Temasek: No association with Crown Prince Group and its subsidiaries | Lianhe Zaobao
Temasek clarified that it has no connection with the Prince Group and its subsidiaries, which are being sued in the United States, responding to misleading reports from Bloomberg. Temasek emphasized that it was not involved in the appointment of directors for 17Live and has no relation to Chen Xiuling, who is sanctioned by the United States. 17Live is a company in which Temasek's subsidiary, Vertex Ventures, holds shares, with Temasek's equity in 17Live being 26%, directly holding 3.6%
Temasek clarifies that it has no connection with Prince Holding Group and its subsidiaries, which are being sued in the United States.
On Friday (October 17), Temasek issued a statement in response to a Bloomberg report titled "Singapore's Relationship with Alleged Cambodian Scam Group Under Scrutiny," stating that the report misleadingly presented Temasek's role and incorrectly implied that Temasek and its portfolio companies were related to individuals or entities involved with Prince Holding Group.
In the statement, Temasek emphasized that the company has no relationship with Prince Holding Group or any of its subsidiaries and did not participate in the appointment of 17Live directors listed on the Singapore Exchange, including Chen Xiuling. Chen Xiuling is one of the three Singaporeans sanctioned by the U.S. for her association with Prince Holding Group; she became an independent director of 17Live in December 2023 and resigned on Wednesday (15th).
17Live is a company in which Temasek's venture capital firm Vertex Ventures holds shares, operating an Asian live streaming platform.
Temasek's statement noted that its deemed interest in 17Live is 26%, with most of the shares held by its venture capital firm Vertex Ventures. Temasek directly holds a 3.6% stake in 17Live, acquired when 17Live went public through a special purpose acquisition company (SPAC).
Temasek emphasizes non-interference in portfolio company management
Temasek stated that it does not directly interfere in the business operations of its portfolio companies and expects their management to comply with local laws and regulatory requirements.
Further Reading
Prince Holding Group's network of affiliated companies is vast, facing U.S. sanctions including Hong Kong-listed company Kwan Group Monetary Authority investigates Prince Holding Group's affiliated enterprises, one involved individual resigns from listed company board Bloomberg's report also mentioned that Temasek's Surbana Jurong and Ascott have deeper business ties with Canopy Sands Development Co (referred to as Canopy), which is under the Prince Group.
Temasek pointed out that both companies have provided statements emphasizing that their business dealings with Canopy are limited to professional service contracts, with no equity holdings.
Surbana and Ascott: No equity in Prince Group projects
Surbana Jurong stated that it only undertook a master planning work for Canopy, which was completed in 2022, and the company has no equity holdings or operational involvement, nor is it currently engaged in any projects with the Prince Group or other entities of the group.
Ascott noted that it is only commissioned to provide hotel management services for two hotels and does not hold any equity in these properties.
Temasek's statement said that Bloomberg's report is "inaccurate and misleading," emphasizing that the release of the statement is to inform the public of the factual truth and ensure that the external parties accurately understand Temasek and its portfolio companies' complete non-involvement in this case
