The Star Online, 14 Feb 2009, Seah Chiang Nee
The announcements that Temasek CEO Ho Ching will step down come October and that it lost S$58bil (RM138.9bil) are not related, says the state investment corporation. But few people really believe it.
SINGAPORE’S hard-earned reserves, which are tied to the island state’s global investments, have plunged in unprecedented proportions over the past year.
In just eight months, the invested portfolio of the state investment corporation, Temasek, fell by a staggering S$58bil (RM138.9bil) – or 31%.
That it has dropped from S$185bil (RM443.3bil) in March to S$127bil (RM304.3bil) in November is confirmation of the extreme pessimism that had been privately spreading among informed citizens for more than a year.
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