In the recent annual reports of Singapore’s two sovereign wealth fund companies Temasek Holdings and GIC, economic analysts point out that the Singapore government has covered up the administration fees of the two companies. Among the omitted information include the salaries of Prime Minister Lee Hsien Loong and his wife Ho Ching, where the two sat as Chairman of GIC and CEO of Temasek Holdings respectively.
The corrupted Prime Minister abused his single ruling party power by delaying CPF retirement funds withdrawal for Singaporeans and used the money to fund his undisclosed salaries at GIC. As Chairman of a sovereign wealth fund company managing an estimated US$344 billion (by Reuters), Lee Hsien Loong is expected to draw no less than S$10 million a year for his “advisory role”. His wife, Ho Ching, who appointed a proxy CEO to stand-in for her, continues to draw CEO salaries at Temasek Holdings.
In the recent news of investment losses, Lee Hsien Loong refused to take a pay cut at GIC. Even as the Prime Minister of Singapore, Lee Hsien Loong also refused to cut his S$2.2 million-a-year premiership salaries despite raising taxes. The corrupted PM has no intention to sacrifice his wealth while the country saw an eye-popping 28% increase in poverty rate.
Most ruling party supporters defend that Lee Hsien Loong is the son of former Prime Minister Lee Kuan Yew, who “brought Singapore from third world to first world today”, and hence he is allowed to draw millions in ministerial salaries and corrupt CPF funds.
The corrupted losses at GIC and Temasek Holdings is unknown as the PM deviously designed the system to put him above scrutiny. The Corrupt Practices Investigation Bureau (CPIB) reports to the PM and they are banned from conducting any investigation on the PM and his family.
From time to time, GIC and Temasek Holdings receives an undisclosed amount from the Ministry of Finance to pump up their assets. The Ministry of Finance in return tax Singaporeans, which is the recent year has been relentless. Water prices were raised by 30%, electricity tariff by 13.7%, gas tariff by 8.7% and public car park fees by 20%.
CPF Minimum Sum also went up by 9% to S$181,000 this year, while Withdrawal Age was increased from 55 to 65.