Temasek acquired Global Crossing (Bankrupt Firm)?

Hogzilla SG

Nvm, I dun mind lionoisy to refute these. I just want someone to refute all these statement. (Actually, I want to use teh word “fact” but I thought that how can facts be refuted? Then I changed my mind)

robertteh SG

Why were there so many failed mega investments by our Temasek as compared with our puny Oei Hong Leong who could take over many near bankrupt companies and turn them into great financial gains.

Let us analyse the strengths and weaknesses of temasek as a investors and understand whether it has what it takes to make the same kind of success as Oei Long Leong.

To many people in the outside world they already size up Temasek as white knight or sucker ready to listen to any scheme of turn around which will sit in with its own grand vision of regionalization.

Thus although there may be a lot of problems and even losses balance sheets would be presented in such a way as to entice and cajor such a potential suitor into a grand scheme of rescue with many technology entrapments.

Global Crossing has a perfect profile to fit with Temasek pride driven game plan to part with its multi-billion cash hoards belonging to the hardworking citizens due to toils with their sweat and blood for 40 years.

This is how because of ego and naivety billions of good monies have been parted from our national coffers of our hardworking citizens in exchange for bad monies in many past similar sham deals.

Souzhou investment has been such a perfect scheme from the start with its local authority able to sweet talk people with a lot of funds and looking out for seemingle attractive deals for long term investment. Temasek was the perfect suitor or white knight for such a schemer.

At that time when souzhou was being marketed no one wanted to take it with a 15 mile pole because it was no match for nearby Shanghai potong which attracted big investments due to its closer rail and port facilities.

But our leaders handling the Temasek had too much pride and because of that pride in negotiation, they lack the vision and ability to see the underlying motive of the real schemer waiting to ensnarl our rich temasek into investing in big township-like jurong good for the pride of creating a small singapor.

They lack the vision to see what went on behind the hungrier chinese mind who already had the vision of using LKY's naivety to market its own souzhou's local authority's underlying cheaper offers down the road.

So when Souzhou began its marketing to foreign companies, souzhou local authority came along to undercut the offers with its own cheaper alternative offers with greater profitability. LKY's original vision and plan for souzhou went haywire.

Shin Corp and Souzho were all cans of worms but our leaders only have limited visions and could not see what lies within the cans and went ahead with their own assessments in a daring manner without knowledge of what were in the can.

Thaksin was the victor in the whole sale of shincorp to temasek for he must have been hatching a certain scheme to get out of own sinking investment. So without revealing all the worms he got temasek interested in looking at the whole deal from outside the can but actually he had already emptied the assets transfer to family without prior tax clearance.

Now look at this Global Crossing, the various CEOs already knew the company was going under due to infringements and investments getting sour with the worms of law suits and alleged malpractices. How did the CEOs take advantage of a bad deal - get someone to talk to our naive Temasek CEO and get her to be interested in buying over the can of worms at full market realizable values - a win win situation for the seller.

Temasek stupidly accepted all the liabilities and take over the risk of having to clean up all the illegal deals and malpractices as has happened in shin corp.

If Temesek really must behave like a asset stripper or white knight to save any sinking venture and turn it around into great success, it must have not only macro view of the business. Most importantly it must have the micro view of all lies behind and below the surface and see through the scheme of the perpetrators.

Before even looking into the worth of the assets Temasek should have a total strategy what it could do to strip up or to re-inject or re-vitalise such a suiter.

How many brains can a person have who could read all the balance sheet correctly and able to strip the realizable, assets, and harness any unrealizable inner resources, hidden and unrealized potential.

Look again, without a master plan drawn up, Temasek has not been doing well and will not be doing its taxpayers any good if it continues to play the white knight to any damsel in distress.

All Temasek is capable of is to be attracted to all the durai scheme and say that durai has done a good job deserving his peanut salaries without seeing his underhand cans of worms.

eyebuzz SG

can't disagree with you at all, for that reason why scholars are valued in the gahmen coffers n r paid to the moon to make mistakes at the people's expense but when the very people make mistakes, they r suggested they do so by choice, no free handouts, no welfare.... gst hike, credit cards 'for the poor', etc to pay for the people's future... beautiful gardens planned for the next 10-15 years... Mr. Green

livspore2006 SG

The GC acquisition by STT is supposed to be a much better acquisition than others in the past.

