Chee Hong Tat on EDBi and Temasek’s investment in Zilingo

The Government reviews the overall performance of the portfolios of EDBi - the corporate investment arm of the Economic Development Board (EDB) - and Temasek, rather than the performance of specific investments. This is to ensure that they are meeting their investment mandates. For EDBi, this is to invest in globally competitive start-ups and high-growth enterprises with the potential to operate and grow from Singapore. Temasek, meanwhile, is focused on delivering sustainable returns over the long term. Both EDBi and Temasek recognise the inherent risks of investing in start-ups and follow industry practice to assess financial and corporate governance risks. This includes having a structured due diligence process and engaging the management of investee companies to monitor their business strategy and performance. Senior Minister of State for Finance Chee Hong Tat said this in Parliament on Tuesday (Feb 7). He was replying to a question from NCMP Leong Mun Wai on the financial losses accrued by EDBi and Temasek from the recent liquidation of fashion start-up Zilingo.