Temasek portfolio lost US$28 billion

July 29, 2009
Singapore Democrats

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P. R. Venkat
Wall Street Journal

Singapore state-owned investment company Temasek Holdings Pte. Ltd.’s total portfolio value as of end-March fell more than 40 billion Singapore dollars (US$27.75 billion) from a year earlier, Chief Executive Ho Ching said Wednesday.

“We are certainly not happy with the negative wealth added in March last year as well as March this year,” Ms. Ho said in a speech in Singapore.

The Singapore government had said earlier this year that Temasek’s overall portfolio had fallen by 58 billion Singapore dollars to 127 billion Singapore dollars from end-March to November of 2008.

Ms. Ho also said that the chief executive succession review continues with the impending departure of Chief Executive-Designate Charles “Chip” Goodyear.

Last week, Temasek said it and Goodyear mutually agreed to part ways — just a little more than two months before the former BHP Billiton Ltd. chief was to replace Ms. Ho.

Temasek said the decision was due to “differences regarding certain strategic issues.” Mr. Goodyear will leave the company on Aug. 15. Ms. Ho said Mr. Goodyear’s departure was “unfortunate.”