State propaganda media TodayOnline today (July 8) issued a fake news claiming that Temasek Holdings “likely” made at least 10% profit. The propaganda media did not say 10% profit over what time length. TodayOnline wrote:
“Singapore state investor Temasek Holdings’ assets likely rebounded last year and rose by at least 10 per cent to a record, propelled by gains in shares of Chinese banks and domestic companies.”
The 151th-ranking state media did not base their article on any official announcement from Temasek Holdings, and instead relied on hearsay in the financial market, quoting a Spain-based business school and a local economist from CIMB bank.
TodayOnline did not report how much profit did Temasek Holdings make but published lines after lines of fake news to improve the image of its CEO, the wife of Prime Minister, Ho Ching:
“Temasek’s net portfolio value has nearly doubled over the last decade…”
Under Ho Ching, Temasek Holdings lost S$24 billion last year 2016. There are also high profile losses like the Neptune Orient Line (NOL) sale, where the new French owner made profit in less than a year after taking over from Temasek Holdings.
Ho Ching’s CEO position at Temasek Holdings is secured by her husband PM, who control the Finance Ministry and Monetary Authority of Singapore. PM Lee Hsien Loong himself heads the other sovereign wealth fund company GIC as its chairman. The two powerful corrupted couple controls Singaporeans’ CPF money and held them by ransom, often issuing new laws to detain CPF funds through legal corruptions in Parliament and the control of puppet president Tony Tan.
Singapore is one of the most corrupted countries which score very well on perceived corruption index due to propaganda and the abuse of police and judiciary to jail and bankrupt critics.