Singapore hits back over claims it rigged Indonesia’s stock market crash

Singapore’s state investor Temasek has denied involvement in Indonesia’s looming MSCI reclassification, following accusations that the city state’s sovereign wealth funds were pulling strings behind the scenes for their own gain. On Wednesday, Fock Wai Hoong, head of Asia-Pacific at Temasek Global Investments, said the claims had “no basis” and were “patently untrue”. Former Indonesian trade minister Muhammad Lutfi on Monday claimed that Singapore’s sovereign wealth funds, Temasek and GIC, were.