Singapore Election 2011

Latest news and updates about Singapore's 14th GE

Tan Jee Say: How much monies did GIC lose?

Posted by singaporege2011 on April 30, 2011

In a speech made at the SDP rally last night, SDP candidate for Holland-Bukit Timah GRC Mr Tan Jee Say took the PAP regime to task on the investment losses made by the Government of Singapore Investment Corporation (GIC) during the global financial crisis in 2008.

GIC was headed by PAP paramount leader Lee Kuan Yew. His son, the prime minister, is its deputy chairman.

A former principal private secretary to then DPM Goh Chok Tong, Mr Tan estimated that the PAP regime had accumulated hundreds of billions of dollars in surpluses over the last decade and $60 billion was just a small percentage of that.

Mr Tan had earlier proposed investing $60 billion dollars from the reserves in Singaporeans for which he was taken to task by his opponent Dr Vivian Balakrishnan.

‘Manage your own ministry’s budget before you criticise other people’s figures!’ he said to large applause from the crowd who filled almost the entire Jurong East Stadium, in reference to Dr Vivian bursting the YOG budget by more than three times last year.

Mr Tan’s running mate in Holland-Bukit Timah GRC Dr Vincent Wijeysingha sneered at DPM Teo Chee Hean’s description of the PAP reserves as a ‘source of comfort’ for Singaporeans.

“Teddy bears are for comfort. We need affordable housing, support for our elderly and our young!’” said Dr Wijeysingha.

According to a Wall Street Journal editorial, GIC reportedly lose some $41.6 billion dollars in its failed overseas investments. (read here)

Unless Singaporeans vote in sufficient number of opposition MPs to deny the PAP its traditional two-thirds majority in parliament, the amount of taxpayers’ monies lost by GIC is likely to remain a mystery forever.

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