Lately, the presidential motorcade has been seen leaving President Halimah’s Yishun home very early in the morning. Not that she is trying to avoid morning traffic jams along the congested CTE, but actually arriving very early at Istana to review all the books left behind by her predecessors, perhaps untouched.
Some online commentators have remarked that she has limited knowledge of finance, unlike the other two candidates who did not qualify. They were self-made millionaires, through sheer hard work and business acumen, each creating $200 million companies. Unfortunately, the select committee found these men unqualified to become an Elected President because they had not managed a corporation worth $500 million.
One could only assume that our good president has commenced inspecting the books to ascertain the size of our reserves. The actual quantum is still a matter of conjecture – no body seems to know.
Despite being forewarned by PAP Ministers and Accountant General that it would take about 52 years to complete stock-taking billions of reserves parked in Temasek and GIC, she is determined to prove her critics wrong, by opening up the dusty books.
On the contrary, PAP believes she has contributed outstandingly in her previous role as speaker and best suited to hold the second key to billions of reserves, or even a trillion.
I’m afraid much of our reserves has already been flushed down the tube or are invested in other moribund assets aboard. One thing is for sure, Halimah’s stock-take may take 52 years to account for what is gone and whatever is left is only known to a select few.
SDP’s calls to convene a Commission of Inquiry has fallen to deaf years. As good Singapore citizens, let’s do our part to help her to fast track her stock-take.
I have compiled a list based on information that is publicly available. It’s not an exhaustive list, but a good start. Our losses runs in billions.
Here are some of the investments President Halimah should review when taking over:
| Â | Loss in Investment Portfolios during Prata and KFC man as Presidents | Losses (USD) |
| 1 | Temasek Holding loss in Barclays (£850 Million) | $1.2 billion |
| 2 | Temasek Holding loss in Merill Lynch | $3 Billion |
| 3 | GIC loss in Selling UBS stake | $4 Billion |
| 4 | GIC’s and Temasek’s investee company Xiaomi lost $40 billion in value in 18 Months (not reported by GIC) | undisclosed |
| ….99 | Etc . etc… | |
| Total | $?? billions |
Note: All amounts above were reported by various credible global news agencies, but blackout by Government controlled CNA and ST Times.
Roger Kok
This is a user contributed piece. Please send in your opinions to news@theindependent.sg.