDB.

Net CPF-HDB Flows 2008 2009

图表:2

Chart: Lessons from Singapore’s Central Provident Fund

让我们看看到底新加坡人从我们的公积金户头里提取了多少资金去购买住屋:见图表3

Take a look at how much has been withdrawn from our CPF for housing:

Annual CPF Withdrawals 1960 to 2013

图表:3

Chart: Housing and the CPF System

因此简单的说,非常清楚的新加坡人的公积金是投资在建屋发展局。现在这个问题为什么这么重要呢?

Thus in short, it is clear that Singaporeans’ CPF is invested in the HDB. Now, why is this important?

根据《Surbana》说,在2013年建屋发展局的建筑与发展部门注册成为HDB企业有限公司(简称‘HDBC Corp’)是为了把新加坡过去几十年有关城市重建规划的经验和专业知识输出到其他国家……一年后,由于‘HDBC Corp’具有潜能的前景而被淡马锡控股所收购。淡马锡控股是新加坡政府的投资工具。

According to Surbana, “In July 2003, HDB’s Building and Development Division was corporatised as HDB Corporation Pte Ltd (HDBCorp) in a bid to export Singapore’s decades of urbanisation expertise and experience to other countries… A year later, the potential of HDB Corp was evident in its acquisition by Temasek Holdings, the Singapore Government’s investment vehicle

“在2005年,‘HDBCorp’更名为Surbana Corporation Pte Ltd”同时,“在2011年4月份,新加坡最大的房地产发展商嘉德置地收购了Surbana Corporation Pte Ltd百分之40的股权,其余的股权由淡马锡控股所持有。”

In 2005, the company was rebranded as Surbana Corporation Pte Ltd.” Also, “In April 2011, CapitaLand, one of the largest real estate developers in Singapore, acquired a 40% stake in Surbana, with the rest held by Temasek Holdings.

“2年后,Surbana进行重组以及专门负责市区发展的支柱——Surbana置地并入了嘉德置地和中国。Surbana主营顾问业的务交由Surbana负责经营。”

Two years later, Surbana underwent a restructure and its township development arm, Surbana Land was integrated with CapitaLand China, leaving its consultancy as the core business for Surbana.”

今天,Surbana自称为“是新加坡一家淡马锡控股联号公司的跨国企业,”。嘉德置地是淡马锡控股最大的投资机构之一。

Today, Surbana calls itself “A Singapore MNC, Temasek-Linked company” and CapitaLand is one of the major investments of Temasek Holdings.

到了这里,读者们将会清楚的看到,新加坡人的公积金事实上就是投资在建屋发展局。建屋发展局实际上就是并入淡马锡控股成为支柱企业。这样一来,我们的问题是:到底公积金有投资在淡马锡控股吗?当建屋发展局被淡马锡控股和嘉德置地收购与并入后,新加坡人的公积金是归还的给新加坡人?还是为新加坡人赚取股份利润?见图表4

By now, it would be clear to any reader that Singaporeans’ CPF was indeed invested in the HDB, which corporatised an arm, that was then absorbed into Temasek Holdings. So, is the CPF invested in Temasek Holdings? And when the HDB was corporatised and acquired by Temasek Holdings and CapitaLand, was Singaporeans’ CPF returned to Singaporeans, or were the earnings shared with Singaporeans?

CPF used to finance HDB_edited

图表:4

实际上,麻烦在2009年出现了,商业时报刊载了一篇文章,题目是:《建屋发展局交易是否要在商业基础交易?》。文章说,“在HDB Corp售卖给淡马锡控股的交易中已经在商业圈子里产生了一些问题。为什么这种收购交易没有经过招投标进行?为什么有关收购金额没有公开透明化?为什么淡马锡控股是唯一的收购者?”

In fact, this is so troubling that in 2009, it was reported in The Business Times, in the article, ‘Shouldn’t HDB deal be on commercial basis?’, that, “The sale of HDB Corp to Temasek Holdings has already begged several questions in the business community. Why was there no tender and no transparency on the transaction price? And why Temasek?”