For Temasek itself, I believe the biggest failure to date was the Micropolis acquisition, I think about US$600M, almost 10 yrs back. It was questioned in Parliament then as the amount was very significant but I can't remember what the response was. Can't remember whether the Finance Minister was Richard Hu then. Is there any site that is tracking the success and failures of the investments made by Temasek or the GIC?

charlize SG

Think it was written off as "tuition fees". Laughing

robertteh SG

47WYL18RW wrote:
Source: Temasek Holdings

Earnings

2004
-------
To satisfy the legal requirements in issuing bonds to raise money from the public, Temasek reported its accounts to the public for the first time in its 30-year history on October 12 2004. Net profit was S$7.4 billion (US$4.4 billion) on revenues of S$56.5 billion for the financial year closing on March 2004. Its 2003 profit was S$241 million on revenues of S$49.65 billion in the previous financial year, while its 2002 profit was S$4.92 billion on revenues of S$42.56 billion.
The 2004 report states that Temasek manages S$90 billion in assets. This represents an average total shareholder return of 18% year-on-year since 1974. This single year return was quite controversial as the average return over its 30-year history is only around 3%[citation needed], far below the industry average. Government Linked Companies lack transparency, for example Temasek had never opened its books until 2005.Standard & Poor's assigning Temasek Holdings a AAA credit rating for "the best companies". At the time of this report, the various Temasek holdings held one-third of Singapore's stock market capitalization between them.

