Singapore hits back over claims it rigged Indonesia’s stock market crash
Singapore’s state investors Temasek and GIC have denied involvement in Indonesia’s looming MSCI reclassification, following accusations that the city state’s sovereign wealth funds were pulling strings behind the scenes for their own gain.
On Wednesday, Fock Wai Hoong, head of Asia-Pacific at Temasek Global Investments, said the claims had “no basis” and were “patently untrue”. GIC also dismissed the allegations.
Former Indonesian trade minister Muhammad Lutfi on Monday claimed that both firms...