GIC, Temasek deny claims they pressured MSCI to downgrade Indonesia's market
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.
Singaporean state investors GIC and Temasek have firmly denied accusations that they pressured global index provider MSCI to downgrade Indonesia's market status. The allegations were made by Indonesia's former trade minister Muhammad Lutfi, who claimed the two firms orchestrated a scheme to depress stock prices in Indonesia. Both GIC and Temasek responded to inquiries from the media, asserting that their investment decisions are not influenced by index classifications or overall market assessments.
Instead, they focus on the fundamentals of individual companies or assets. GIC emphasized that it has been investing in Indonesia for over three decades and will continue to do so based on bottom-up, risk-adjusted opportunities. Temasek's head of Asia Pacific (excluding China and India) also dismissed the claims as "patently untrue" at a press conference, stating that no one from the institution or its employees has ever attempted to influence MSCI's decisions in any way.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