文章补充说,“即便是一家上市企业——是不需要获得授权委托披露收购价格的详情?——这是缺乏披露企业详情的上市公司,在精神上最低限度强调企业的管理。”

It added that, “While neither is a publicly listed company – so there is no mandatory requirement to disclose price details – the lack of disclosure runs counter, at least in spirit, to the growing emphasis on corporate governance.”

商业时报报道说,“就是这样左手转到右手的交易买卖形式生效了!——政府控制下的资产和控股公司进行重组”。梁实轩先生致给《商业时报》的信中说,“他对建屋发展局来信的解释说‘通过招投标形式出售HDB Corp公司将会导致干扰建屋发展局住户的服务而感到惊愕”!

The Business Times reported that “So in effect, it’s a left to right hand deal – a reshuffling of assets and holding companies by the government,” and Leong Sze Hian had “said in a letter to BT that he is ‘puzzled’ by HDB’s explanation that calling a tender for the sale could have disrupted services to HDB residents subsequently.”

最后,商业时报强调说,“或者,我们是否知道淡马锡控股收购HDB Corp公司是一项非常成功的交易。它似乎应该合理的提出了问题:难道通过招投标的形式收购HDB Corp公司不是可以获得更加合理的价格吗?”

Finally, The Business Times emphasised that, “Nor do we know just how good a deal HDB Corp got from Temasek. And it seems reasonable to ask: would not a more equitable price have been achieved if there was a tender?”

更重要的是:公积金局如何补偿给我们新加坡人的公积金呢?

And more importantly, how were Singaporeans compensated with our CPF?

公积金局通过POSB邮政储蓄银行投资在淡马锡控股

CPF is Invested in the Temasek Holdings, via POSB

非常明显的。如此‘左手转让给右手’的交易形式并不是在2009年头一遭发生。根据《商业时报》的报道,“在1998年,邮政储蓄银行售卖给发展银行,是发展银行成为新加坡最大的银行。发展银行是淡马锡控股关联企业。2年后,发展银行将其拥有的发展置地的股权售卖给PIDEMCO 置地。PEDEMCO也是一家政联企业。它是大房地产企业嘉德置地的创立者。这又是一个没有任何合适企业获准参与交易的报道。”

Apparently, this lack of openness in the “left to right hand deal” was not the first time it happened in 2009. According to The Business Times, “In 1998, POSBank was sold to DBS Bank, another Temasek-linked company, making DBS the largest bank in Singapore. Two years on, DBS sold its stake in DBS Land to Pidemco Land, also a government-linked company, to create property giant CapitaLand. Again, no other suitors were reportedly allowed.”

今天,发展银行是淡马锡控股其中一个最大的投资。

Today, DBS is one of the major investments of the Temasek Holdings.

《在千禧年里的社会不安全》作者Linda Low and T. C. Aw在这本书里揭露,“通过公积金运作,住房是健康的、教育性和财富的”。在1973/74年,公积金资金是自由使用于投资的。由于‘公积金资金是自由使用于投资’的缘故,‘政府抓住这个时机,把公积金巨大的盈余额与政联企业私营化计划从国有企业开始。’

Perhaps what would be revealing is from the book, ‘Housing a Healthy, Educated and Wealthy Nation through the CPF’ by Linda Low and T. C. Aw, the CPF funds were liberalised for investment after 1973/74. And so, “Having liberalized CPF for investment, the government seized on the opportunity to link (and tap) the large pool of CPF balances with the privatization of its government-linked companies (GLCs), beginning with the statutory boards.

私营化的行动是把公共部门进行改革的一部分。在1985年之后政府开始按比例退出参与经济领域的活动,进而让私营企业成为经济增长的动力。自从1985年经济衰退,一个公积金资金循环使用以避免被排挤出去的顾虑影响整体的领域。因此,在1993年当许久哦电讯局被私营化是通过公共上述的形式。当时导致大量了公积金款额被提取’。

The privatization exercise was part of public sector reform, where the government began to scale back its activities in the economy after 1985, to make the private sector the engine of growth. Since the 1985 recession, a conscious recycling of CPF funds to avert possible “crowding-out” effects overall has been more distinct. Thus, in 1993, when Singapore Telecom was privatized through public flotation, there was a jump in CPF funds withdrawn.”

