International investment company Temasek has clarified that it has no association whatsoever with the Prince Group, which was indicted in the United States, or any of its subsidiaries.
According to Lianhe Zaobao, Temasek issued a statement on the 17th in response to a Bloomberg article titled "Spotlight Falls on Singapore Ties With Alleged Cambodia Scam Network," stating that the article was misleading in its presentation of Temasek’s role and erroneously implied connections between Temasek, its portfolio companies, and the individuals or entities involved in the case.
Temasek emphasized in its statement that the company has no relationship whatsoever with the Prince Group or any of its subsidiaries, nor did it participate in the appointment of any directors of 17Live, a company listed on the Singapore Exchange, including Chen Xiuling. Chen Xiuling is among three Singaporeans sanctioned by the U.S. for ties to the Prince Group; she was appointed as an independent director of 17Live in December 2023 and resigned on the 15th.
17Live is a company in which Temasek's venture capital arm, Vertex Ventures, holds shares, and is engaged in the Asian live-streaming platform business.
Temasek stated that its presumed stake in 17Live is 26%, most of which is held by its venture capital arm Vertex Ventures. Temasek's direct shareholding in 17Live is 3.6%, obtained when 17Live went public via a special purpose acquisition company (SPAC).
Temasek noted that it does not directly intervene in the operational matters of its portfolio companies and expects these companies' management teams to comply with laws and regulatory requirements in all jurisdictions.
Temasek added that Bloomberg’s report also mentioned two Temasek subsidiaries, Surbana Jurong and Ascott, suggesting that they have deeper business links with Prince Group’s Canopy Sands Development Co (known as Canopy).
Temasek indicated that both companies have issued respective statements, affirming that their business dealings with Canopy are limited to professional service contracts, with no equity ownership whatsoever.
Temasek asserted that Bloomberg's report is "inaccurate and misleading," stressing that it is releasing this statement to allow the public to understand the true facts and to ensure that the outside world accurately comprehends Temasek’s and its portfolio companies’ completely uninvolved position in this case.