How much is Lee Hsien Loong and Ho Ching drawing from CPF funds and the reserves as “managers” at GIC and Temasek Holdings?
Last Wednesday, the Singapore government exemplified what corruption really means in Singapore by declining to declare their salaries.
Workers’ Party MP Png Eng Huat succinctly put it:
“These two entities are managing our reserves, and the Government is the sole shareholder. Usually, shareholders would know the remuneration packages for the companies they own.”
It makes perfect sense: If you are taking my money, I have the right to know how much is spent and where are they used at.
This is a matter of public interests, and its refusal could only mean the Lee couple have something sinister to hide. It only points to the likely scenario that is they are drawing a lot higher than the market rate, which would be at S$10 million a year for the top executive of similar fund management companies.
In its 2017 annual, Temasek Holdings put a S$8.4 billion expenses on Singaporeans for “administration”. This administration fee is enormous considering that the funds were at S$275 billion, at about 3%. For the same fee, Singaporeans are better off putting their money with professional fund managers in the open market.
The lack of accountability and transparency with the Lee Hsien Loong dictatorship only shows the regime is corrupted and it has no respect for citizens. Under his government, Singaporeans became cash cows, slaving off ridiculously-long working hours to pay CPF and taxes.
All those billions stashed away are not for a rainy day or a better future, but to feed the greed of the corrupted Prime Minister and his wife.
Parliament will never come clean, and neither would the judiciary or police take action because everyone is under the PAP umbrella. The situation is a hopeless one, and the judicious will be prosecuted under its newly-created ‘fake news’ law.