Came across the following findings online about GIC and Temasek Holdings and found them to be pretty interesting (not to mention worrying). After all, it would take 56 man-years to produce a dollar-and-cents value of Singapore’s immovable assets (real property) alone. Do a Google search to verify the facts and then form your own opinion.
Highlights of Temasek:
Significant losses known publicly – Suzhou, Micropolis, Shin Corp, Chartered Semi, UBS/Citi/Merrill Lynch/Barclay/BOA, ABC Learning Center, Stuyvescant Town, China Aviation Oil etc etc.
Temasek changed reporting currency to USD in Apr 2011.
In 2011 ex-President Nathan has said Singapore reserves were used 27 times – what were these 27 times?
Job Credit Scheme was launched in 2009 with the approval of the president to tap into reserves. It paid out about S$5B to employers to cope with the financial crisis – no prizes for guessing who the largest private sector employer in Singapore is (hint Temasek – Singtel, Singapore Technologies group, SIA, NOL, Keppel group, Sembawang group, SBS Transit, Capital Land/Mall etc). Does this look like raiding the public reserves?
Singapore has AAA credit rating – please also remember these very same credit rating agencies gave CDOs triple A ratings which blew up in 2007. Credit ratings certificates have the same worth as toilet paper.
The core team of PAP are paid millions – if you are paid S$2M a year and your family is enjoying the wealth, will you dare to rock the boat or will you be aligned to PAP and become another Yes-man?
The husband is CEO, the wife is CFO (Temasek) – this is a red flag for most auditors. And the CEO to be quit briefly after joining Temasek!!! big red flag?!
CPF funds lock in – raising withdrawal age, minimum sum, now mandatory annuality scheme purchase, dropping Special Account interest from 4% down to 2.5% in 2011 (but claims Temasek generated returns of 18% compounded annually!).
National assets sold – 3 power plants etc. Would a cash-rich country need to sell of strategic national assets like power plant to foreigners?Did the seller promise the buyer that they can increase charges whenever they like so that the seller gets a very high price? have you check why household utility bills in Singapore are among the highest in the world?
If you hide the name Temasek and mention all the facts to any accountant or auditor – they will tell you there is almost 100% probability there is fraud in the company.