Investments in 2005
-------------------------
Temasek, through its 100% owned subsidiary Vertical Theme, bought a 14.73% stake in MPlant (Malaysia Plantation) which in turns owns Malaysia's smallest bank Alliance Bank. The deal was worth Ringgit 463.59million.
Temasek bought a 25% stake in one of Pakistan's smallest banks, NDLC-Ific Bank.
Temasek bought a 2.6% stake in Russian TeleSystems for US$300 000 000(S$491 million) thus expanding its investments to Eastern Europe.
Temasek Holdings bought a stake in Mahindra & Mahindra - India's biggest maker of sport utility vehicles and tractors. Temasek made the purchase through its wholly owned unit Aranda Investments (Mauritius) Ltd. It bought 5.5 million shares in the market representing a 4.7 percent stake. Temasek declined to give any financial details, but based on 30 March's closing price, it would have cost some US$62 million. The move comes after Mahindra & Mahindra and Ford Motor ended their partnership in India by selling their cross-holdings.
Vietnam's Pacific Airlines will sell a 30% stake to Temasek Holdings Pte. in the second half of 2005. A Ministry of Finance official said Pacific Airlines is now valued at $167 million, and Temasek will invest $50 million to acquire the 30% stake. With the cash injection from Temasek, Pacific Airlines, which has accumulated debts of VND215 billion ($14 million) after more than 10 years in operation, will be able to pay off its debts and prepare for new developments, he said.
Temasek Holdings will invest US$1.4 billion at the initial public offering (IPO) price during the China Construction Bank's planned international IPO, a bank spokesman announced Monday. China Construction Bank (***) and Asia Financial Holdings Pte. Ltd. (AFH), a wholly owned subsidiary of Temasek, signed a definitive agreement in connection with the strategic investment in *** on July 1 for a 5.1% stake, the spokesman revealed
Temasek Holdings Ltd announced on 8 July 2005 that it had almost tripled its stake in Pakistan's NDLC-IFIC Bank (NIB.KA), or NIB, as it expands into South Asia's fastest-growing economy from 25% to 72.6% for US$57 million. NIB is Temasek's sole investment in Pakistan, whose economy grew by 8.35% in the last fiscal year ending June 30; the fastest growth rate in 20 years. In a statement, Temasek said it is grateful to NIB shareholders for giving it the "opportunity to take a majority stake in the bank, and for their confidence in allowing us to work with the board and management to fulfill our common vision of building NIB into a leading bank in Pakistan." Temasek is hopeful about the growth prospects of Pakistan, particularly the financial sector and believes that NIB is well positioned to capitalize on this growth, it said. It was first revealed in January that Temasek had bought a 25% stake in NIB, a small commercial bank, through Bugis Investments, a wholly owned subsidiary of Asia Financial Holdings, or AFH. On June 30, AFH was allotted fresh shares by NIB's board of directors, raising Bugis' ownership of NIB from 25% to 72.6%, Temasek said. AFH is a wholly owned unit of Temasek Holdings. NDLC-IFIC Bank, itself the product of a merger between two financial institutions in 2003, also bought the local banking unit of French bank Credit Agricole (4507.FR) that same year.
Temasek Holdings has joined a group of private equity groups in investing $70 million in Russian tyre production group Amtel Holland Holdings, an Amtel statement said. In March, Temasek bought a 2.6 percent stake worth about $372 million in Russia's top mobile phone firm Mobile TeleSystems. Temasek joined Alfa Bank Holdings in the latest round of fund raising by Amtel. Other investors in the group include Templeton Asset Management and Citicorp International Finance Corp. "Amtel is Temasek's first direct private investment in Russia, so it was important that we partnered with a company with an ethical and strong management team that was backed by other well-respected investors," said Manish Kejriwal, managing director for strategic development at Temasek. (8/7/05)
July 15, 2005 - Temasek Holdings eyeing a stake in Taiwan's Chang Hwa Commercial Bank (2801.TW), a source familiar with the situation said Friday. Chang Hwa, the island's sixth largest lender by assets, is offering 1.4 billion new shares, equivalent to a 22% stake, worth at least NT$25.17 billion based on the bank's lowest offering price of NT$17.98 a share. The source is involved in the transaction, and confirmed that Temasek is competing against a few Taiwanese financial holding firms for the Chang Hwa shares on offer. Chang Hwa has said it expects to close the deal by next Friday.
On 20 July 2005, Temasek Holdings has invested S$11 million in Mumbai-based Shringar Cinemas. Temasek says its wholly owned units, Aranda Investments (Mauritius) and Dunearn Investments (Mauritius), paid 62.5 rupees per share for the 14.9% stake. The shares were bought from India Value Fund which is managed by GW Capital. Shringar Cinemas operates multiplexes in India. Shares of Shringar traded at 74 rupees Wednesday morning on the Mumbai stock exchange. Earlier this month, Temasek announced that it's teaming up with London-based Sabre Capital to raise up to US$5 billion to invest in India. The money is to be pumped into equities and fixed-income markets of India's booming economy.
Thursday 21 July 2005, Temasek Holdings will try to hire Chinatrust Financial Holding Co. (2891.TW) President Eric Chen if it acquires a 22% stake in Chang Hwa Commercial Bank Ltd. (2801.TW), the Commercial Times reports, citing unnamed sources. The paper also cites Chen, a former banker at Citigroup Inc. (C), as saying he would consider an offer to become president of Chang Hwa if Singapore's state-owned investment company bid for the stake is successful. Temasek Holdings is competing against several Taiwanese financial holding firms, including Mega Financial Holding Co. (2886.TW) and Taishin Financial Holding Co. (2887.TW), for the stake backed by 1.4 billion new shares. Chang Hwa, Taiwan's sixth largest lender by assets, said it expects to close the deal Friday
On July 22, 2005, Chang Hwa accepted Taishin Financial's offer of NT$26.12 per share for the 1.4 billion shares being sold by Chang Hwa, Taiwan's sixth-largest lender by assets. Taishin's bid was valued at NT$36.6 billion. However, Temasek, Singapore's state-owned investment company, submitted another proposal for the 22% stake before Chang Hwa's board meeting on Friday, 29 July 2005.
On August 3, 2005, Temasek cut its stake in SMRT to 54.8% from 62.1% - Singapore's state-owned investment company, Temasek Holdings Pte Ltd, said Wednesday it has reduced its stake in commuter rail and bus operator SMRT Corp. (S53.SG) to 54.8% from 62.1% after it placed out 110 million ordinary shares for sale late Tuesday. The shares were placed at S$1.11 per share and sold to institutional investors, it said in a statement. SMRT shares ended Tuesday's session at S$1.16. Temasek said the placement was aimed at improving the liquidity of SMRT stock and widening the stock's investor base, benefiting all SMRT investors. The share placement raised approximately S$122 million.
On August 8, 2005, Temasek Holdings loses its bid to buy a stake in Bank of China to Royal Bank of Scotland. RBS, Europe's second-biggest lender, a 5% holding in Bank of China, though it will control the 10% holding on behalf of its co-investors. The deal is estimated that $3.1bn (£1.7bn)
On August 11, 2005, it was rumoured that Temasek was in talks with Bank of China to buy a stake in it. BOC plans to bring in four foreign investors to take a combined stake of nearly 25%, worth $6 billion, Caijing magazine reportsin its latest edition. Royal Bank of Scotland Group PLC (RBS.LN) and Singapore's Temasek Holdings will each take a 9.9% stake in Bank of China, the report said, without citing any sources. UBS AG (UBS) and the Asian Development Bank will together hold a 5% stake
On August 10, 2005, Temasek Holdings raised a total of S$580 million from placing out a 7.5% stake in property developer CapitaLand. Temasek revealed that it had placed out 200 million ordinary shares in CapitaLand at $2.90 each. That brings its shareholding in the property developer down to 44.5%, from 52%. Temasek remains the single largest shareholder in the company.
On August 11, 2005, Chinese property firm Hopson Development Holdings Ltd. said it was selling a 16.7 percent stake in the company to Singapore state investment agency Temasek [TEM.UL] and a fund, Tiger Global, for HK$977.93 million ($125.4 million). The two strategic investors -- Aranda, a unit of Temasek, and Tiger Global, managed by Tiger Global Management -- will each own 8.33 percent of the company's enlarged issued share capital, after an issue of new shares, Hopson said in a statement.
On August 24, 2005, there was rumour that Temasek Holdings may double its investment in China Construction Bank to $2.4 billion as part of a plan to expand overseas and cut shareholdings in Singapore's slower-growing economy, people familiar with the proposal said. Singapore's state-owned investment company offered to buy $1.4 billion of stock in China's third-largest bank before an initial public offering in October, said the people, who declined to be identified. Beijing-based Construction Bank last month said Temasek would invest $1 billion in the IPO itself. China Construction Bank accounts for 12 percent of total loans in China and has 14,500 branches.
On August 25, 2005, Temasek Holdings is reported to be in the final stages of a deal to buy a 10% stake in Bank of China. According to the UK's Financial Times, the Singapore investment company will pay US$3.1 billion for the stake. The paper however adds that no deal has yet been reached. Temasek is said to be demanding warranties against a sudden deterioration in the finances of the state lender.
On August 31, 2005, Temasek Holdings, the Singapore government's investment arm, will invest 3.1 billion US dollars in the Bank of China for a 10 percent stake, a BOC spokesman was quoted as saying by state media. Temasek will earmark another 500 million dollars at the initial public offering price during the BOC's planned international IPO. The deal will mark Temasek's second venture into China's banks after last month confirming it would purchase one billion dollars' worth of shares in China Construction Bank (***) during its public sale. Temasek will invest in BOC through the Asia Financial Holdings (AFH), a subsidiary of Temasek.
AFH will help the bank improve corporate governance and deepen banking reformsIt will become one of the BOC's strategic investors alongside Royal Bank of Scotland (RBoS) ahead of next year's overseas listing by the Chinese lender, analysts have said. RBoS announced August 18 it would lead a consortium to buy a 10 percent stake in BOC for 3.1 billion dollars alongside US investment bank Merrill Lynch and Hong Kong-based business tycoon Li Ka-Shing.

