20160422 Will Singaporeans be outraged if hundreds of millions was paid to Temasek’s CEO from our reserves?

The government should be upfront with Singaporeans on the hundreds of millions of our reserves used to compensate Temasek’s directors. It shouldn’t fear transparency if there’s nothing wrong.

The PAP can’t turn around and insist that the government is not obligated to disclose how tax dollars are spent simply because it has accorded Temasek ‘private limited’ status.

Kenneth Jeyaretnam, politician and ex hedge fund manager, has estimated that CEO Ho Ching, PM Lee’s wife, earns “probably hundreds of millions” as head of Temasek. This appears likely because her subordinates are already earning tens of millions. PAP is known to reward its leaders disproportionately in our top-heavy government.

Piyush Gupta, 6-year old new citizen and CEO of DBS Group, was paid in excess of $10 million for a record $4.45 billion net profit last year. DBS Group is but one of hundreds of companies in Temasek’s portfolio and credit for Temasek’s ‘stellar performance’ will of course go to everyone-knows-who.

Ex paper general SMRT CEO Kuek saw his pay increased to almost $2.5 million within 3 years without resolving the issue of an unacceptable number of regular major disruptions. When failures like Kuek are obscenely rewarded, how much would a “successful” Temasek CEO, who has generated billions in profits, be paid?

Let’s take a look at another of her subordinate’s pay package to get an idea of what Ho Ching is likely to receive. Loh Chin Hua, KepCorp’s current CEO, received a pay package of $7.25 million in 2014. During the past 5 years, Loh also held directorships in some 80 companies (below).

1 AAJ Investment Pte Ltd;
2 Alpha Investment Partners (BVI) Ltd;
3 Alpha REITS Manager Ltd;
4 AIBJ Hero Pte Ltd;
5 AIBJ Roppongi Pte Ltd;
6 AIPJ Investment Pte Ltd;
7 All Fortune International Ltd;
8 Allenstand Ltd;
9 Anderhill Ltd;
10 ANOF Korea 1 Private Ltd;
11 Antrohorne Ltd;
12 Asia Real Estate Fund Management Ltd;
13 AREFM (BVI) Limited;
14 Ash Springs Ltd;
15 Assibere Ltd;
16 Brenspere Ltd;
16 Bugis City Holdings Pte Ltd;
17 Canyonwater Ltd;
18 Caray Gardens Holdings Ltd;
19 Chiba Investment Pte Ltd;
20 Christus Ltd; Comprohorne Ltd;
21 Core Plus Investment Pte Ltd;
22 Daikanyama (CP) Investment Private Ltd;
23 Dapenso (CP) Investment Pte Ltd;
24 Divine (AMT) Pte Ltd;
25 Equity (CP) Pte Ltd;
26 Ever Gain Logistics Pte Ltd;
27 Fels SES International Pte Ltd;
28 Fertile Crescent Ltd;
29 Fusiongold Pte Ltd;
30 Garrard Ventures Pte Ltd;
31 Grathfield Ltd;
32 Great Insight Investments Ltd;
33 Greateast Investments Ltd;
34 Highland Flow Pte Ltd;
35 Hubville Co. Ltd;
36 Japan Core Investment Pte Ltd;
37 Kinetic (AMT) Ltd;
38 Kephinance Investment Pte Ltd;
39 Keppel Energy Pte Ltd;
40 Keppel REIT Management Ltd (Manager of Keppel REIT);
41 Kynson (AMT) Pte Ltd;
42 Lavenson Investment Pte Ltd;
43 Macro (AMT) Pte Ltd;
44 Manesar (AMT) Pte Ltd;
45 Matrix (CP) Investment Private Ltd;
46 Max Platinum Ltd;
47 Myrick Investment Pte Ltd;
48 Nordic (CP) Pte Ltd;
49 Northern Tech Pte Ltd;
50 Noxh Developments (Cecil) Pte Ltd;
51 Numberspring Ltd;
52 Omnibury Ltd;
53 Pessiborge Ltd;
54 Practical Asia Ltd;
55 Preciousbud Ltd;
56 Prestimorne Ltd;
57 Prime Industrial Holdings Pte Ltd;
58 Primiscorne Ltd;
59 Pteris Global Ltd;
60 Regal (1886) Pte Ltd;
61 Rightbridge Ltd;
62 Ristoria (AMT) Pte Ltd;
63 Rochor Investment Ltd;
64 Sacremorne Ltd;
65 Samnorwood Ltd;
66 Sanholpark Ltd;
67 Sheung Wan (AMT) Pte Ltd;
68 Shibuya (AMT) Pte Ltd;
69 Shine City Investment Ltd;
70 Shiodo (CP) Investment Pte Ltd;
71 Solitaire (AMT) Pte Ltd;
72 Sound Investments Ltd;
73 Spellworth Ltd;
74 Sperishorne Ltd;
75 Tannehill Ltd;
76 Trillington (AMT) Pte Ltd;
77 Tsukiji (CP) Investment Pte Ltd;
78 UL (CP) Investment Pte Ltd;
79 Wallwrick Ltd;
80 Zelkova (AMT) Pte Ltd

