Although Temasek is not supposed to be a private entity – it invests public monies – it has been privatized by the PAP government.
This has allowed Temasek to withhold information which should be in the public domain since more than 4 decades ago.
Of concern is the multi-million dollar remuneration paid to its senior management, especially Ho Ching, CEO and spouse of PM Lee.
There appears to be overwhelming interest and it’s about time WP queries PAP ministers in Parliament.
In February this year, my blog post “Temasek CEO Ho Ching’s estimated remuneration – at least $100 million – should not be state secret” was viewed 31,527 times.
Another post “Temasek CEO Ho Ching paid an estimated $300,000 a day from our reserves, pay should not be state secret” was viewed 23,779 times” in the month of June.
Ho’s pay should not shock anyone because Temasek had wanted to replace Ho in 2009 with former BHP Billiton CEO Chip Goodyear whose last drawn pay was S$54 million.
Since 2009, Temasek’s portfolio value has increased by almost $200 billion and billion$ in bonuses have been paid out via Temasek’s secretive Wealth Added Bonus scheme.
Interest on this issue has not subsided and to date, there are more than 90,000 views on these 2 posts alone.
PAP must remember that Temasek’s $308 billion portfolio belongs to Singaporeans, not PAP or Temasek.
It is unacceptable for any government to pay million$ in tax dollar remuneration without proper disclosure.
Will elected WP MPs ask the $100 million question in Parliament?