Temasek admits $28 billion-plus balance-sheet hit


Ho Ching, the CEO of Temasek and wife of Singapore's prime minister, revealed the scale of the impact the credit crisis had had on the sovereign wealth fund in a speech in the city state on Tuesday.

"In our Temasek Review last year, we reported an annual Value-at-Risk of almost S$40 billion ($28 billion) last March. This meant a 16% probability for our portfolio value to drop more than S$40 billion by March this year," she said. "Indeed, it had turned out to be so, and more."

Temasek was

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