Temasek reportedly has paper losses amounting to over S$2b
By May Wong, Channel NewsAsia | Posted: 08 January 2009 2018 hrs
SINGAPORE: London's Financial Times said Singapore's Temasek Holdings has paper losses amounting to over US$2 billion. These losses are in relation to its stake in Merrill Lynch, which Bank of America acquired last week.
The report said its conclusion is based on publicly available filings. Meanwhile, Temasek has declined to comment on the statement.
The report added that the loss is emblematic of the damage the financial crisis has on sovereign wealth fund investments in the banking sector.
About 40 per cent of Temasek's portfolio is in the financial sector.
The report also said the company has already suffered paper losses on other investments, including Barclays and Bank of China.
Temasek had invested some US$5 billion into Merrill Lynch between December 2007 and February last year.