It was never a good idea for Ho Ching to head Temasek. She will
never be able to do a good job, no matter how good she may be. If
she did something well, people will say it's her husband who blows
her trumpet. If she does badly, people will say her husband hides
her faults.
In contrast, Lee Hsien Yang is smart to step down whilst the going
is good. He leaves at a time when Singtel has made lots of profits
and he has plenty of bonus in his bank account. Ho Ching has left
it too late but rather late than never.
However the Shin Corp issue will pan out, Temasek is likely to lose
money and even her husband has said that if Temasek loses money
over Shin Corp, they will have to be held to account. Having her
husband, being Minister of Finance, as effectively the regulator of
Temasek is a bad idea from the start. Whatever fault is attributed
to Temasek eventually, LHL cannot escape responsibility as the
regulator. The question will be raised as to why the Minister for
Finance had been sleeping on the watch. He can hardly distance
himself from the CEO, as he could if someone else held that
position. The fact that his wife is head of Temasek will no doubt
cast suspicion on his independence whilst carrying out his duties,
even if he is beyond reproach.
Justice has to be done and seen to be done. In view of Ho Ching's
relationship to LHL, any mistake she makes will have an adverse
impact on her husband, the ruling party and the entire government.
In other words, she is becoming a liability for the government. Get
rid of her before it is too late.