On Wednesday August 31, 2005, Singapore Technologies Engineering Ltd. (S63.SG), a defense and engineering group part owned by the Singapore government, Tuesday said its unit ST Electronics will buy a U.S. company called iDirect Inc. in a deal worth US$165 million. iDirect, which was founded in Virginia in 1994, is a manufacturer of two-way Internet protocol-based broadband satellite networking solutions. Its customer base includes over 100 companies in the telecommunications services, oil and gas, construction and marine industries, as well as government agencies. "The acquisition of iDirect extends ST Electronics' presence in the U.S. and propels us to be a leading global satcom (satellite communications) solutions provider," said ST Electronics' President Seah Moon Ming.
On September 3, 2005,Temasek Holdings Pte, Singapore's state-owned investment company, bought 12.4 per cent of Habib Corp, a Malaysian jewellery maker that acquired tugboats and barges from a Singapore shipping company. The 9.2 million Habib shares were acquired by Fullerton Fund Management Company Ltd for the discretionary fund account of Temasek Fullerton Alpha Pte, owned by Temasek, according to a stock exchange filing yesterday. It didn't say how much it paid for the shares or who it bought them from. Scomi Group Bhd, a Malaysian oil and gas services company, in February agreed to buy 30 per cent of Habib, giving it access to US$342 million of tugboats and barges.
September 8 2005Investment company Temasek Holdings is reported to be planning the sale of its first global bond issue. Marketing of the US-dollar denominated debt issue for investors in Asia, Europe and the US is said to be planned for next Monday and Tuesday. Pricing is expected to be decided after the road show. According to Reuters, analysts expect Temasek to sell between US$500 million and US$1 billion of debt. Deutsche Bank and JPMorgan Chase are said to be lead managing the international bond offering. When contacted by Channel NewsAsia, Temasek would not comment on details, except to say that it's exploring various financing options to enhance its capital efficiency and increase its financial flexibility. Temasek has the top grade rating of AAA by Standard & Poor's and Aaa by Moody's Investors Service.
On September 8 2005SpiceJet will get $20 million from MacRitchie Investments, Singapore (a wholly owned subsidiary of Temasek Holdings) and Istithmar, a UAE-based private equity firm.
On 28 October 2005, Temasek Holdings said that it was open to increasing its stake in Malaysia's Southern Bank or selling off its current 7.6 percent shareholding, depending on opportunities. It may also just hold on to what it currently has for commercial benefits. Temasek says as long as it sees good returns from the transaction, it will support Southern Bank's move to buy Singapore's Asia General Holdings. But Temasek declined to comment on whether it would step in to buy the Singapore insurer if Southern Bank fails to get its shareholders' support for the deal. Spokesperson Eva Ho confirmed that Temasek owns a direct 4.36 percent stake of the Malaysian bank, while other units within the Temasek stable have a combined 3.22 percent. She would not reveal how much Temasek paid for the shares which were bought in the open market over a period of time. Southern Bank is currently fending off a takeover proposal by Commerce Asset Holdings which has been holding merger talks with a few major shareholders.
On 31 October 2005, Singapores Temasek Holdings, Blackstone Capital Partners and the Carlyle Group have put in their bids to acquire a strategic stake in Air Sahara. According to industry sources, about eight bidders are interested in the airline, which has kept all all options open, including selling equity or strategic partnership, to fund its expansion plans. Ernst & Young is advising Air Sahara on the transaction. The sources said though October 31 was the last day for submitting bids by interested parties, it was likely that the deadline would be extended since prospective bidders had sought more information about the company. Liquor baron and owner of Kingfisher Airline Vijay Mallya has also evinced keen interest in picking up a stake in Air Sahara, while Jet Airways has said it was not, though earlier reports had suggested that it was holding negotiations on the matter. While some of the interested parties had put in their bids for the $100 million private placement, others were holding talks with Air Sahara for picking a higher stake. Air Sahara had last month announced that E&Y had estimated the companys enterprise value between $750 million and $1 billion. The airline wants to offload 10% equity, which amounts to almost $100 million.

