30 Apr '11, 7am

GE: GIC and Temasek Holdings reserves are safe: Dr Balakrishnan

GE: GIC and Temasek Holdings reserves are safe: Dr Balakrishnan

SINGAPORE: The portfolios of the Government of Singapore Investment Corporation (GIC) and Temasek Holdings are safe. Minister for Community Development, Youth and Sports, Dr Vivian Balakrishnan, gave this assurance on Saturday in response to comments by the Singapore Democratic Party (SDP) that the country's national reserves had suffered losses. SDP candidate Tan Jee Say had charged at a rally on Friday that the GIC and Temasek could have lost tens or even hundreds of billion dollars in bad investments. Dr Balakrishnan said the Finance Minister had already revealed in the last Parliament debate that the portfolios of GIC and Temasek Holdings are back to pre-crisis peaks. "In other words, there is no loss of national reserves. They (opposition candidates) are going around claiming losses on national reserves or losses on town council reserves. These are pure fabrications, ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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