ST May 17, 2007Temasek launches $500m trust fund for Asia
Up to 4% every year will be used to support range of projects across the region
By Yap Su-Yin
TEMASEK Holdings has created a trust with an initial endowment of $500 million to support development and relief projects across Asia.
The Trust will disburse up to 4 per cent of the fund every year to support anything from youth exchange programmes to scholarships, research and disaster relief.
Signing the deed of gift yesterday, Temasek Holdings chairman S. Dhanabalan said the Trust would institutionalise the company's role as a 'corporate citizen'.
'This signals our larger commitment to play a constructive role in the continued progress and success of Asia and people in Asia,' he said.
The Trust will not actively solicit donations, but will receive funds from Temasek Holdings' profits and accept donations from third parties.
'Just as we have both benefited from and contributed to Singapore's success through our investments since the 1970s, we hope to similarly benefit from and contribute to Asia's growth and development as a prosperous and stable region, through our role as a long-term investor in Asia,' Mr Dhanabalan said.Temasek needs this. It's a convenient way of purchasing goodwill in the countries where it plans to make major investments.
The picture I have posted is from 2006 - Thais were burning Lee Hsien Loong's effigy in Bangkok. This was when the anti-Singapore sentiment arising from the SShin Coirp debacle was at its peak.