公积金通过新加坡电讯投资在淡马锡控股

CPF is Invested in the Temasek Holdings, via Singtel

因此根据新加坡电讯披露:

Thus according to Singtel:

在1993年10月,新加坡电讯公司成为上市企业。在股票交易所(现改名为新加坡交易所或SGX)第一次进行交易。在1993年新加坡电讯公司推出上市的股票价格是新加坡币11分时,淡马锡控股持有其余的股权。新加坡公民获准通过公积金以折扣价价购买A股。这是新加坡政府作为人民与国家的共享财富和扩大成为新加坡人拥有的股票的基础的努力。

In October 1993, SingTel became a public company. Shares were traded for the first time on the Stock Exchange of Singapore (now known as the Singapore Exchange or SGX) on 1 November 1993. The IPO in 1993 represented 11 per cent of SingTel shares, with the rest held by Temasek Holdings… Singapore Citizens were able to purchase Group A shares (via using our CPF) at a discounted price as part of the Singapore Government’s effort to share the nation’s wealth and to enlarge the base of share-owning Singaporeans.

1996年,淡马锡控股献议二期款项(简称‘SingTel shares (ST-2)’)给新加坡人折扣价,进而是自己持有的股权减少了近82%。

In 1996, Temasek Holdings offered a second tranche of SingTel shares (ST-2) to Singaporeans at a discounted price, reducing its shareholding in SingTel to about 82 per cent.

国家图书馆进一步说,

The National Library Board further reported that:

在1993年,新加坡电讯公司宣布上市。政府通过国有企业淡马锡控股献议发行110亿股的一系列折扣价和忠诚股卖给新加坡人。这个发行是4.1倍。淡马锡控股再增加587万股已满足市场的需求。在发行后,政府通过淡马锡控股仍然持有新加坡电讯公司89%的股权。

In October 1993, SingTel announced its Initial Public Offering (IPO). The government, through state investment company Temasek Holdings, initially offered 1.1 billion shares for sale to Singaporeans, with a series of discounts and loyalty bonuses. This issue was subscribed by 4.1 times, and Temasek added another 587 million shares to help meet demand. After the float, the government still held around 89% of SingTel through Temasek.

在1993年11月1日新加坡电讯公司在新加坡交易所正式交易时,超过140万的新加坡人、外国和本地的事业单位持有新加坡电讯公司的股票。在那个时候,新加坡电讯公司拥有15.25个亿的股票和600个亿市场资金。新加坡电讯成为新加坡股票交易所最大的上市公司。接下来几年,新加坡电讯公司的部分股票会投放到公开市场,包括在1996年的804亿的股票。

On 1 November, SingTel debuted on the Stock Exchange of Singapore, with more than 1.4 million Singaporeans and foreign and local institutions acquiring shares in the company. With a share capital of 15.25 billion shares and a market capitalisation of S$60 billion at the time, SingTel became the largest company on the Exchange. Further tranches of SingTel shares were released for public sale in subsequent years, including 804 million shares in 1996.

根据公积金局2004年的常年报告,“在1993年,新加坡人的公积金会员可以购买折扣价的新加坡电讯公司的ST ‘A’股票和在1965年购买ST‘2’ 股票。新加坡电讯公司之后在2004年3月的审计报告出炉后宣布派发股息为每股6.4分。”

According to the CPF Board Annual Report in 2004, “Singaporean CPF members were able to buy discounted SingTel shares in 1993 (ST “A” shares) and 1996 (ST2 shares). SingTel declared a final dividend of 6.4 cents a share for its financial year ended 31 March 2004.”

公积金局同时也解释说,新加坡电讯公司已经在2004年9月1日和2006年9月1日执行减少资本金。在2004年减少资本金时,新加坡电讯公司已经取消每14股对换1股的配比,而以接近10股为整数。新加坡电讯以每股2.36元现金支付给予那些放弃购买者。在2006年的资本金削减,新加坡电讯公司已经取消了每20股对换1股的配比。新加坡电讯以每股2.74元现金支付给予那些 放弃购买者。所有支付的现金将会存入您的公积金普通户头里。新加坡电讯公司将会同时发出一封信告知有关2004年9月和2006年9月的资本金削减的信息。

The CPF Board also explained that, “SingTel had performed capital reduction on 1 September 2004 and 1 September 2006. In the 2004 capital reduction, SingTel had cancelled 1 in every 14 of its shares, with the resultant shareholding rounded-up to the nearest 10 shares, where applicable. SingTel had reimbursed you a cash distribution of S$2.36 for each cancelled share. In the 2006 capital reduction, SingTel had cancelled 1 in every 20 of its shares, with the resultant shareholding rounded-up to the nearest 10 shares, where applicable. SingTel had reimbursed you a cash distribution of $2.74 for each cancelled share. The cash distributions were credited into your CPF Ordinary Account and a letter was also sent to inform you of the capital reduction in September 2004 and September 2006 respectively.”

