IHT February 10, 2009
Singapore state investment company Temasek lost about $39 billion, or 31 percent of its holdings, in eight months last year as big bets in the financial sector went sour.
Temasek Holdings' portfolio of investments fell to 127 billion Singapore dollars ($85 billion) as of November 30 from SG$185 billion on March 31.
The fund made a number of missteps under Ho, including a $5 billion investment in brokerage Merrill Lynch in late 2007. Merrill's shares fell 78 percent in 2008 amid the global financial turmoil and the storied Wall Street firm was ultimately bought by Bank of America Corp. on Jan. 1 in a lifesaving deal.
Temasek also has large stakes in other financial companies such as Standard Chartered Plc, DBS Group Holdings Ltd. and Barclays Plc.
Singapore state investment company Temasek lost about $39 billion, or 31 percent of its holdings, in eight months last year as big bets in the financial sector went sour.
Temasek Holdings' portfolio of investments fell to 127 billion Singapore dollars ($85 billion) as of November 30 from SG$185 billion on March 31.
The fund made a number of missteps under Ho, including a $5 billion investment in brokerage Merrill Lynch in late 2007. Merrill's shares fell 78 percent in 2008 amid the global financial turmoil and the storied Wall Street firm was ultimately bought by Bank of America Corp. on Jan. 1 in a lifesaving deal.
Temasek also has large stakes in other financial companies such as Standard Chartered Plc, DBS Group Holdings Ltd. and Barclays Plc.
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