http://in.reuters.com/article/fundsNews/idINSIN31135020090527
Reuters India, 27 May 2009, Reporting by Nopporn
Wong-Anan
Singapore PM kills
"Temasek II" idea to help local firms
SINGAPORE, May 27 (Reuters) - The Singapore government will help
nurture local companies compete in international markets, but
will not force its sovereign wealth
fund Temasek to finance them as suggested by
some legislators, Prime Minister Lee Hsien Loong told parliament on
Wednesday. "Government wants to help companies grow, is trying many
ways and is willing to do more," Lee said. "But we don't believe that
this can be done by the government by simply pouring money, or
creating a 'Temasek II,' he said.
His remarks were in response to ideas floated by two members of
parliament on Tuesday that Temasek could make a greater difference
to the island-state by helping home-grown enterprises expand
regionally and globally.
The government has come under
fire from citizens and lawmakers over losses at Temasek, in
particular its ill-timed exit from Bank of America (BAC.N: Quote,
Profile, Research) which resulted in a loss of over $3 billion.
[ID:nSP484090].
Temasek, which had around $87 billion in assets as of November
2008, is headed by prime minister's wife Ho Ching. Ho is stepping
down later this year and will be replaced by Chip Goodyear, the
former CEO of BHP Billiton (BHP.AX: Quote, Profile, Research) on
Oct 1.
Lee did not say how the government
would help the local firms, but said the
intention was part of the government's five key economic strategies
a committee chaired by Finance Minister Tharman Shanmugaratnam
would study.
Tharman will answer questions from lawmakers about Temasek's
investment strategy on Thursday. (Reporting by Nopporn Wong-Anan;
Editing by Saeed Azhar)
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