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Media
Release: Government must get out of business 8
Feb 06
The
Singapore Democrats repeat our call for the PAP
Government to divest its business interests and get out of the
corporate sector.
First, the Government business
performance is woeful as indicated by Temasek's
total shareholder
return of 1 percent over five year compared to 2.7 percent for
the Straits Times Index.
Second, whenever GLCs venture
overseas to make acquisitions, they are met with suspicion and
hostility such as in Hong Kong (Cable &
Wireless Hong Kong Telecommunications), Malaysia (Time
Engineering), Australia (Cable & Wireless Optus) and now
Thailand.
In the latest incident, Temasek's buying of
Shin Corp's shares owned by Thai Prime Minister Thaksin
Shinawatra is unnecessarily stoking anti-Singapore
sentiment in Thailand. This affects private
Singaporean businesspeople who are there to conduct
honest-to-goodness trade.
And even when deals are
successful, there are questions about GLCs overpaying for them
and getting questionable returns.
In addition, business
conducted by the PAP Government is done with little transparency
and accountability. The GIC refuses to make public its profits
and losses even though it is using public money for its
operations.
The sooner it is realised
that the Government's direct and extensive involvement in
business is hindering not enhancing Singapore's economic
performance, the faster Singapore can get on with the business of
constructing an economic strategy based on regard for the
well-being of the people, not the ruling elite.
Chee
Soon Juan
Secretary-General
Singapore Democratic Party
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