The wife of Prime Minister Lee Hsien Loong, Ho Ching, have just lost S$61 million of CPF funds after a Temasek Holdings subsidiary filed for bankruptcy in China. ST Engineering announced on Monday (April 23) that it had written off S$61 million for the bankruptcy of it’s joint venture business, Jiangsu Huatong Kinetics.
JHK is the joint venture between ST Engineering’s land systems arm, Singapore Technologies Kinetics Ltd (ST Kinetics) and China’s state-owned enterprise Jiangsu Huatong Machinery Co., Ltd. The Singapore state-owned company was the major shareholder with a 75.3% shares in JHK.
The CPF Minimum Sum have more than doubled from S$80,000 in 2003 to S$181,000 this year. Singaporean elderly’s retirement are in a wreckage, with many elderly working in low-paying manual jobs like cleaners for income support.
The CEO of Temasek Holdings is Ho Ching, who have in recent years taking headline news for massive losses in overseas investments.