当时,新加坡人是以每股1.90元购买新加坡电讯公司的股票。在2004年偿付分发到的现金是每股2.36元和在2004年偿付分发到的现金是每股2.74元。

Where Singaporeans had bought Singtel shares with our CPF at $1.90, we were only reimbursed with cash distributions of $2.36 in 2004 and $2.74 in 2006.

(备注:新加坡电讯公司上市时的股价是3.61元。争论的焦点在于:这个预估价位是否设定的过高?因为它经过20年后才攀升超过3.61元的价位。{在2004年和2006年审计后}股票价格比1993年上市发行的价位还低?)

(Note: Was the initial public offering price of $3.61 for Singtel, arguably so overpriced that it took about 20 years for the price to go above $3.61 (after accounting for the capital reduction in 2004 and 2006), after the initial surge in the price in 1993?)

或许这个问题不可以这么简单的提出来。《在千禧年里的社会不安全》作者Linda Low and T. C. Aw解释说,公积金投资计划是‘在政府协助推动私营化计划下,例如新加坡电讯公司在1993年私营化的案例。巨额的资金从公积金被提取投资到新加坡电讯公司。’

Perhaps the issue cannot be more simply put when Linda Low explained that the CPF investment scheme “assist(ed) with the government privatization program, as, for example, in the case of Singapore Telecom, which was privatized in 1993. A huge sum withdrawn from the CPF was invested into Singapore Telecom.”

这中间是否有问题?在公积金资金赚取的利息是否归还给新加坡人民?今天新加坡电讯公司是淡马锡控股其中一个最主要投资。

Is something wrong here? Were the interest earned on our CPF returned to Singaporeans? Today, Singtel is one of the major investments of Temasek Holdings.

CPF used to invest in Singtel_edited

图表:5

公积金是通过新加坡巴士通联公司(SBS Transit)投资到淡马锡控股的

CPF is Invested in the Temasek Holdings, via SBS Transit

这不止于此吧了!

And this is not yet all!

《在千禧年里的社会不安全》作者Linda Low and T. C. Aw在这本书叙述说,“在1978年,公积金会员被允许开始使用公积金储蓄进行投资时(仅限于)新加坡巴士通联公司的股票”。后来,“新加坡巴士通联公司改名为DelGro时,新加坡巴士通联公司的股票名称也随着更改为DelGro Corporation”

Low and Aw had also described how “On 26 April 1978, CPF members could start using their CPF savings for investment… (for) shares issued by Singapore Bus Service.” Later on, “Singapore Bus Service shares were renamed DelGro shares following the change in name of the bus company to DelGro Corporation. ”

在2003年,DelGro Corporation和康福集团合并又称为ComfortDelgro。这样一来,新加坡巴士通联公司就成为ComfortDelgrod 一部分。在那个时候,淡马锡控股在新加坡巴士通联公司持有的股权是超过50%。见图表7

In 2003, Delgro Corporation and Comfort Group merged to become ComfortDelgro, where SBS Transit became part of the group. At one time, “Temasek owns more than 50% of the shares in … SBS Transit.

CPF used to invest in Delgro_edited

图表:6

公积金是通过政联企业投资在淡马锡控股

CPF is Invested in the Temasek Holdings, via Government-Linked Companies

但是,新加坡巴士通联公司不是唯一被淡马锡控股所收购的交通企业。

But SBS Transit wasn’t the only transport company to be acquired by the Temasek Holdings.

