Singapore’s Temasek, GIC Deny Instigating Indonesian Stock Rout
After publishing: 1 description edited1 change
- South China Morning Postseen 22 Oct, 07:13description edited
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Singapore’s state investor Temasek has denied involvement in Indonesia’s looming MSCI reclassification, following accusations that the city state’s sovereign wealth funds were pulling strings behind the scenes for their own gain. On Wednesday, Fock Wai Hoong, head of Asia-Pacific at Temasek Global Investments, said the claims had “no basis” and were “patently untrue”. Former Indonesian trade minister Muhammad Lutfi on Monday claimed that Singapore’s sovereign wealth funds, Temasek and GIC,...Singapore’s state investors Temasek and GIC have denied involvement in Indonesia’s looming MSCI reclassification, following accusations that the city state’s sovereign wealth funds were pulling strings behind the scenes for their own gain. On Wednesday, Fock Wai Hoong, head of Asia-Pacific at Temasek Global Investments, said the claims had “no basis” and were “patently untrue”. GIC also dismissed the allegations. Former Indonesian trade minister Muhammad Lutfi on Monday claimed that both...
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Who published it, and when
How it spread - 3 original reports
Wed, 21 October 2026
3 reports- Bloomberg Politics07:10first to report
Temasek Holdings Pte and GIC Pte denied claims by a former Indonesian trade minister that Singapore’s two biggest state-owned investors helped instigate Indonesia’s recent stock market collapse.
- South China Morning Post07:42edited after publishing
Singapore’s state investors Temasek and GIC have denied involvement in Indonesia’s looming MSCI reclassification, following accusations that the city state’s sovereign wealth funds were pulling strings behind the scenes for their own gain. On Wednesday, Fock Wai Hoong, head of Asia-Pacific at Temasek Global Investments, said the claims had “no basis” and were “patently untrue”. GIC also dismissed the allegations. Former Indonesian trade minister Muhammad Lutfi on Monday claimed that both...
- Channel News Asia09:46
Indonesia's former trade minister Muhammad Lutfi this week alleged that Singapore state investors were involved in a ploy to drive stock prices down in Indonesia.