Under The Angsana Tree: There’s no nepotism in Temasek and GIC

DPM Heng Swee Keat tells Swiss newspaper

Deputy Prime Minister Heng Swee Keat was interviewed by Swiss newspaper, Neue Zürcher Zeitung (NZZ), last Fri (17 May)

During the interview, Heng who is also the finance minister, was asked many pointed questions by the Swiss newspaper. He was asked about the one-party regime in Singapore, despite Singapore having elections.

“Would not the time be ripe for more democracy and more political competition?” NZZ asked.

Heng maintained that Singapore has free and fair elections. He said numerous parties participated in the last election and in 2011 five Members of Parliament from the People’s Action Party lost their seats.

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I do not believe that the free market can handle everything

"The country we most like to live in is Switzerland," emphasizes Singapore Deputy Prime Minister Heng Swee Keat during his visit in May 2019. (Image: Wei Leng Tay / Bloomberg)

"Capital for what purpose?" Asked students this year at the St. Gallen Symposium and invited the Singapore Finance Minister. Though promoted to only vice premier on 1 May and likely to be the next city state prime minister, Heng Swee Keat turned to dialogue and then questions from the NZZ. The often friendly smiling gentleman did not seem like a typical politician, more like a somewhat shy professor. He took his time, wondering, before answering, spoke softly. And yet, it quickly became clear: the now 57-year-old, who began his professional career with the police, studied in Cambridge, England, and in economics and administration at Harvard, led the Singapore Central Bank for six years.

If you think that Singapore is better off with a one-party regime, how do you prevent the usually associated nepotism?

"Decisive are governance and leadership. For example, we have our sovereign funds Temasek and GIC. Not once did I intervene as Minister of Finance in their investment decisions. Because if I did, I would not be able to hold her responsible for her performance. Under the Constitution, as Finance Minister, I am responsible to Parliament for its performance, and I, in turn, must hold the leadership of the SWF accountable. We have very strict rules against nepotism, very strong anti-corruption rules."

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Finance Ministers have never interfered in Temasek and GIC's investments: Heng Swee Keat

Deputy Prime Minister Heng Swee Keat

Deputy Prime Minister Heng Swee Keat said that he and former finance ministers did not interfere in what countries or sectors to invest in.

As finance minister, he has never once interfered in investment decisions taken by the national sovereign wealth funds, Temasek and GIC, as doing so would lead to him losing the authority of holding them accountable for their performance, Deputy Prime Minister Heng Swee Keat said in an interview with a Swiss newspaper published last Friday.

Mr Heng told Neue Zurcher Zeitung (NZZ) that his predecessors also did not interfere in what countries or sectors to invest in.

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Singapore's biggest challenge is to build 'a sense of unity' amid 'tremendous changes': DPM Heng

Deputy Prime Minister and Finance Minister Heng Swee Keat said Singapore must continue to "learn how to evolve and improve our systems" and adopt useful policies from other countries. Mr Heng was interviewed by Swiss newspaper Neue Zürcher Zeitung at the sidelines of the recent 49th St Gallen Symposium in Switzerland.

ST GALLEN, Switzerland: Deputy Prime Minister (DPM) and Finance Minister Heng Swee Keat said Singapore must continue to "learn how to evolve and improve our systems" and adopt useful policies from other countries.

Speaking at the sidelines of the recent 49th St Gallen Symposium in Switzerland, Mr Heng was interviewed by Swiss newspaper Neue Zürcher Zeitung on several topics, including Singapore's housing policy, the country's governance and democracy, and the Government's role in managing the economy.

When asked about the biggest challenge that Singapore faces, Mr Heng said: "Well, our biggest challenge that we need to address is to build a sense of unity amidst this tremendous changes that are going on around us."

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Heng Swee Keat: If my party does not deliver what it promises, it’s out

Deputy Prime Minister (DPM) Heng Swee Keat, who was in Switzerland recently for the 49th St Gallen Symposium, gave an interview to Swiss newspaper Neue Zürcher Zeitung (NZZ) on several topics pertaining to the local and global economy, including what he perceives to be a good relationship between citizens, business, government, and politics.

Mr Heng said that the ruling People’s Action Party (PAP) has been enjoying success for decades since it has won the confidence and trust of the people of Singapore. However, he also asserted,

“IF MY PARTY DOES NOT DELIVER WHAT IT PROMISES, IT’S OUT.”

Singapore’s DPM and Finance Minister believes that the government and the business sector have certain responsibilities in taking care of the workforce. When it comes to the free market, Mr Heng said to NZZ, “I believe that it is not true that the free market can handle everything and that it only needs competition. Governments, in my opinion, have an important role to play. They must give investors security, they must provide critical infrastructure.”

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25/05/2019

There’s no nepotism in Temasek and GIC