梁实轩先生写道:“章宜机场集团(新加坡)有限公司(简称‘CAG’)是在2009年6月16日成立。章宜机场企业随着在2009年7月1日注册成立”。樟宜机场也在随后转给了淡马锡控股。

Leong Sze Hian wrote that, “Changi Airport Group (Singapore) Pte Ltd (CAG) was formed on 16 June 2009 and the corporatisation of Changi Airport followed on 1 July 2009,” where the airport was then “transferred to Temasek”.

梁实轩先生同时问道:

Leong Sze Hian also asked:

在这样链接上,我们可以扩展到1990年注册成立和转让国家实体,如新加坡能源公司和港务集团的事件上和1993年一年里大幅增加交易组合的新加坡电信的上市。为淡马锡控股从它成立以来在单一年里取得年17%这个极其惊人的盈利。

In this connection, to what extent has the 1990′s corporatisation and transfer of state entities like SingPower and PSA, and the biggest single-year jn crease in its portfolio value with the listing of SingTel in 1993, contributed to its phenomenal 17 per cent annualised returns from Temasek’s inception?

在国家实体资产进行转让的过程中谁从中获利?假设国家实体资产是被变卖了,那么卖价是多少?新加坡人民是否从中受益?

Who benefits from the transaction when a state entity is corporatised? If an entity is sold, what is the price? How do Singaporeans benefit?

在售卖国家战略性资产(如章宜机场之类)的价格尚未知道前,看来似乎很少有机会在国会提出辩论和核准。

It may seem quite odd to debate and approve in Parliament the sale of a strategic state asset, like Chang Airport, when the price was still not known.

今天,新加坡机场终站大厦(SATS)和新加坡航空公司(SIA)是淡马锡控股其中的一个主要投资。

Today, SATS and Singapore Airlines are also one of the major investments of  Temasek Holdings.

我们在文章一开始时,我们同时已经的发现,我们的公积金是被投资在码头建设。今天,港务集团和海皇船务集团的大股东是淡马锡控股其中一个大的投资。

At the start of the article, we also found out that the CPF was invested in port infrastructure. Today, PSA and Neptune Orient Lines are also major investments of  Temasek Holdings.

公积金局也同时投资在建设工厂。今天,Mapletree也是淡马锡控股其中一个重大投资。

The CPF was also invested in the construction of factories. Today, Mapletree is also one of the major investments of Temasek Holdings.

还是同样的问题。我们的公积金被动用于投资,新加坡人民是否获得回报?那些被动用的公积金去投资并且获得的盈利是否归还给新加坡人民了吗?

Again, the question is, were Singaporeans reimbursed for the use of our CPF, and were the earnings on our CPF returned to Singaporeans?

CPF used to invest in GLCs_edited

图表:7

暴露:政府确实是动用了新加坡人民的公积金投资在淡马锡控股

Exposed: The Government Did Take Singaporeans’ CPF To Invest In The Temasek Holdings

好。到底淡马锡控股是否有投资我们的公积金吗?还是只有GIC?这个问题现在已经非常清晰。我们提供的只是一个有关我们的公积金是如何实际上投资与于淡马锡控股的横切面。但是,还有更多的事实吗?更加重要的是,那些被动用的公积金是否已经归还给新加坡人民?或者,在某种意义上,我们已经在淡马锡控股的投资上亏损了?

So, did Temasek Holdings invest our CPF, or only GIC? The issue is very clear now. What we have shown you is only a cross-section of how our CPF is actually invested in Temasek Holdings. But how many more? And most importantly, was our CPF monies returned back to Singaporeans? Or did we, in a sense, lose them to Temasek Holdings?

今天,淡马锡控股从1974年成立至今每年赚取了10%的利润。它们赚取的这些利润当中是否与公积金资金有关联?这些被动用的公积金资金尚未还回给新加坡人民?

Today, Temasek Holdings earns 16% in SGD terms since inception (1974). How much of their earnings is attributed to the CPF which has not been returned to Singaporeans?

我们是否还要如公积金是投资在GIC的事实一样,面对政府再一次给我们绕圈圈的解释?政府是不是又要狡辩?或者,在我们的压力下别无选择的再一次承认有关淡马锡控股投资在我们的公积金的事实。

Are we facing another roundabout explanation from the government again as to how even though the CPF is indeed invested in the GIC, the government would want to claim otherwise, until forced without a choice to submit to admission once again?

我们现在已经知道,政府是通过复杂的流程把我们的公积金投资在GIC的事实。这个流程是政府的公债和国家储备。

We now know that the CPF is indeed invested in the GIC, via a complicated routed process by the government, via government bonds and reserves.

对您而言,看来不像公积金也是投资在淡马锡控股,即通过相似的复杂的流程,那就是政联企业或者其他的形式去进行呢?就如副总理兼财政部长善达曼讲述了有关经济和基础建设的投资见图表7

Doesn’t it look quite similar to you that the CPF is also invested in Temasek Holdings, via a similarly complicated routed process, via the government-linked companies, and what the

Deputy Prime Minister and Finance Minister had described as economic and social infrastructural investments?

新加坡政府说淡马锡控股没有用新加坡人的公积金去进行投资

图表:8

在今年6月政府最终承认了很多问题的事实。我们最终知道了我们的公积金是投资在GIC,但是,淡马锡控股的投资活动是否我们的公积金资金有关系呢?——政府至今还是非常勉强要解释有关公积金投资在淡马锡控股的幕后运作情况!——那就是; 我们的公积金是如何投资在淡马锡控股?无论如何,通过我们的调查努力,我们是有能力找出有关的信息的!到时,政府是不是最终需要承认这个事实?还是政府继续采取不透明的政策?

Since June, the government has finally admitted to many issues and questions. We finally know our CPF is invested in the GIC. But Temasek Holdings? – the government is still reluctant to explain the full workings and mechanics behind how our CPF is invested in Temasek Holdings. However, by doing our own investigations, we are able to know the information for ourselves. So, will the government admit to this as well? Or will they continue to not be transparent?

第三场《归还我们的公积金》集会:为什么新加坡人无法退休?问题在建屋发展局!

3rd Edition Of The #ReturnOurCPF Event: Why Singaporeans Cannot Retire Because Of The HDB

在目前政府处理我们的公积金政策情况下,我们不可能放弃斗争而要求政府对人民采取透明化和可信任的政策的。新加坡人有权知道事实的真相。假设今天我们无法退休是因为我们没有足够的公积金,那么,我们有权知道政府是如何动用我们的公积金的真相!

We cannot let up on our fight to demand to the government to be transparent and accountable to Singaporeans on what exactly they are doing with our CPF. The facts need to be known to Singaporeans. If today we cannot retire because we do not have enough in our CPF, we need to know the facts about what the government has been doing with it.

我们将于2014年8月23日在芳林公园举行的第三场《归还我们的公积金》集会。在2014年6月7日的第一场集会,我们的演讲者已经向您们揭露了政府终于最后承认他们是如何动用我们的公积金投资在GIC。在2014年7月12日,我们举行的第二场集会,我们的演讲者暴露了更多的信息有关许多新加坡人的公积金户头无法达到最低存款的要求的原因。

On 23 August, there will be the third edition of the #ReturnOurCPF event. In the first edition on June 7, the speakers revealed to you the facts that the government has finally admitted to how they are using our CPF to invest in the GIC. In the second edition on 12 July, we exposed further information about the estimated number of Singaporeans who were not able to meet the CPF Minimum Sum.

请出席的第三场《归还我们的公积金》集会。我们将会进一步揭露更多有关我们的公积金被用在建屋发展局的住房建设令人惊奇的事实!以及为什么新加坡人无法安心的退休是由于建屋发展局造成的原因。

Join us at the third edition as we reveal even more glaring facts about how our CPF is being used by the HDB and for housing, and find out why Singaporeans are not able to retire adequately, because of the HDB.

您可以到FACEBOOK的网页报名参加

You can join the Facebook event page here.

(备注:鄞义林先生的第一次民事诉讼听审将于2014年9月18日早上10点在法院进行全天的听审。)

(Note: Also, Roy Ngerng’s first court case hearing will be held on 18 September 2014, at 10.00am. It will be a full-day hearing.)

Return Our CPF 3 Poster Template with Text edited with Title@Chinese

Return Our CPF 3 Poster Template with Text edited with Title

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One comment

  1. Pingback: Did Temasek Holdings Use Singaporeans’ CPF To Invest? | The Heart Truths

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