Were CPF Board and Government-linked entities identified in the Panama Papers?
No. CPF Holdings Co Group and Temasek Wellness Investments, cited in the Panama Papers, are not linked to the Singapore Government.
12 May 2016
Recently, there was a report that CPF Holdings Co Group and Temasek Wellness Investments were among the Singapore entities named in the International Consortium of Investigative Journalism (ICIJ) database. Some have wondered if these two companies are linked to the Singapore Government.
The answer is no. CPF Holdings Co Group is not linked to the Central Provident Fund (CPF) Board. Temasek Wellness Investments is not linked to Temasek Holdings. According to the ICIJ database, the shareholders of the two companies are two different individuals.
The Ministry of Finance (MOF) and the Monetary Authority of Singapore (MAS) are reviewing the information released on the persons and entities identified in the Panama Papers. Both agencies have made it clear that Singapore will not hesitate to take firm supervisory and enforcement action if there is evidence of wrong-doing by any individual or entity in Singapore.