Temasek in the hot seat

May 31, 2009

In an address to parliament, Singapore's finance minister says Temasek is expected to post bleak bottom-line figures in its latest fiscal year.

Temasek Holdings, the investment arm of the Singapore government, has found itself in a position where it has to explain the divestment of its Bank of America stake plus a S$58 billion ($40 billion) portfolio loss incurred in the period from March to November 2008. This loss amounts to around half of the S$114 billion gain that the firm made between 2003 and 2007.

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