Copied from johnharding under Is Lee Kuan Yew the Worlds richest man under comment section. So much suspicion about Temasek, and TT is the chairperson – does anyone think he will be independent? And highlights of Temasek below: Significant losses known publically – 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 luanched 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 withdrawl 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% compunded 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 higest 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. Please does a google search on all the above point to verify the facts and then form your own opinion.
Posted on: Tue, 20 Jan 2015 10:17:41 +0000
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