Temasek Holdings revealed two days ago that its portfolio plunged 9%.
Temasek also posted the following chart on the source of funds that it manages.
Temasek stated that it does not manage Singapore CPF (pension) savings and Singapore Government reserves.
I drew the chart below to show how the CPF is connected to Temasek.
You can see the orange circles numbered 1 to 5 – please refer to the relevant numbered quotes below for further evidence.
The quotes are extracted from government websites and officials, and academics.
(3) Singapore Ministry of Finance websites:
(4) Singapore government’s ‘Factually’ website (2016):
(5 also) Albert H. Y. Chen and Hongyi Chen’s ‘Constitutionalism in Asia in the Early Twenty-First Century’ book (2014):
(A) Note that Temasek said (in the chart above) that it does not “manage government reserves”.
(B) But this was what the government said on the Ministry of Finance’s website: “Our reserves are managed by … Temasek Holdings”.
(C) The Singapore Ministry of Finance also said that “the Government is the sole equity shareholder of Temasek Holdings”.
So anyway, I am just presenting the information here. You decide for yourself if Temasek Holdings uses Singaporeans’ CPF monies.
All I am asking for is for the government to be transparent with how it uses the funds of Singaporeans, so that we can jointly decide how to manage our nation’s and Singaporeans’ monies.
Moreover, it was Temasek CEO Ho Ching who said: “we recognise that the ultimate shareholders of Temasek are the past, present and future generations of Singapore.”
Ho Ching is the Singapore prime minister Lee Hsien Loong’s wife, who is also the chairman of Singapore’s only other investment firm, GIC.
Singaporeans’ CPF is also channelled into the GIC (look at the brown line below).