Lee Hsien Loong has replied to my affidavit.
He said that my affidavit “has not been properly filed and served”. He also said that “I have been advised by my solicitors and verily believe that many parts of (Roy Ngerng’s) 1st Affidavit are inadmissible, irrelevant and/or an abuse of the process of the Court because they deal with matters which are not relevant to the issues in this application for the determination of meaning and for summary judgment, … (and) are designed to advance (Roy Ngerng’s) political agenda, and contain legal arguments, which have no place in an affidavit.” Finally, he said, “I have also been advised by my solicitors and verily believe that I should not dignify (Roy Ngerng’s) abuse of the process of this Court by responding to matters which are inadmissible and irrelevant to the Application.”
You can read my affidavit here. In it, I had detailed the following evidence:
- The government has taken Singaporeans’ CPF to invest in the GIC since the 1980s but for at least the past 15 years, they have denied this. Lee Kuan Yew had denied this in 2001 and 2006 and Ng Eng Hen had denied this in 2007. It was only on 30 May 2014 this year that the government finally admitted to the truth.
- In two articles that I had written in 2012 and 2013, I had traced evidence on the government websites on how our CPF is taken to be invested in GIC and Temasek Holdings. However, the government later on deleted this information so that Singaporeans are unable to know that our CPF is borrowed into the reserves and managed by the Monetary Authority of Singapore, GIC and Temasek Holdings.
- Temasek Holdings claim that they do not take our CPF to invest but I was able to trace that Temasek Holdings has taken our CPF to invest and Singaporeans still do not know if the interest earned by Temasek Holdings on our CPF was returned.
- Because of the government’s management of our CPF and the lack of transparency, today GIC and Temasek Holdings, on the strength of our CPF, are ranked the 8th and 10th richest sovereign wealth funds in the world but Singaporeans have one of the least adequate retirement funds in the world.
- The government and GIC claims that the government does not interfere in GIC but this is implausible as the government also sits on the Board of Directors of GIC. The Singapore prime minister Lee Hsien Loong, the two deputy prime ministers Teo Chee Hean and Tharman Shanmugaratnam, two ministers Lim Hng Kiang and Heng Swee Keat, and ex-minister Raymond Lim and the ex-prime minister Lee Kuan Yew are on the GIC’s Board of Directors.
You can read Lee Hsien Loong’s reply to my affidavit below: