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Chitchat The Whore has plundered hundreds of millions from Tiuniasek

Discussion in 'The Courtyard Café' started by soikee, Jul 11, 2017.

  1. soikee

    soikee Alfrescian Old Timer

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    Temasek CEO Ho Ching has plundered hundreds of million$ in tax dollars, time to retire





    July 10, 2017

    by Phillip Ang



    The appointment of Ho Ching, spouse of PM Lee, as Temasek’s CEO is clearly a conflict of interest. Her multi-million pay package is but one issue.

    Despite Ho Ching having no prior relevant experience in managing a portfolio of companies or fund management, former PAP minister/Temasek chairman Dhanabalan was somehow convinced that Ho had “all the qualities necessary to do the job“.

    This is akin to saying a butcher could become a top hairdresser overnight. Will Dhanabalan have his hair cut by this hairdresser?

    In 2004 when Dhanabalan appointed Ho Ching as CEO, Temasek did not disclose other potential candidates.

    The $90 billion question:

    Which fund with a $90 billion portfolio would have appointed Ho as CEO?

    The biggest joke:

    Even a $1 billion fund would have thrown her resume into the bin.

    Ho Ching has been credited with increasing Temasek’s portfolio by more than $100 billion since 2004. If something sounds too good to be true, it probably is.

    If Ho is really able to create $100 billion out of thin air, investors would have come knocking on her doors. There isn’t any.

    The CEO of Temasek is not paid peanuts and Ho Ching’s multi-million remuneration should have been scrutinised by Parliament a decade ago. When the government refuses to disclose the remuneration of Temasek’s top management even in salary bands, eg $1 mil to $5 mil, $5 mil to $20 mil, $20 mil to $30 mil, etc. something appears amiss.

    How much tax dollars have been earned by Ho Ching can be easily inferred from pay packages of executives in the fund management industry. (I have queried Temasek Holdings and the PMO but they are probably too pai seh to reply.)

    As the CEO of a fund, Ho’s pay package comprises a salary, a percentage of assets under management (AUM) and a bonus (percentage of profits).

    Even a small percentage of Temasek’s $242 billion AUM would have likely exceeded the total remuneration of cabinet ministers. For eg, 0.1% of AUM = $242 million, 0.01% of AUM = $24.2 million.

    If Ho’s bonus is a percentage of Temasek’s profits, she could have received $100 million even if it’s just 0.1% on Temasek’s average profit of $10 billion. Or $10 million if it’s 0.01%.

    Temasek Review 2015: ​

    From March 2008 to December 2008, Temasek sold 3 power generation plants which supplied 90% of total electricity to foreign companies. Were bonuses paid to the CEO and directors directly linked to the $12 billion sale?

    In 2008, Temasek’s profit doubled to $18 billion. Were bonuses of all directors linked to Temasek’s $18 billion profit? If so, how much were each director paid?

    Temasek publishes a self insulting remuneration formula (TR 2016 pg 49) which does not disclose the actual salaries paid to its CEO, directors and top managment.

    In 2013, Temasek reported a 19% jump in the value of its portfolio to $266 billion. Naturally, citizens suspected they were likely to own self pay own self sky high bonuses, especially its CEO Ho Ching.

    TOC

    Kenneth Jeyaretnam: “Even if the performance fee was just 10% this would mean that Ho Ching could have earned several billion dollars this year.”

    Although this is most unlikely, many suspect Ho Ching was rewarded with a bonus amounting to tens of million$ for her ‘wealth creation’ ability.

    Singtel, a TLC, rewarded its CEO more than $12 million (based on a $4.20 Singtel share price) in 2015, according to Kenneth Jeyeretnam.

    Could the world’s 30th most powerful woman and CEO of Temasek be paid anything less?

    In the same year that Temasek’s portfolio value hit a record, former Indian national/CEO of DBS Group Piyush Gupta was paid $10.935 million.

    Was it possible for Ho Ching to receive anything less than the pay package of TLC CEOs?

    The PAP government has a bad habit of leeching on taxpayers and record shows they have helped themselves to obscene bonuses whenever they could.

    In 2008, bonuses of ministers came up to 19 months – excluding the 13th month pay.

    And ministerial salaries in 2008 weren’t the highest!​

    Whichever angle one looks at Ho Ching’s remuneration, she could not have possibly been paid ‘peanuts’ under PAP’s elites-drown-in-tax-dollars government.

    Without a doubt, Ho Ching has already earned hundreds of million$ in tax dollars over decades in GLCs. I would strongly suggest that it’s time to stop her leeching activity.
     
  2. scroobal

    scroobal Alfrescian Old Timer

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    Norway's Pension Fund which is 4 times larger publishes the complete remuneration for its CEO and 6 of the top management staff.

    In 2007, Liew Mun Leong scored record breaking $20.5m bonus for a Singapore listed company let alone a GLC. After it was revealed, remuneration structure have not been as transparent. If Liew took home $20.5m, people would naturally be curious how much his boss HC would take home.

