Despite already swimming in a S$49.7 billion debt, the wife of Prime Minister Lee Hsien Loong made a public call for S$400 million in public funding. The CEO of Temasek Holdings, Ho Ching, yesterday (Oct 16) issued the T2023-S$ Temasek Bond, a five-year bond with a fixed return rate of 2.7% per year.
Already drawing an undisclosed amount of funding from the Ministry of Finance, the dictator’s wife – who draws an undisclosed salary in the millions – is still unable to turn her misfortunes in the global stock market. Under Ho Ching’s 15-year-charge, Temasek Holdings is heavily debt-ridden due to overseas investment losses.
According to its recent financial report in July, Temasek Holdings is currently owing S$11.4 billion of bonds locally and US$20 billion of bonds globally. There is no information furnished behind the return rate or maturity date of these bonds totalling S$49.7 billion.
Assisting Temasek Holdings in the sale of its S$400 million bond is the local propaganda state media, where the national newspapers consulted local professionals to praise the government investment company.
The Singapore dictatorship has in recent years trying to raise more money to meet the administration’s reckless spending. Government projects worth tens of billions like Terminal 5 and Tuas Mega Port to-date has not publicly declare its budget, if there’s any. According to the Inland Revenue Authority of Singapore, the government has gone into a tax deficit and overspent by S$25 billion for the financial year of 2018.