Bloomberg.com, 5 Dec 2008, Shamim Adam and Chen Shiyin
Dec. 5 (Bloomberg) -- Singapore’s Prime Minister Lee Hsien Loong defended the performance of the city’s state-owned investment companies after a plunge in the value of their stakes in Citigroup Inc., Merrill Lynch & Co. and other global banks.
Government of Singapore Investment Corp. and Temasek Holdings Pte, the nation’s two key investment companies that each manage more than $100 billion of assets, should be assessed on their overall portfolio returns instead of the performance of specific assets, he said.
“The situation looks a lot gloomier now than when they went in but these are long-term investments. It looks under water now, but the situation can change,” Lee told the Foreign Correspondents Association at a lunch today. “But if you are taking a long-term view, you have to be in on the downs as well as the ups.”
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GIC, Temasek Must Be Assessed on Overall Performance, Lee Says - Bloombeg, 5 Dec 08
