Photo of Ho Ching from Temasek Holdings

According to its latest 2018 Annual Report Temasek Review, Singapore’s sovereign wealth fund company Temasek Holdings pocketed a cool S$8.2 billion for itself and inflated it’s profits by raising debts and selling of its assets at a loss. Despite having government state media running propaganda reports of a 12% or S$33 billion profit for Financial Year 2018, Temasek Holdings returns only S$21.3 billion to the Singapore government.

The company headed by the Prime Minister’s wife, Ho Ching, is currently in S$11.4 billion of local debt, under Temasek Bonds. The Singapore dollar-dominated debt has a weighted average maturity of 11 years. There is also several undisclosed billions in debt under two bonds – the US$15 billion (S$21 billion) debt with a medium-term maturity called “Guaranteed Global Medium Term Note”, and the US$5 billion debt with a short-term maturity called “Euro-commercial Paper”. The total debt is S$49.7 billion.

In fact, Temasek Holdings’ debt rose by 26.4% (S$10.4 billion). As such, the S$308 billion in portfolio is actually half-funded by adopting debt, while the other half came from disinvestment.

On the same 2018 Annual Report in Temasek Review, Temasek Holdings sold off S$16 billion in assets. What went unreported is that these S$16 billion was sold for a loss, at an estimated S$1 billion loss. This is calculated from the total of S$33 billion in portfolio increase, subtracting an estimated S$11.4 billion raised equity (Temasek Bonds), subtracting an estimated S$1 billion (very conservative estimate) raised from US-dollars bonds, and subtracting S$8.2 billion in kept profits. Temasek Holdings is left with S$12.4 billion after the subtractions, and this means the S$16 billion disinvestment lost an estimated S$3.6 billion in asset value.

What is also undisclosed in the annual report is the remuneration of the Prime Minister’s wife, Ho Ching, who is estimated to be drawing S$10 million a year for her CEO position. There are currently two CEOs in Temasek Holdings, with the other being Lee Theng Kiat.

In FY2016, Temasek Holdings received an undisclosed amount in billions from the Singapore government to bump up it’s balance sheet after reporting a S$24 billion loss. Miraculously, Temasek Holdings still managed to “return” S$8.4 billion back to the Singapore government according to its annual report.

Singapore’s state media is ranked 153rd in the world for credibility. The Singapore dictatorship would often employ half-truth to further its political agenda, and in recent months have been bumping up on propaganda material after Malaysia’s watershed election result.