Following the bad press on the Prime Minister’s wife Ho Ching over the S$642 million losses, Temasek Holdings announced through government-owned state media mothership that it does not hold any ownership in ComfortDelgro or Lion City Rentals:
“A spokesperson for Temasek Holdings confirmed to Mothership that it is not an investor in ComfortDelgro. Nor does it own any stake in the company whatsoever. Neither does Temasek hold any part of Uber, or its wholly-owned subsidiary Lion City Rentals.”
Unfortunately for Singaporeans, the above statement is fake news in typical fashion. For the record, of course Temasek Holdings don’t own ComfortDelgro, at least not directly. Temasek Holdings’s major subsidiary DBS holds a whopping 33.28% as the major shareholder in ComfortDelgro.
One simply needs only refer to the shareholding percentage of Temasek Holdings: DBS Nominees Pty Ltd holds a 23.4%, while DBSN Services (a subsidiary of DBS) holds a further 9.88% as of 6 March 2017. A number of Temasek Holdings-linked companies also hold shares in ComfortDelgro:
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You may look at ComfortDelgro’s declaration here. To sweeten the deal, ComfortDelgro’s board contains PAP member Ang Wei Neng and a few government cronies from NTUC.
Mothership also claimed that Temasek Holdings is a shareholder of Grab – which is only a half-truth. They are a minority interest shareholder whose US$10 million capital makes them a small player compared to Japan’s Softbank and China’s Didi totalling more than US$1 billion in investments.
The two propagandist writers on government payroll, Tan Guan Zhen and Jeanette Tan, are part of the Singapore dictatorship’s state media, collectively ranked as 151st in the world for credibility.