There are two things that should be focused on. First, while Singapore investments increased from $313 billion SGD to $616 billion SGD between March 31, 2004 and 2012. Public debt was exploding at the same time. During the same period, major liabilities jumped from $254 billion SGD to $494 billion SGD. Second, incorporating Temasek into our analysis further complicates an already worrying result. If we take Temasek claims at face value that their portfolio value grew from $90 billion SGD in March 2004 to $215 billion SGD in 2013, this creates an enormous problem: if we subtract out the Temasek growth from Singaporean net asset growth over this time period, we have a negative number of $44 billion SGD. This implies that if everything Temasek claims is entirely true, then the rest of the Singapore, Inc. portfolio lost a significant amount of money.
Posted on: Tue, 09 Jul 2013 07:17:37 +0000
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