20140127 Capitamalls Asia (CMA) refuses to clarify typo “Temasek is wholly owned by the Minister for Finance”

More often than not, organisations ride roughshod over public queries. The response could be a non reply, half reply or nonsensical reply. For a typo, CMA chooses a different version – no need to reply.

CMA seems to have forgotten that it is 65 per cent owned by Temasek, through Capitaland, which in turn is owned by citizens.

CMA Annual Report 2012 says on page 208 that “Temasek is wholly owned by the Minister for Finance”.

Temasek has a portfolio of $215 billion which belongs to the Singapore government. The above statement implies the Minister for Finance to be the richest man in the world.

This appears to be a typo but then again, CMA is a GLC through Capitaland, and not a neighbourhood minimart where such a mistake could be simply overlooked.

It’s like saying SMRT and SBS belong to the Minister for Transport or our hospitals and polyclinics belong to the Minister for Health. Simply because they are under the respective ministries.

I queried DPM Tharman, who is also the Minsiter for Finance, after CMA had refused to respond after a reminder. Unlike CMA, the MOF clarified within 5 days. (email below) It is unproductive for the government to issue a response on behalf of a GLC which has failed to do so. The MOF’s reply also attempted to convey CMA’s interpretation of “Minister for Finance”.

The simplest solution would be to use the definition given by Temasek itself, disallow all GLCs to suka suka come up with their own definitions, to prevent future confusion

From: pipakh
Sent: Friday, January 24, 2014 5:59 PM
To: mof_qsm
Subject: Re: 20140119 Is Temasek Holdings owned by Minister Tharman?

Dear Mdm Leela

If Capitamalls Asia had replied, I would not have to trouble the MOF.

Thank you and have a nice day.

Regards

Phillip Ang

From: mof_qsm
Sent: Friday, January 24, 2014 3:55 PM
To: pipakh
Cc: mof_qsm
Subject: FW: 20140119 Is Temasek Holdings owned by Minister Tharman?

Dear Mr Ang,

Thank you for your email.

We would like to clarify that Temasek Holdings is wholly-owned by the Government through the “Minister for Finance”, which is a body corporate constituted under the “Minister for Finance (Incorporation) Act”, and not the current Minister for Finance, Mr Tharman Shanmugaratnam, in his individual capacity.

For more information, the link to the “Minister for Finance (Incorporation) Act” can be found here.

Thank you.

Regards,

Leela Pokkan (Mdm)
for Quality Service Manager
Ministry of Finance

Case Description:

From: pipakh@singnet.com.sg [mailto:pipakh@singnet.com.sg]
Sent: Sunday, 19 January, 2014 1:19 PM
To: MOF Tharman SHANMUGARATNAM (MOF)
Subject: 20140119 Is Temasek Holdings owned by Minister Tharman?

Dear DPM Tharman

I refer to my query to Capitamallasia (CMA) on the ownership of

Temasek Holdings. (enclosed)

Since CMA has not responded after a reminder, I will direct my query to DPM Tharman.

CMA’s 2012 Annual Report, pg 208, states that “Temasek is wholly owned by the

Minister for Finance”. ie DPM Tharman. http://capitamallsasia.listedcompany.com/misc/2012_en/ar2012_en.pdf

This appears to be a typo but then again, CMA is not a neighbourhood

minimart but is 65% owned by Temasek.

Please clarify.

Thank you.

Regards

Phillip Ang

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