Tharman refuses to answer questions on Goodyear’s exit

Tharman refuses to answer questions on Goodyear’s exit

For the first time, Finance Minister Tharman found himself under a barrage of questions from his own PAP colleagues.

MPs took turns to grill the Finance Minister on the abrupt departure of Temasek CEO-designate Chip Goodyear and its succession plans for the future.

The issue has come under intense public scrutiny. Singaporeans are discomfited by ex-CEO Ho Ching taking over the organization again.

Despite 25 minutes of questioning, Mr Tharman refused to bulge. His reason: disclosing the “strategic” differences behind Goodyear’s departure will serve no “strategic” purposes.

‘It is not sufficient that there be curiosity and interest (for information to be disclosed),’ he said, after Mr Low Thia Khiang, opposition MP for Hougang, asked if it was right for Temasek to keep Singaporeans in the dark.

Mr Tharman pointed out that Temasek already makes more public disclosures on its investment performance and strategy than comparable organisations. What really mattered was its performance over the long-term, he stressed.

When Temasek lost billions of dollars last year, Mr Tharman also defended it on the grounds of “long-term” performance. However, he did not specific a time-frame for it.

To Mr Seah Kian Peng’s suggestion to impose a time line for a successor to be chosen, Mr Tharman replied that none would be imposed on the process which means that Ho Ching will probably be in charge for a “long time” to come.

Founded in 1974 to manage Singapore’s reserves, Temasek Holdings has grown to become one of the largest sovereign wealth funds in the world.

Initially a conservative, domestic-based investor, Temasek under the leadership of Ho Ching was transformed into an “Asian investment company”. Her ill-timed, if not reckless forays into the financial market has been blamed for much of Temasek’s losses.

The sale of Bank of America and Barclays shares at their record low price in March this year cost Temasek billions of dollars. Though it was apparent by then that the decision to do so was unwise, nobody dares to take the Temasek board to task including the Finance Minister, who is supposedly in charge of Temasek.

With the Finance Ministry “washing their hands” off Temasek, it appears that it is now truly an “independent” commercial entity though it is funded entirely by taxpayers’ monies.

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