Temasek Holdings' Investment in Indonesia's eFishery Which Is Linked to Fraud and Accounting Scandal

104 Mr Fadli Fawzi asked the Prime Minister and Minister for Finance (a) whether the Government is aware if Temasek Holdings had invested in eFishery; (b) if so, whether the Government has information on (i) the amount invested and (ii) measures taken by Temasek Holdings to prevent similar investments in the future; and (c) whether the Government intends to hold the Temasek Holdings management accountable for the approval and oversight of this investment.

Mr Jeffrey Siow: There are public reports regarding Temasek's investment in eFishery and Temasek has also publicly commented on the matter. The Government does not scrutinise or direct Temasek's individual investment decisions. These are commercial decisions made independently by Temasek.

As we have explained previously in this House, Temasek invests with a long-term perspective. This includes investments in startups, which are inherently higher risk but form a relatively small part of its overall portfolio.

The Government's role is to ensure that Temasek has a sound governance framework. We hold the Temasek Board accountable for the company's overall long-term performance, including its governance and risk management. Accordingly, we assess Temasek's performance on an overall portfolio basis and over the long term, rather than on the outcome of any individual investment.