GIC, Temasek deny allegations of pressuring MSCI to downgrade Indonesia
A Temasek spokesperson said the allegations have “no basis and are patently untrue”.
Singapore sovereign wealth funds GIC and Temasek have denied allegations they pressured index provider MSCI to consider downgrading Indonesia's stock market classification, according to a statement on October 21. The former Indonesian trade minister claimed the investors coerced MSCI to downgrade Indonesia, which could lead to market panic and attract investors to acquire Indonesian equities at lower prices.
GIC and Temasek both emphasized that their investment decisions are based on company and asset-level fundamentals, rather than index classifications.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
