20150225 Is this really our CPF investment?

The PAP no longer controls the media and in the internet age, it should disclose all relevant information to stakeholders.

I have been trying to understand how GIC invests with our CPF, why it has been paying us extremely low returns for more than 2 decades and why our CPF has been withheld till we meet the maker. Speculation that our CPF has mostly been lost has gained a lot of credibility, judging from the performance of GIC’s investments.

The PAP expects CPF members to accept its crap reasons for ‘privatising’ CPF related information but a lot of the information is already available online. Some of GIC’s investments appear to be more like tikam tikam, such as Tulip Telecom (TT).

As of March 2014, GIC owns a 5.28% stake or 7,654,328 shares of TT.


GIC had initially purchased a 3.43% stake before March 2012, and increased it to 5.28% by September. (see table below)

How much was spent can be estimated by looking at the GIC’s various entry points in the chart below. The average price is likely to be about 100 rupees.

GIC has therefore invested 765,432,800 rupees or about S$17.8 million (based on S$1=43 rupees). Its stake was reduced to about 4 million shares on 10 June 2014. The information is available online here.

Coincidentally, the TT has not paid any dividend since 2012. Realised and unrealised losses, excluding costs, stand at more than 90% of the investment after 4 years..

Are there similar equity investments able to compensate such huge losses in percentage terms? How many deeply underwater CPF investments are there? Perhaps GIC could enlighten CPF members.


CPF members should not expect the PAP to disclose all relevant information on our CPF investments, similar to Norway’s GPFG. Transparency has been an issue for more than 3 decades. It has already been explained there is no such a thing as the government guaranteeing CPF members because we, as taxpayers, are ultimately the guarantors.
For CPF members who are interested to scrutinise GIC’s past equity investments, I have already posted a list here. Please share your interesting discovery.

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3 Responses to 20150225 Is this really our CPF investment?

  1. Xmen says:

    I am surprised that these Temasek guys never learned about tulips… LOL.

  2. wongcheokwan says:

    @Xmen…Phillip wrote on GIC but i think you may have got a point on Temasek .

    Thanks to Phillip for his research.We should get together and answer a question in READER’S

    DIGEST ” If you are so clever, then why are you not rich ”

    very best wishes.

  3. Xmen says:


    Are there any differences between the Temasek crew and the GIC crew, or MPs and generals? Aren’t they the same bright people money could buy? LOL.

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