GIC and Temasek consider investing in “ripoff” steakhouse by internet sensation Salt Bae

Both Temasek Holdings and GIC Private Limited are reportedly in talks to acquire a minority stake in a group of luxury restaurants, including Nusr-Et Steakhouse owned by internet sensation Salt Bae.

Temasek Holdings is national wealth fund owned by the Singapore Government. While Temasek disputes being characterised as a sovereign wealth fund and prefers to be called an investment company, its sole shareholder is the Ministry of Finance. GIC is a sovereign wealth fund established by the Singapore Government to manage Singapore’s foreign reserves.

Both the government-owned organisations are looking at co-purchasing D.ream Group, a subsidiary of Dogus Group which owns the steakhouses, along with London-based investment firm Metric Capital. The Financial Times reported that the investment would include about US$200 million of equity.

The Nusr-Et steakhouse, that is part of the Group that Temasek and GIC may be investing in, became extremely hyped up last year after restaurant owner Nusret Gokce shot to fame after a video of him cutting a slab of meat and sprinkling salt with a flourish in his signature style went viral.

The Turkish chef, who began to be called Salt Bae after the video began trending, opened several outlets of his restaurant in Miami, Manhattan besides Dubai, Abu Dhabi and Doha.

The hyped up restaurant chain, however, has drawn flak for being a “ripoff” and has accumulated poor reviews from several customers and food reviewers alike. The New York Post was one such publication that wrote in a restaurant review that the dishes at the “underwhelming” restaurant were “overpriced”.

Like the journalists at The New York Post, writers at Eater New York also reported that they “went away still hungry.” Other customers have also complained that the dishes are priced exorbitantly for meagre portions, and that the taste of the dishes isn’t extraordinary either. Many have opined that the restuarant chain is popular not because of the food but because the outlets are “Instagrammable”.

Singaporeans responding to news that Temasek and GIC are considering a stake in the company that owns the steakhouse chain have expressed concerns. One netizen asked: “How much more money do they have to lose?”

44 COMMENTS

  1. It’s not their money they are wasting. So do they care ? This is a losing venture. Layman knows. They don’t? You just can’t teach stupid.

  2. Are those fuck tatt at GIC got brain damage or they just plan stupid or may be GIC hire scammer into their company?!….we the ordinary folks can smell that is bad investment.

  3. Gosh !!!! This is unbelievable!!!! Are they for real? Just because it is not their money they can do such frivolous investments!!!! For a sovereign wealth fund to invest in this !!!! What type of Analysts do they employ????

  4. It’s not their money that they r losing, but our hard earned money. Win or lose, they still have their money..
    They don’t care how much money they lost or how much more they r going to lose.

  5. Temasek & GIC Private are actually not nation wealth fund… it’s actually PAP decisions… we don’t have they say! We shouldn’t support in their sales! It makes them financially strong to continue to bully the citizens!

  6. Easy come easy go, our blood money we let them dump it. Who got guts to question???
    They have power above the law. Nothing can anyone do about it. We can only bark like dog but nothing we can be do. The moment people with power take a stone to hit us we immediately put our tail behind our ass agree with them. Hahahah

  7. Its alrdy clear its a ripoff yet stil wanna inves.? Can d current elected prez veto it or r bith her hands tied?

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