We refer to Bloomberg’s article titled “Singapore Ties to Alleged Cambodian Scam Ring Under Spotlight” that implicated Temasek in the alleged scam case involving the Prince Holding Group. We are deeply concerned by the misleading framing that suggests the involvement of Temasek and its portfolio companies with individuals and entities under investigation.  

We would like to iterate that:

• Temasek has no relationship with Prince Holding Group or any of its subsidiaries.
•  Temasek was not involved in the appointment of any directors to the 17Live board, including Chen Xiuling.
• Of the 26% deemed interest in 17Live, the majority is held by Vertex Ventures. Temasek holds a 3.6% stake acquired when the SPAC went public.
• Temasek does not direct the business operations of its portfolio companies. We expect their boards and management teams to operate in full compliance with the laws and regulations of the markets they are in.

The article also implied that our portfolio companies SJ Group and Ascott had formed deeper ties with the Prince Group via its subsidiary, Canopy Sands Development Co. Both companies have provided statements to highlight that their business dealings with Canopy were limited to professional service agreements with no ownership stakes.

• SJ Group (Surbana Jurong) undertook a master planning assignment for Canopy Sands that ended in 2022. It had no ownership or operational role, and has no ongoing projects with Prince Holding Group or its entities.
• Ascott, a CapitaLand subsidiary, was appointed to provide hospitality management services for two hotels. It holds no ownership stake in the properties.

The article reflects inaccurate reporting and is at the very least mischievous. We are issuing this statement to ensure that the public has an accurate representation of Temasek’s and our portfolio companies' non-involvement in this case.

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