Temasek must stop misleading Singaporeans

Ho Ching was appointed Executive Director (= CEO) of Temasek in May 2002.

For more than a decade, Ho has been credited with Temasek’s unverifiable and unbelievable performance.

Attempting to credit Ho in 2013, Temasek claimed that newer investments made after March 2003 achieved 10-year annualised returns of up to 20%. (take note that this means a $10 billion investment generates returns of $51.9 billion)

For ‘proof’, refer to Temasek Review 2013, pg 34. (chart below).

If Ho could magically increase our reserves by tens of billion$ in 10 years, she would have been headhunted by fund managers dangling billion-dollar paycheck.  There is none, not even for a fraction of her estimated $300,000/day pay.

The above sterling performance under Ho’s leadershit is of course misleading: returns were measured from the market trough in 2003.

Understandably, Temasek ceased publishing similar data post 2013.

Why did Temasek attempt to mislead and continues to conceal information which belongs in the public domain?

Unfortunately, what has happened to our reserves will be known only after MPs demand transparency from the PAP in Parliament by asking the ‘right’ questions.

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

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10 Responses to “Temasek must stop misleading Singaporeans”

  • Singaporean Kong Come:

    Why did Temasek attempt to mislead and continues to conceal information which belongs in the public domain?
    Unfortunately, what has happened to our reserves will be known only after MPs demand transparency from the PAP in Parliament by asking the ‘right’ questions. First the incumbent G because of their shamful big fat saalry, they must always fake their news n misleading, Second , current we has a co driver opposition, prentending not to ask for transparency, just wayang follow the flow, they themself also want to collect big fat salary. In previous fake opposition like the LKY distant relativeseat for donkey years to become millionaire.

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  • TruBlu:

    ‘SHOW us THE MONEY’,book-keeping is still just book-keeping.
    and,AUDITTING? Well,it deoends on WHO IS/ARE being ‘AUDITTED’,ya?

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  • Harder Truths:

    It is easy to prove this claim by TH is bullshit. Just look at other sovereign wealth funds that are transparent and have real financial CEO’s running them.

    The Fed Funds Rate ran an average of 2.0% between 2003 and 2019. US Treasury 10-Y returned about 3% in the same period. The US stock market returned 10% yearly -if you held your investments smartly.

    Most US pension funds cannot even create more than 2%3% that in yearly interest.

    This means she is smarter than George Soros, Warren Buffet and Jack Ma combined.

    If something is too good to be true it normally is.

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  • pap clown goes ballistic on Ho:

    if so easy to really make money nobody joins pap.

    everyone outside making really money, and with honest to boot.

    that is why pap PA chairman is pap clown. abuse approved by pliant parleement. S$ tax payer money abused for pap political purposes.

    that is why pap clown goes ballistic each time someone asks how come Ho is chief temasick or how come Ho is given so much money for non performance.

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  • @ Harder Truths

    “This means she is smarter than George Soros, Warren Buffet and Jack Ma combined.”

    They must be banging their balls wondering why they have wasted so much of their precious time and efforts to making money when they could have just joined Temasick and get paid millions without having to do anything.

    Oh, and you forgot to add Pony Ma from Tencent, who is rumored to be 3 times richer than Jack Ma. lol

    .

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  • Harder Truths:

    TRE Techie: Oh, and you forgot to add Pony Ma from Tencent, who is rumored to be 3 times richer than Jack Ma. lol

    I stand corrected :)

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  • HDB flat depreciate to zero.:

    MOF steadily put investments into Temasek since it is the Government’s holding company. This increase in assets is not due to Ho Ching’s brilliance. For sure Temasek lost billions when she invested in Merrill Lynch and Barclays.

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  • More than very very mediocre:

    “Care for us! True, indeed! They ne’er cared for us: yet suffer us to famish, and their storehouses crammed with grain;
    Make edicts for usury, to support usurers;
    repeal daily any wholesome act established against the rich, and provide more piercing statutes daily to chain up and restrain the poor.
    If the wars eat us not up, they will; and that’s all the love they bear us.”

    - William Shakespeare

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  • no accountability no care:

    she is a great magician.
    whenever she invests,
    she manages to make it disappear.

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  • I hire foreigner accountants:

    Are Singaporeans smart enough to question and discern? That should be the question?

    Which Singapore accountant questioned the unverifiable GDP?

    This is accounting standard?

    An unquestioning mind based on fear ?

    Why are top talents from overseas being welcome into SG if sgreans are good enough?

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