[edit] Investments in 2006
On January 23, 2006, Temasek Holdings acquire 49% of shares in Shin Corporation from Shinawatra and Damapong families. Aspen Holdings and Cedar Holdings were used as holding companies in the transaction.
On March 28, 2006, Temasek Holdings bought an 11.55% stake in the London based Standard Chartered bank worth an estimated $4bn (£2.3bn) from the estate of billionaire Khoo Teck Puat [2]
After the Global Offering (IPO) of the Bank of China (BOC) which listed on the Hong Kong Stock Exchange on June 1, 2006 (SEHK:398 Cool , Temasek's ownership of the BOC through its subsidiary, Asia Financial Holdings Pte. Ltd., has been diluted to 4.765% (or 11,785,825,118 shares), after the over-allotment option was exercised in full

Citizens have lost more than S$10 billions over the past 3 years due to inept investment decisions colored by pride and self-centred decision making process.

Ex-president Ong Teng Cheong actually has suggested such investments in overseas project to be subjected to accountable and transparent processes which will be better able to protect against self-centred durai-type of power play which do not benefit any one or the citizens.

To justify mistakes like showing only information which are favorable and avoiding publishing the actual full picture will only postpone our current problems.

Temasek should learn from Shin Corp and NKF mistakes and adopt an accountable and transparent investment strategy and plan which will be understood and supported by the citizens.

One approach is to adopt the guideline that its overseas' investments should at least achieve a minimal annual yields (ROI) of 3% pa over any 10 years' time frame.

Any investments in ventures like Optus, Shin Corp and Global Crossing should be carried out only based on strategic master plan to uncover or unlock regional strategic resource or technological advantages to support our local industries and economic value-adding upgrading or at least produce 3% pa ROI.