    Sovereign funds do not allow minders to take a cut out of portfolio when growth occurs as they are not risk takers as they have not put their own funds into it. So it will be same with Temasek. However there is no acceptable reason not to disclose the remuneration of the CEO and senior mgmt staff. In fact as it is a Sovereign fund and the money belongs to the country and people, disclosure has to be mandatory.

    If HC wants her privacy, she can run her own fund and nobody will care or bother.
     
  3. creampie

    creampie Alfrescian Old Timer

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    heard that HC takes home upwards of 20m per annum, directors get more than 10m each
     
  4. borom

    borom Alfrescian (Inf)

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    1.appointment of spouse of PM Lee as Temasek’s CEO is clearly a conflict of interest
    2,butcher become a top hairdresser overnight
    3 throw her resume into the bin
    4 leeching on taxpayers
    5.plundered hundreds of million$

    Time to sue since the writer is not sista/brudder ?
    Would "Emeritus Senior Minister" Goh Chok Tong of " He is not my brother" fame like to clarify.

    Maybe there is still another option-send to IMH for free consultation-like that also cheaper and don't need lawyers.
     
    Last edited: Jul 11, 2017
  5. myfoot123

    myfoot123 Alfrescian (Inf)

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    GoodYear left Temasek in SHOCKED, he was silenced thereafter.
     
  6. JohnTan

    JohnTan Alfrescian (InfP) Old Timer

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    He was shocked because he knew he could not deliver an average 15% return per year. Glad he is gone. We need real talent at the helm, not duds.
     
  7. Reddog

    Reddog Alfrescian Old Timer

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    This matter is embarrassing to the Lee Dynasty. If you fellows carry on with more exposure of the truth, you will force the matter to be referred to Parliament for another round of whitewashing.
     
  8. frenchbriefs

    frenchbriefs Alfrescian (Inf)

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    Sue please!!!!!
     
  9. mojito

    mojito Alfrescian Old Timer

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    We are very fortunate that for all these years Mdm Ho puts country before self interest first. How can there be any conflict of interests you tell me?
     
  10. CoffeeAhSoh

    CoffeeAhSoh Alfrescian Old Timer

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    To be in her position . Its no longer investing... :D
     
  11. Ash007

    Ash007 Alfrescian Old Timer

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    Hire me then, one of my stock went up 60% since last week. 45% on average for my portfolio now, breaking 50% soon. Interested?
     
  12. frenchbriefs

    frenchbriefs Alfrescian (Inf)

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    Of course he was shocked,no sane investor who could actually achieve 15 percent annual returns in the real world would work for temasek.investors would be beating a path to his door and begging him to take their money.he could easily start a hedge fund and grow to 10,15 billion in aum in a couple of years and make hundreds of millions more money than God or George Soros.

    This shows either the CEO of temasek is a dud or their results are a dud or due to financial manipulation.
     
  13. virus

    virus Alfrescian Old Timer

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    Pls lor dhana got no choice unless he want another tight slap
     
  14. Satyr

    Satyr Alfrescian Old Timer

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    Can't help but feel their results are being touted loudly because of rumbling concerns about HC.

    "This shows either the CEO of temasek is a dud or their results are a dud or due to financial manipulation."

    You're right , or else there's some manipulation of the business relationship between TH and the government to give the results this sheen. 15 % a year. All those guys must be hot shit. They should be rock stars of the financial world.
     
  15. red amoeba

    red amoeba Alfrescian (Inf)

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    Erm I thought she is on leave ? Still drawing pay while on leave ? Can I apply ? My pay very reasonable. Only 500k a month can Liao.
     
  16. nayr69sg

    nayr69sg Alfrescian Old Timer

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    Singapore CPF funds are all just numbers on paper. If everyone tries to withdraw their CPF funds they will find that there is not enough to go around.
     
  17. scroobal

    scroobal Alfrescian Old Timer

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    Bro, HC prior to joining Temasek had no past record of investing or even creating value. She also still holds the record for acquiring a company and liquidating it both in time and losses. $60m. Dhanablan publicly stated that he credited her for having the courage to cut her losses.

    As you can see, you have none of the above qualifications or track record.


     
  18. scroobal

    scroobal Alfrescian Old Timer

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    That would be the case of any well run sovereign fund, private fund, bank or even a savings cooperative with World standard governance model and full transparency and high profitability. These guys don't take your money and put it away in a safe corner. They lend it out as loans, some up to 30 years. Only housewives make these sort of claims.

    If you want to hit this govt, target the multitude of failures that they are known for. The rate of return from CPF is very low as these fat cats are grabbing higher end of the margins for themselves, becoming cheap and captive funding sources for GIC, CPF etc.

     
  19. rambo22

    rambo22 Alfrescian Old Timer

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    GoodYear left Temasek in SHOCKED, he was silenced thereafter

    heard he Changed his family name to Badyear after that
     
  20. rambo22

    rambo22 Alfrescian Old Timer

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    If you fellows carry on with more exposure of the truth, you will force the matter to be referred to Parliament for another round of whitewashing.

    got use meh

    our Parleement is always own self clear own self

    if u dun believe, pls ask LHY and LWL
     

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