Ho Ching

Ho Ching
Other names	何晶
Born	27 March 1953 Colony of Singapore
Occupation	Business executive

Ho Ching is the spouse of Singapore's 3rd Prime Minister, Lee Hsien Loong.

Career

Temasek Holdings

Ho Ching joins the Temasek Holdings in January 2002 as a director. Shortly in May 2002, she became its executive director. Two years later in January 2002, she was appointed as the CEO due to unknown reason by Goh Chok Tong, the 2nd Prime Minister of Singapore at the time.

Retirement in 2021

Ho Ching retired from Temasek on 1 October 2021 and Dilhan Pillay Sandrasegara take over her CEO position. On the same day, Ho was appointed to be the Temasek Trust’s chairman and her chairman position reportedly to begin on 1 April 2022.

Controversy

Investment loss 2007-2009

In 2007, under Ho’s leading, Temasek Holdings made a $5 billion investment in brokerage Merrill Lynch. Around 8 months after, it was revealed that Temasek loss $39 Billion. Ho made several mistakes which resulted in part of the Temasek’s loss, including the investment in Merrill Lynch, the Merrill Lynch’s shares fell 78% in 2008. The loss was revealed after the announce of Charles Waterhouse "Chip" Goodyear IV, the former BHP Billiton (now BHP Group Limited) CEO will replace Ho’s position in Temasek Holdings in October 2009, and Ho is still the CEO until the replacement date.

Meanwhile in May 2009, Temasek Holdings exit the investment in Bank of America and resulted in profit loss. Temasek Holdings defended it’s decision that the Bank of America does not fit its investment criteria and officially claimed that the risk was perceived to be greater than the expected return. However, the Bank of America’s shares have rallied more than 70% after Temasek Holdings exit. The amount Temasek Holdings had lost in the process was not revealed. UK news agency, Reuters, estimated the loss was more than $3 billion.

Later in July 2009, the plan to install Goodyear as CEO was eventually cancelled. Goodyear was also reportedly getting frustrated at Temasek Holdings’ bureaucratic structure after working at it’s headquarters in Singapore. As the plan cancelled, Ho Ching’s CEO position will remain.

People's Action Party membership controversy

No official information by People's Action Party (PAP) to confirm whether if Ho is the party's member. On 11 November 2018, Lim Tean, chair of the People’s Voice political party made a Facebook post questioning "Is Ho Ching A Member Of The PAP ?" Along with a photo showing Ho in PAP's member uniform attending the PAP Convention.

Nepotism accusation

My wife, Ho Ching, is CEO of Temasek Holdings. As CEO, she reports to the Board, chaired by Mr Lim Boon Heng. As a company, Temasek Holdings answers to its shareholder, the Ministry of Finance, under Minister Heng Swee Keat. — Lee Hsien Loong, 3 July 2017

Lee Hsien Loong was accused by his siblings of nepotism involving his wife, Ho Ching. Lee responded to the accusation on 3 July 2017, unilateral claiming that Ho Ching, as the CEO of Temasek Holdings, reports to the Board chaired by Lim Boon Heng.

Posting vulgar picture online

In April 2016, Ho Ching posted a vulgar picture of a monkey showing middle finger on her Facebook page. She later removed the post and claimed that it was a mistake.

Personal life

Ho is married to Lee Hsien Loong in 1985.