20 May '11, 1am

"Temasek

THE new Cabinet will be sworn in tomorrow. This marks the start of a new term of Government in Singapore. Accordingly, all reserves built up by Temasek up until and including today will be protected as Temasek's past reserves. We welcome this opportunity to share the following additional background facts with the public. Under the Singapore Constitution, Temasek is a Fifth Schedule Company, directly and independently accountable to the President of Singapore for the protection of Temasek's past reserves. While the President does not direct Temasek's investment and company decisions, prior approval from the President is required for any activity which may draw on Temasek's past reserves. To date, Temasek has not drawn on its past reserves. Temasek does not manage or invest any CPF money. Nor does it manage the foreign reserves of Singapore. Temasek is a commercially-managed...

Full article: http://www.todayonline.com/Voices/EDC110520-0000236/Prote...

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