If these criteria cannot be met we should seriously reviewing such investments of citizens' monies overseas.

We should in the event of the above-mentioned criteria being unavailable or not fulfilled continue placing our surpluses of citizens' monies where the mouths are to feed our own citizens in terms of lowering their costs of medicare and retirements funding or job creations.

Endowment funds should be set up to lock in any capital gains and held on long-term deposits to yield interests to fund such government services to the people (1) to lower costs of living (2) retirements/medicare needs of citizens.

The objective is to enable Temasek and GIC to safeguard citizens' surpluses in a less risky manner and unaffected by such major losses in billions due to immature egoistic decisions like shin corp or souzhou.

The alternative placing of surpluses in local industries are further protected because we could definitely derive benefits exceeding 3% through (1) bank deposits and (2) strategic local investments e.g. import substitutions, resource-based industries like petrol chemical, palm oil, mineral, biomedical, water and infrastructural developments, desalination, technology-startups in niche areas which will place us technologically on par with Korea and Taiwan if not Finland and Denmark.

Get citizens to be technologically savvy in telecommunications, computers, software engineering, and ready to be employed in technology start-ups to take advantage of downstream productions from petrol chemical and resource-based industries.

A master plan should be set up with top entrepreneurs and industrialists joining the panel under the direction of a minister for technology startups to boost implementation and upgrade to value-adding economy within 5 years since the civil servants in EDB only talk and so far could not quite oversee the whole economic structuring plans despite three recent deep recessions. Our government must adopt Stanley Shih (of Acer) strategy of (1) manufacturing what the world need (2) creating brand names (3) implement consistently technology startups with a whole team working to level up in practical knowledge and technology applications.

robertteh SG

HAPPY wrote:
Yes transparency, but I think it will take years for them to produce one.
Too many venturs...

Not too many ventures really. There are many people who could multi-task with great results.

Look at NKF and Durai - even though mistakes were pointed out they still did not want to admit them back in the 1990s. Elitist education promoting only the smart alec was pointed out long ago but it was only after the deep economic recessions after the Asian Financial Crisis that finally our leaders were willing to admit such errors.

So it is men's common fault again - self-centredness and unwillingness to admit mistakes or inability to manage objectively for the good of all which is at fault.

An objective process management or good corporate governance model is available as posted at www.managefranchise.blogspot.com

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reyes SG

can we get any lawyer who is willing to sue temasek of possibility openning another can of bigger, fatter, dirtier worms?
cant wait to see what is hidden under temasek balance sheets.

maurizio13 SG

I just managed to get a copy of Global Crossing's unaudited Financial Statements for the quater ending 30th September 2006.

Initial thoughts when I look at the Balance Sheet, Total Shareholder's Deficit decreased from USD(173)millions to USD(131)millions [should be good, company finally doing well], but then on closer scrutiny, it seems like our gracious H0re Ch|nk, injected another USD 281 millions to support a lost cause. Wonder if she understands the meaning of cutting our losses, it's been more than 3 years, I am sure if you have the ability to turn around the company, it won't take more than 3 years. Maybe she has the mentality like most traders, it's not my money who cares if I lose more of it, so long as I get my salary.

Further scrutiny reveals that, on top of the injection of paid-in capital of USD281 million, they made another loan of USD 174 million (in long term debt).

http://apps.shareholder.com/sec/viewerContent.aspx?companyid=GLBC&docid=4741892

Maybe I do Altman's Z-Score to find out the chance of corporate failure, think most likely we have to file for Chapter 7 soon.

livspore2006 SG

Hmmm… whatever monies put into GC better make strategic sense. I think we have 2 board seats in GC but not too sure if these guys can make any difference to the way we will use the GC assets. The 2 guys background seems to be from the accounting. So I guess they were put there to make sure that the no creative accounting hanky-panky takes place. After the right the wrongs, the next thing is probably put 2 guys from the Telco and Defence to decide what to do with the strategic assets.

robertteh SG

vocalkid wrote:
robert

U should be the CEO for Temasek. furthermore i reckon u will work 24/7 for just 10% of what the current CEO is being paid anually right? I know I would.

i don know what we pay these ppl skyscraper high salaries to let them waste our monies with no accountability.

oh i forgot, we in Spore mah..whatever the man in white says must be correct.

