TEMASEK FULLERTON FUND SPEAK UP
“NBFC FULLERTON INDIA lays off 3000 workers”, as reported in The Economic Times of India on the 5th of March. A quick check in the online editions of Straits Times, AsiaOne, Business Times and Today, reveal no such reports.
Temasek has invested $300 million in this company, that’s a lot of tax payer’s money. Having to give pink slips to 21 % of the work force, implies a serious situation. Yet in an important situation like this which involves tax payers money, there seems to be a dread silence from the online media.
I think Singaporeans would like a statement from Temasek.
1. Is the report true? - If it is not, then tell the stake holders, i.e. Singaporeans.
2. If the report is not true, - refute it, as it will cause an image problems for Temasek, and hence, its business, come out and make a statement, there is a lot of money involved here, and the future of NBFC FULLERTON INDIA.
3. If the report is true, - in view of the current situation, and the current market targets of the company, is it still prudent to carry on lending to these segments of the market, and what criteria has been put in place to identify quality customers.
4. If the report is true - How much business have been lost, what percentage are non performing loans, how much will have to be written off.
5. If the report is true – Are there plans for further cuts in both employees and branches.
It is important that Singaporeans be told, rather than be taken by surprise. This is good coporate governance and transparency.
March 06 2009