SINGAPORE: Global investment company Temasek Holdings Limited issued a warning on Wednesday (Nov 22) about a scam in China that involves the impersonation of Temasek in Shenzhen. The scammers are even using the company’s registered office name of “Temasek Holdings Advisors (Shenzhen) Co., Ltd.” / “淡马锡投资咨询 (深圳) 有限公司”.

Temasek, owned by the government of Singapore, said that the individuals behind the scam falsely claim to represent the company’s office in Shenzhen. Their modus operandi is to solicit money from people who assume they will be paid back with commissions. Temasek has three offices in mainland China— in Beijing, Shanghai and Shenzhen.

“This is a scam and is not associated with Temasek in any way. Temasek does not directly sell any investment products or financial instruments in China. We have not authorised any third party to do so on our behalf,” Temasek wrote.

The company further asked people who believe these scammers have contacted them to inform their local police authorities as soon as possible.

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Temasek added, “Most importantly, do not ever give money to anyone claiming to represent Temasek unless you have undertaken the right steps to verify the person represents Temasek AND is authorised to transact. Temasek does not assume or accept responsibility for any transactions done in its name that are not mandated by specific authority.”

The company is reserving all rights to pursue legal action and remedies against individuals and/or firms impersonating Temasek and/or infringing on its intellectual property.

As of March 31 this year, Temasek’s net portfolio was US$284.5 billion (S$382 billion). Along with GIC, it is one of the two state-owned investment companies with 13 offices in nine countries outside Singapore.

Read also: Temasek reports worst returns since 2016, sees S$7 billion net loss

Temasek announced it would open its third office in Europe in December last year. Aside from offices in Brussels and London, its most recent office in Europe is in Paris. Elsewhere in the world, Temasek’s offices are in Hanoi, Mumbai, New York City, San Francisco, Washington, D.C., and Mexico City.

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Earlier this year, Temasek reported its worst returns since 2016 amid global economic and political difficulties, as the company had seen a S$7 billion net loss. The value of its net portfolio had fallen to S$382 billion for the financial year ending in March. In 2022, it had been at S$403 billion. /TISG