Singapore lawmakers call for more transparency: report

The three lawmakers raised the concern on after the conduct and investment practices of Temasek Holdings and the Government of Singapore Investment Corporation (GIC) came under scrutiny, according to The Strait Times,

Mr Michael Palmer criticized Temasek for failing to inform the public initially about the details of the sale of its entire stake in Bank of America.

News of the sale broke on May 15. Its statement explaining the sale was issued only six days later.

Mr Palmer felt there were questions still left unanswered by the statement, such as the timing of the sale and the actual sale price.

Mr Zaqy Mohamad believes Singaporeans deserve more accountability on how their money is being invested, while Mr Inderjit Singh asked for a top-level review of the management of Singapore's reserves.

The lawmakers comments came in the wake of reported losses by both. GIC's portfolio shrank by about 25% from the time global markets peaked in October 2007 to the end of last year, the newspaper reported. Temasek's portfolio contracted 31 per cent, from S$185 billion to S$127 billion, between March 31 and Nov 30 last year.

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