Temasek Holdings revealed two days ago that its portfolio plunged 9%.

Temasek also posted the following chart on the source of funds that it manages.

Temasek stated that it does not manage Singapore CPF (pension) savings and Singapore Government reserves.

Ins and Outs at Temasek

I drew the chart below to show how the CPF is connected to Temasek.

You can see the orange circles numbered 1 to 5 – please refer to the relevant numbered quotes below for further evidence.

The quotes are extracted from government websites and officials, and academics.

Are Singaporeans' CPF Used by Temasek Holdings

(1) Minister for Labour and Communications Ong Teng Cheong (1982):

CPF savings form a large portion of singapore's savings used for capital formation

(2) Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam (2014):

Screenshot (90)

(3) Singapore Ministry of Finance websites:

Where Does Your CPF Go

(4) Singapore government’s ‘Factually’ website (2016):

Revenues from land sales form part of Singapore's Past Reserves

(5) Linda Low’s ‘Developmental States: Relevancy, Redundancy Or Reconfiguration?’ book (2004):

Developmental States  Relevancy, Redundancy Or Reconfiguration  - Google Books

(5 also) Albert H. Y. Chen and Hongyi Chen’s ‘Constitutionalism in Asia in the Early Twenty-First Century’ book (2014):

2004 amendment bill allows transfer of reserves from the government to Temasek Holdings

(A) Note that Temasek said (in the chart above) that it does not “manage government reserves”.

Ins and Outs at Temasek do not manage reserves

(B) But this was what the government said on the Ministry of Finance’s website: “Our reserves are managed by … Temasek Holdings”.

Who manages our reserves

(C) The Singapore Ministry of Finance also said that “the Government is the sole equity shareholder of Temasek Holdings”.

Government is the sole equity shareholder of Temasek Holdings

So anyway, I am just presenting the information here. You decide for yourself if Temasek Holdings uses Singaporeans’ CPF monies.

All I am asking for is for the government to be transparent with how it uses the funds of Singaporeans, so that we can jointly decide how to manage our nation’s and Singaporeans’ monies.

Moreover, it was Temasek CEO Ho Ching who said: “we recognise that the ultimate shareholders of Temasek are the past, present and future generations of Singapore.

Temasek Holdings ultimate shareholders past, present and future generations of Singapore

Ho Ching is the Singapore prime minister Lee Hsien Loong’s wife, who is also the chairman of Singapore’s only other investment firm, GIC.

Singaporeans’ CPF is also channelled into the GIC (look at the brown line below).

Singaporeans' CPF Used by Temasek Holdings and GIC

Together, the GIC and Temasek Holdings are ranked the 8th and 12th largest sovereign wealth funds in the world.

Singapore’s CPF pension funds have instead become one of the least adequate in the world.

Read more: