This is not what we can get from our 140th:
Temasek's
Email gaffe
Accidentally sent to media, document reveals its sensitivity to its
image and ties with government. By Sara Webb. Reuters.
Mar 30, 2006
Reporters rarely get a glimpse behind the scenes at Singapore's
notoriously secretive state investor, Temasek Holdings.
But the company accidentally revealed more than it intended this
week when it e-mailed an internal document to journalists that set
out how Temasek officials should reply to tough questions from the
press.
"We are trying to find out what happened," said Temasek's
spokeswoman Eva Ho in an email to Reuters on Wednesday.
The briefing document, received by Reuters and other news media,
covers 59 potential questions ranging from the firm's government
ownership and potential conflicts of interest to its motivation for
buying banks and telecom companies overseas.
"While it is standard practice around the world for company
officials to be briefed by 'spin doctors' on how to handle the
media, the document shows which areas Temasek considers
particularly sensitive.
The 13-page briefing spells out what to say when the media asks
whether the appointment of Temasek CEO, Ho Ching - the wife of the
Prime Minister - was 'politically motivated' and whether there are
conflicts of interest because Lee also heads the Ministry of
Finance, which owns Temasek.
"We are not here to discuss politics since we are not politicians
or a political organisation. Our CEO is accountable to the board of
directors' which is headed by an independent chairman just like any
other commercial organisation," is Temasek's official
response.
Temasek's chairman, S. Dhanabalan is a former cabinet minister who
entered politics in 1976 and who held several cabinet positions
between 1980 and 1993 including Minister for Foreign Affairs and
Minister for Trade and Development.
He was also chairman of DBS Group Holdings, Singapore's biggest
bank, which is partly owned by Temasek.
Singapore's blue-chip companies such as Singapore Airlines and
telecom firm, Singtel, whose CEO is the Prime Minister's
brother.
The document, which mainly covers Temasek's purchase this week of
an 11.55% stake worth USS$4B in emerging markets bank Standard
Chartered, shows how sensitive Temasek is about its image at home
and abroad, as well as its relationship with Singapore's
government.
"The Singapore government, as a shareholder, is not involved in our
investment decisions and business operations, much less in the
businesses in our portfolio companies" is the official reply to
questions about the government's involvement in business.
Temasek has helped spark a political crisis in Thailand and
attracted hostility when it led a consortium that paid US$3.8B for
Thai Prime Minister Thaksin Shinawatra's Shin Corp.
"Our investment in Shin Corp reflected our confidence in Thailand's
long-term growth" is the answer top two different questions -
question 46, on the Shin takeover, and question 47, which reads:
"Now with Standard Chartered, you are seen as taking over
Thailand's financial services as well. Isn't this politically
motivated?"
One stock reply in the document sounded all too familiar to
reporters covering the firm.
In case of a news leak about the Standard Chartered deal before the
signing of the deal, Temasek spokespeople are instructed: "We do
not comment on market speculations".
