Temasek Holdings incurred $8 billion dollars in administrative costs in 2009

[Watchman]

Temasek Holdings incurred $8 billion dollars in administrative costs in 2009

April 23rd, 2010

According to a report posted on the website of Temasek Holdings, it incurred a whooping $8 billion dollars in administrative costs for the financial year 2008/2009.

The other expenses for 2009 are broken down as follows:

Selling and Distribution $5.042 billion or 3.57% of assets
Finance charges $2.727 billion or 1.93% of assets
Other operating expenses $15.333 billion or 10.88% of assets

Temasek Holdings is staffed by 350 people.

In its 2009 financial statements and balance sheets, Temasek had $140.953 billion in assets which was down from $169.844 billion in 2008, representing a loss of $28.9 billion dollars or 17 percent of its portfolio.

The matter was not reported by the Singapore media.

Temasek Holdings had suffered a series of investment losses last year in the midst of the global financial crisis, most notably its ill-timed purchase and sale of U.K. bank Barclays.

Though it is owned entirely by the Ministry of Finance, it has always portrayed itself as a private Asian investment vehicle.

It is currently headed by Madam Ho Ching, the wife of Singapore’s Prime Minister Lee Hsien Loong.

Singapore’s other sovereign wealth fund GIC is led by the Prime Minister’s father, Mr Lee Kuan Yew.

The two funds managed Singapore’s national reserves which amounts to billion of dollars.

During a parliamentary session last year, Finance Minister Tharman refused to divulge details on Temasek’s modus operandi, claiming that it will not serve any “strategic purpose” to do so and the entire system is based on “trust”.

There is no opposition in Singapore to check on the ruling party which controls 82 out of 84 seats in Parliament.

 

[nickers9]

Temasek Holdings incurred $8 billion dollars in administrative costs in 2009

During a parliamentary session last year, Finance Minister Tharman refused to divulge details on Temasek’s modus operandi, claiming that it will not serve any “strategic purpose” to do so and the entire system is based on “trust”.

There is no opposition in Singapore to check on the ruling party which controls 82 out of 84 seats in Parliament.

Fucking hell PAP Finance Minister Tharman!

Let me tell you Mr Tharman, the main problem here is that I dont TRUST YOU (PAP)!!!
:oIo::oIo::oIo: