Temasek CEO Ho Ching has earned hundreds of million$ in tax dollars, time to retire

The appointment of Ho Ching, spouse of PM Lee, as Temasek’s CEO is clearly a conflict of interest. Her multi-million pay package is but one issue.

Despite Ho Ching having no prior relevant experience in managing a portfolio of companies or fund management, former PAP minister/Temasek chairman Dhanabalan was somehow convinced that Ho had “all the qualities necessary to do the job“.

This is akin to saying a butcher could become a top hairdresser overnight. Will Dhanabalan have his hair cut by this hairdresser?

In 2004 when Dhanabalan appointed Ho Ching as CEO, Temasek did not disclose other potential candidates.

The $90 billion question:
Which fund with a $90 billion portfolio would have appointed Ho as CEO?

The biggest joke:
Even a $1 billion fund would have thrown her resume into the bin.

Ho Ching has been credited with increasing Temasek’s portfolio by more than $100 billion since 2004. If something sounds too good to be true, it probably is.

If Ho is really able to create $100 billion out of thin air, investors would have come knocking on her doors. There isn’t any.

The CEO of Temasek is not paid peanuts and Ho Ching’s multi-million remuneration should have been scrutinised by Parliament a decade ago. When the government refuses to disclose the remuneration of Temasek’s top management even in salary bands, eg $1 mil to $5 mil, $5 mil to $20 mil, $20 mil to $30 mil, etc. something appears amiss.

How much tax dollars have been earned by Ho Ching can be easily inferred from pay packages of executives in the fund management industry. (I have queried Temasek Holdings and the PMO but they are probably too pai seh to reply.)

As the CEO of a fund, Ho’s pay package comprises a salary, a percentage of assets under management (AUM) and a bonus (percentage of profits).

Even a small percentage of Temasek’s $242 billion AUM would have likely exceeded the total remuneration of cabinet ministers. For eg, 0.1% of AUM = $242 million, 0.01% of AUM = $24.2 million.

If Ho’s bonus is a percentage of Temasek’s profits, she could have received $100 million even if it’s just 0.1% on Temasek’s average profit of $10 billion. Or $10 million if it’s 0.01%.

Kenneth Jeyaretnam: “Even if the performance fee was just 10% this would mean that Ho Ching could have earned several billion dollars this year.”

Although this is most unlikely, many suspect Ho Ching was rewarded with a bonus amounting to tens of million$ for her ‘wealth creation’ ability.

Singtel, a TLC, rewarded its CEO more than $12 million (based on a $4.20 Singtel share price) in 2015, according to Kenneth Jeyeretnam.

Could the world’s 30th most powerful woman and CEO of Temasek be paid anything less?

In the same year that Temasek’s portfolio value hit a record, former Indian national/CEO of DBS Group Piyush Gupta was paid $10.935 million.

Was it possible for Ho Ching to receive anything less than the pay package of TLC CEOs?

The PAP government has a bad habit of leeching on taxpayers and record shows they have helped themselves to obscene bonuses whenever they could.

In 2008, bonuses of ministers came up to 19 months – excluding the 13th month pay.

And ministerial salaries in 2008 weren’t the highest!​

Whichever angle one looks at Ho Ching’s remuneration, she could not have possibly been paid ‘peanuts’ under PAP’s elites-drown-in-tax-dollars government.

Without a doubt, Ho Ching has already earned hundreds of million$ in tax dollars over decades in GLCs. I would strongly suggest that it’s time to stop her leeching activity.

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

 

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39 Responses to “Temasek CEO Ho Ching has earned hundreds of million$ in tax dollars, time to retire”

  • Ho Ching incompetent like LHL:

    Ho Ching’s bonus, if any, should be based only on Temasek’s overseas investments. The performance of local investments like SIA, DBS Bank, Keppel, Sembawang, Capitaland, etc. should not be included. She has nothing to do with these investments. Temasek just happens to be MOF’s holding company for these investments. GLC’s have their own board of directors and management. Temasek’s only involvement is in the selection of board members.

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  • Bapak:

    Until their rule, whoever earn more can talk down. No wonder the D1 is so sissy.

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  • GURU SAY!:

    KNN! Look at the picture above, both of them laughing all the way to the Swiss Bank. Ham Kar Cham!

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  • Protest Against Power-abuser:

    Hmm…. just curious where and what she does with so much money. She dresses horribly. She looks so manly. Her figure is so auntie. Has her cosmetic surgery went wrong terribly? Yes, better stop your leeching activity, Mrs Lee! Those big money could be better used sensibly to help the needy.

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  • 阿斗:

    右边的那位女士问 : 哈哈哈…. 怎么样 , 算钱算到手抽筋, 现在你满意了吧 ?

    右边的那位先生答 : 嘻嘻嘻…小声一点别让你的70%支持者听到 , 要不然你又得再开国会听证会 , 骗话说的太多就不灵了 !

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  • PAP.SURE.WIN:

    Phillip Ang :
    Without a doubt, Ho Ching has already earned hundreds of million$ in tax dollars over decades in GLCs.
    I would strongly suggest that it’s time to stop her leeching activity.

    PAP.SURE.WIN :
    Dear Phillip Ang,
    Why are you guys here so jealous of Ho Ching or our Leader PM Lee earning ?

    ESM Goh already said that the Lee’s family is an exception family.

    Why you guys are so jealous ?

    PAP dare to show face and stand up to be counted unlike opposition who are coward
    hiding behind online monikers.

    Hahaha… Tomorrow Hong Lim Park protestors will be less than 300 in the field centre.

    Hahaha… All you cowards will be standing by the side pretending to be spectators.

    Hahaha… Gilbert Goh will be begging these cowards to move to the centre
    of the fields but being cowards, they will not move hahahaha

    MARK MY WORDS.

    Oppositions are truly whiners who hide behind monikers whining and whining
    online all long day and contribute nothing.

    GE2020.PAP.Guarantee.Win.All
    Majullah S$1 to RM 3.09 and PAP to Eternality

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  • PATRIOT of TEMESAK:

    GURU SAY!:
    KNN! Look at the picture above, both of them laughing all the way to the Swiss Bank. Ham Kar Cham!

    Laughing to the BANK, not enough still want MORE and with double WHAMMY of the Big C in his rotting BODY…hanging on till his son is ready and the Jinx is killing any famiLEE competition against their son

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  • Temasek's unMidas touch:

    There have been a long, long list of multi-billion dollar debacles (losses) of Temasek’s portfolio holdings reported in the International media. It was one gigantic disaster after another, almost in everything they dabble in.

    They did not deny them. They only hide and refused to reveal their performance or the actual numbers on the losses.

    I cannot remember off-hand the long list of all those investments that were reported. Here is a quick list of those I can recall off-hand:

    UBS
    Citigroup
    Merrill Lynch
    Standchart
    Barclays
    Pakistani NIB Bank
    ABC Learning
    Stuyvescent
    Shin Corp
    Blackstone
    Irish telecoms EIR

    including a whopping $39b (nearly $40b) loss in just six months
    http://www.nytimes.com/2009/02/11/business/wo

    Many readers could surely add more to the long, long list.

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  • MarBowling:

    Her FIL Lee Kayu once mentioned in the Parliament that they have searched high and low inside out top to bottom of the fshop for donkey years, they STILL couldn’t find a suitable candidate who is “equal to the job”(this is the exact by Lee Kayu) to replace or take over her post of CEO of Tombmasek Holdings! This show how blady good and indispensable she is. Anyway she is paid 20 peanuts/annual for her starling performance when a peanut is worthed $20 millions or more each. The amount of obscene salarie$$$$$$$$ she is earning, think we need a Ministerial Committee to look into whether there is any mother of all conflict of interest. What do you think?

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  • Karma Watch:

    What for? They can’t bring along to their deathbeds but will be buried all over their coffins.

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  • billyma:

    Lhl controls the country.
    Ho ching controls lhl.

    So who should be paid more?

    Just look at the fights with his siblings, it’s clear that Ho ching is the key player while that idiot lhl is just her prawn.

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  • Earned Hundreds of Million$??:

    Earnings Declared?

    Got pay taxes?

    IRAS, got checked?

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  • Spreading rumour:

    I can’t believe this. Must be rumour. Only $100 million?
    It should be at least 10 times, or a 100 times more.
    Big time CEOs earn billions of $US a year. We “pride” ourselves for paying market rates, remember?

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  • Conscientious Citizen:

    Ho Ching is just one of those many cronies linked to the one-party regimen (without relevant experience) to be appointed to the top post and being paid big fat bonuses using taxpayers’ monies.

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  • GOLD DIGGERS:

    In the above picture, they must be on their way to the bank.

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  • Political Merchants:

    Lose you pay, win, I get paid more n more?

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  • LIONS:

    thats why they said that NKF’ s paycheck is PEANUTS???

    what about INHERITANCE FROM LKY???

    these MONKEYS are FILTHY FILTHY STINKING RICH OR ENRICHED!

    SIN CITY is the buzz word.

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  • Bystander:

    And this woman still more greedy, wanna put her finger into running Govt. She thinks she’s Empress Dowager pulling the little Emperor’s puppet strings.
    Who’s the puppet Emperor huh.

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  • C'est la vie:

    *****
    It is truly shocking and incomprehensible that in a “modern” and “sophisticated” society as in Singapore, one can be truly clueless and yet command the highest paying positions in the land and the world too, on account of been the PM’s wife or military buddy, and if this wasn’t damning enough, at the same time espousing an “incorruptible” and “transparent” Government.

    Mr PM, you are having a right laugh aren’t you, go on ………… pull the other one !!!
    ***
    *****

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  • N.Jungne:

    You do not bring along in birth, you can’t take away in death.

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  • Change We Must:

    Temasek makes the most of the money from Singapore through all the GLCs which were transferred to them when the government privatized them. Why can make money only in Singapore? Because they are the law in Singapore, no profit just increase prices. No protest nothing from Singaporeans, they do what they like, you die your problem as long as they say I am performing and give me more bonuses. Overseas investment all kena makan by those smart forigners. What a loser, Temasek!

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  • rukidding:

    Don’t forget…MNC Mikopolis electronics , “collapsed” when “under her charge”…so,…how good is this fellow ??????

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  • Ho Ching is incompetent:

    Before she appointed Temasek CEO Ho Ching was CEO of Singapore Technologies and just lost $500m in one year investing in Micropolis in 1996. The company went bankrupt a year later. It was also accused of fraud. That was just the start. Dhanabalan only agreed to be Temasek Chairman if Ho Ching was made CEO. She was. She then lost billions as Temasek CEO. Why did Dhanabaln insist on having her as Temasek CEO? He knew she was incompetent and would lose even more and she did big-time. Probably Dhanabalan wanted to embarrass LHL for slapping him. And he did.

    Chip Goodyear was supposed to be Temasek CEO. It was stopped when he told the Temasek Board that he would “clean house” as CEO. Doing this would have exposed the mistakes made by Ho Ching at Temasek.

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  • Top in Maths & Science:

    Why they 70% ALLOW AND CONDONE ALL THEIR MILLIONS?
    OR ARE THEY SIMPLY IGNORANT OR AFRAID?

    WE MUST DEFEND SG TILL WE DIE!

    WHICH RAFFERS SCHOLAR who is a native singaporean IN MATHS, SCIENCE OR ENGINEERING INVENTED WORLD TOP INVENTION AS GREAT AS iPhone?

    Top in the world in studies but what is the reality?

    Who can debunk me?

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  • Control freaks:

    We all oredi guessed long long ago ..”who wears the pants” in that familee.

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  • Are we stupid?:

    Guess who has been milking our money? The system is corrupt from end to end. No western media wants to report on the truth because they do not want to be banned from doing the work here. Technology is moving fast. The way news is reported and read is shifting to social networks. Time is running out for the corrupts to come clean. Time for us to know that we cannot continue under FEAR and persecution.

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  • 李敖不笨:

    不久可以卖两个金棺材配钻石

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  • Now Singaporeans Know...:

    Who got the BIGGER SAY at home and on state affairs!

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  • Najib Told Maharhir...:

    Money is Power!

    Sama Sama dari Singapura!

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  • 骗的传人:

    龙哥努力賺钱.龙嫂也更加努力賺钱.龙哥赚钱是给龙嫂用.龙嫂賺钱又说是要给龙哥用.总之为来为去都是…为了钱.

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  • PATRIOT of TEMESAK:

    N.Jungne:
    You do not bring along in birth, you can’t take away in death.

    Sorry bro, they CREAT for THEMSELVES 1st its that EVIL SOB Lee Con You then his Son the Pondan NEXT???…another Lee in the corridors of POWER…DESTROY 38,Oxley and you DESTROY an IMPENDING DYNASTY an Evil ONe at that leh!!!

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  • PATRIOT of TEMESAK:

    Ho Ching is incompetent:
    Before she appointed Temasek CEO Ho Ching was CEO of Singapore Technologies and just lost $500m in one year investing in Micropolis in 1996. The company went bankrupt a year later. It was also accused of fraud. That was just the start. Dhanabalan only agreed to be Temasek Chairman if Ho Ching was made CEO. She was. She then lost billions as Temasek CEO. Why did Dhanabaln insist on having her as Temasek CEO? He knew she was incompetent and would lose even more and she did big-time. Probably Dhanabalan wanted to embarrass LHL for slapping him. And he did.

    Chip Goodyear was supposed to be Temasek CEO. It was stopped when he told the Temasek Board that he would “clean house” as CEO. Doing this would have exposed the mistakes made by Ho Ching at Temasek.

    “Chip” Goodyear is a Fraudulent Goodyear descendant..after all the Spin by Temesak & MSM they found out he was not what they claim him to be…A Grandson of the Founder of Goodyear Tyres…the embarrassment was so GREAT, Temasek had to pay him off to keep quiet about the whole STOOPID INCOMPETENT manner he was employed and the employer is??? yes the INCOMPETENT Jinx

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  • Longan Catwalk:

    What happens if they are forced to show their actual wealth?
    Will Singaporeans still say Boh Bian becos they bohchup?

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  • Bobo:

    PAP is no doubt working very hard, but is the hard work for themselves or for Singapore and local borned Singaporeans. Physically they mean working for the dafts and the dafts still have no idea why they suffer even more each time after the GE.

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  • Sinkies Deserve It:

    When you put lee and ching together, you get a present perfect continuous tense.

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  • Temasek - 40pct UnListed firms:

    Watch for this Temasek. . .
    -
    The article below -

    https://www.bloomberg.com/news/articles/2017-07-11/temasek-s-assets-jump-to-record-199-billion-on-rallying-stocks
    -
    mentions that 40% is unListed firms.
    -
    Many unListed firms are in “bubble territory”.. .
    -
    Uber USD60billion valuation – MoBike 3b – Ofo 1b –
    -
    When the bubble deflates, the sound wont be pleasant . . . :(

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  • monsoon asia:

    was told their scholar on intern earn 8000 n starting…

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  • Missing US$11 Billion!:

    Wonder where the money gone?

    Don’t waste time checking on FB, go check what needs to be checked!

    Singaporeans have started wondering if all our Ministers and MPs are indeed dumb; not even one has a conscience?

    OMG, where is the true leadership?

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  • MarBowling:

    Remember an incident that showed how sly and powerful HoLee Jinx is even she was the Chartered Semi-Conductor Manufacturing(CSM)! She wanted to award A Tau Dou engineer with 1$million extra bonus for coming up with a brilliant LJ idea. She needed Minister Yeo NH her Big Boss to approve and sign the Tau Dou Award Fiacking CHEQUE which the honourable Yeo refused to do it. In one of the regular weekend lunch with her FIL Lee Kayu she threw tantrum and wanted to resign. LOONG story cut short. Not only she was able to achieve her AIM/WISH but got herself kicked upstairs to become the CEO of the ST Group! HoLee shits.

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