How much was Loh paid as a director of each? If these are not goof-for-nothing companies, and I have to assume they are profitable ones, Loh must have been paid tens of millions on top of his multi-million pay package as Kepcorp’s CFO before becoming CEO in 2014.

As a non executive director of Krisenergy, Loh was paid “below $250,000”.

If Loh was paid tens of millions, Ho Ching could not have been paid anything less but probably multiple times Loh’s pay package.

Kenneth J’s probably hundreds of millions estimate of Ho Ching’s pay package shouldn’t be far off the mark. Is this the reason why the PAP has refused to be transparent? Will there be public outrage if such material information is disclosed?

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10 Responses to 20160422 Will Singaporeans be outraged if hundreds of millions was paid to Temasek’s CEO from our reserves?

  1. Gerald Pereira says:

    AT THIS JUNCTURE EITHER TEMASEK – CEO OR THE GOVERNMENT SHOULD CLARIFY THE POINTS HEREIN RAISED AS A COMPLIANCE TO TRANSPARENCY TO CLEAR THE DOUBTS BEFORE THE CITIZENS FORM AN OPINION WHICH IS THEIR RIGHT.

    • Phillip Ang says:

      The government will never clarify. I have already written twice to PM Lee. Engagement = Silence when it involves the disclosure of embarrassing info. 😦

  2. Just another digit says:

    The 70% of the Singaporeans are already suffering from Stockholm Syndrome. THey would rather let the cronies and the Lee Family earn millions from them thru investing (gambling) their CPF, making a profit from the ‘land prices’ charged to their HDB flat prices and thru every GLC that controls most of the businesses and malls here. They see no other alternative and they’re probably quite comfortable to being digits and profit generators to Singapore INC. Life seems comfortable for most of them, esepcially for those fed thru the system.

  3. CH CHUA says:

    In the past, for directorships for GLCs, they get token of a couple of thousand dollars a year or overseas paid trip and the more conservative ones did not draw anything or signed off for some minor few hundred dollars purchases paid off discretely by their Boards. Many did not draw anything else. This cannot be said of new ultra hungry breed!!!

    • Phillip Ang says:

      LKY gave the ‘what’s wrong with collecting more money’ green light. 😦

    • Gerald Pereira says:

      It is common in the law fraternity “That Silence Is An Admission Of Guilt”. I wonder why there’s no response from the concerned individuals, don’t they believe in telling the TRUTH and shaming the devil.

  4. sinkie says:

    Bloomberg reported recently that Sinkie board directors are being paid an average of US$250K each.

    So for KepCorp CEO Loh Chin Hua, he’s getting roughly 80 X US$250K = US$20M = S$27M just for directorship fees. Even if want to be conservative and reduce by 50%, that’s still S$13.5M

    When LKY said that PAP ministers are worth millions becoz they can get paid more in private sector, the hard truth is that such so-called “private sector” jobs are actually GLC or TLC appointments, and with numerous sycophant old-boys network of directorships to gain political favours from PAP.

    When these people no longer have good standing with PAP, nobody is willing to pay them million-dollar salary liao. Look at George Yeo, Lim Hwee Hwa, Zainul Abidin, Lim Boon Heng — all big losers of GE2011. Where are they now?!?! Their current salaries are just a fraction of what they used to get from PAP — not even near $250K now, compared to over $1,000,000 or $2,000,000 in the past.

  5. Phillip Ang says:

    Lim Boon Heng was not a loser so PAP still keeping him as Temasek’s Chairman. Must be earning something very decent still – at taxpayers’ expense. 😦 Lim Hwee Hua with KKR, Jardine and Ernst and Young Global Advisory Council. I think experienced ministers command some ‘connection’ value and it’s worth for big businesses to pay them.

  6. Kannairam M says:

    Very unfair …..thats why opposition and change is much needed for the close to 40%…….many are deprived of a reasonably good life and these people are earning way,way too high.

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