Singapore’s most powerful woman, Ho Ching, will be increasing electricity tariffs by 2.8% effective from April onward, according to Temasek Holdings-owned power plant company SP Group. SP Group claimed that rising energy costs is the cause of the increase but did not explain why it is charting record profits every year. In 2017, the Temasek Holdings-owned company made S$948.8 million in net profit.
This is the second consecutive increase after January 2018’s 4% increase. Both increases are approved by the husband of PAP MP Tin Pei Ling, Ng How Yue, who sits as the Chairman of the regulatory Energy Market Authority. The CEO of Temasek Holdings is Ho Ching, the wife of Prime Minister Lee Hsien Loong. All positions are appointed through legalised corruptions and cronyism.
Temasek Holdings recently lost S$625 million through it’s subsidiaries, DBS and other government-linked companies’ stake in ComfortDelgro, in the Uber buyout fiasco. In Dec 2017, ComfortDelgro poured over half a billion to buy access to Uber’s application. Less than 4 months later last week, Uber was sold to Grab, which the latter had earlier approached ComfortDelgro for a link up. The state-owned company even issued a directive asking taxi drivers to delete the Uber app.