Yes, if I were to be the ceo of Temasek I would draw up a set of criteria for investing citizens' monies in overseas' ventures taking care that such investments would at least fetch a minimal return higher than our CPF board and local banks' prime rate failing which such surpluses would be invested in the local import substitution industries and agro-based and other available resouce developments taking advantage of our empty lands and factories to create more jobs.

Under such a criteria, the surpluses would be invested in only strategic technology-driven industries to exploit our resources within our local economy so as to benefit our domestic businesses and not the foreigners alone like Souzhou or Shin Corp. Thaksin has been a schemer and has exploited our leaders' pride and we are now paying a heavy price with Thaksin having taken out all the profits through tax-free contraptions which our scholars have failed to spot out in the investment evaluations. Thaksin is now laughing all the way to the bank because of our leaders' own naivety that they are the best and know what to do in this or that.

I would draw up a new economic restructuring master plan to integrate it to our Temasek so as to take advantage of our surpluses and our own local resources including education and domestic expertise in certain fields to create new technology start-ups and upgrade the economy to value-adding model to match the Koreans or Finnish models which wree based on broad-based practical knowledge application.

I would lock in any extraordinary profits or capital gains to benefit our own citizens and lower their costs of living.

In the new economic structuring master plan, new indices will be put up to benchmark performances against job creations and success rates of our SMEs and small businesses and entrepreneurship rather than purely based on GDP.

Unfortunately I am no scholar and so would not be qualified to take up the job or I would soon be sacked for disagreeing with government's policies at the higher up which is aimed at protecting only their own look-good reporting and their own definition of leadership and success.

As for salary expectation, I will be too happy to receive the nominal adjunct manager's pay to take care of my basic survival and needs as my primary concern is to serve the people even if departmental managers or specialists deserve higher salaries because of the specialty expertise needed.

lionnoisy SG

2.This is much easy talking than doing to set this or that rule.
Only u have run the biz than u know u gain or loss.
Unless u have the crystal ball lah.

What u says about serving and salary u expect,like Communist
say when they are in up rising.
Have u seen so many corrrupted cases in PRC?
A bank manager with peanut salary but with authority
to steal billion $$.Low salary dunt pay.
U and i are not Saints,yet.

Pl ask for salary u deserve.So do I.
We are not in uprising so no need to give your life
to the good cause.

robertteh SG

It is not necessarily true that cheap is corruptible neither is it true that expensive is incorruptible.

We need to understand that the whole society's value system has been altered with all the brainwashing to promote our leadership system which after 40 years might have grounded in shallow water.

(human) SG

It is true that you may fool all of the people some of the time; you can even fool some of the people all of the time; but you can’t fool all of the people all of the time. -Abraham Lincoln.

nismoS132 SG

a policeman near where i live risked his life to save a woman determined to commit suitcide. in the end both of them were still hit by the train, the women broke some bones but still lives, the policeman is still in ICU.

his monthly salary probably not even 400k yen.

maurizio13 SG

It's acceptable if you are competent at what you are doing and be paid a fair amount of salary; it's totally another thing if you are getting paid stellar salary and being incompetent at what you do, all in the name of CRONYISM.

You are so like the dominant party, you tend to sideline the topic to an entirely new and irrelevant topic.

You don't need a crystal ball, you just need to be street smart and look at the acquisition from all levels and do a proper due dillgence.

From what I understand, people who belong to the elite tend to be making decisions from their ivory tower, they don't know how the ground works. Most of the investments resulted in losses, business is not gambling, you need to analyse lots of data and make informed decisions. In gambling, it's acceptable if you make 4 bets and lose all 4 bets, because you do not have the ability of foresight; whereas in business, if you make 4 investment decisions and these 4 investments resulted in losses, then something must be very wrong with management, in an entirely public listed company traded on the NYSE, heads will roll and be kicked around in the stockholders meeting. But fortunately, the company in question is linked to the government.

How much do they pay you to spew garbage? You are doing a horrendous job.

foomwee88 SG

They r a lot of Gods here with no brain just to carrying balls 2 earn a living!!!

Even u said they r Gods,they r very happy cauz they thought we r praising them!!!!OMGs!!!!! Laughing

4getmenot SG

thats y his gahmen is sending more backups for him here.. Mr. Green

charlize SG

But they all like to spew "mee siam mai hum", "GST is to help the poor" logic.

How to argue with them? Laughing

maurizio13 SG

For the benefit of our misguided stupidissmart.

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