Temasek and GIC deny role in Indonesian market rout
By The BriefBrief
Temasek Holdings and GIC denied claims by former Indonesian trade minister Muhammad Lutfi that the Singapore state investors helped instigate Indonesia’s recent stock market collapse. Temasek’s Asia-Pacific head, Fock Wai Hoong, called the allegations “no basis” and “patently untrue.”
WHO:Temasek Holdings, GIC and Fock Wai Hoong
WHAT:Temasek Holdings and GIC denied claims that they helped instigate Indonesia’s recent stock market collapse; Temasek executive Fock Wai Hoong called the allegations baseless and untrue.
WHEN:Reported Oct 21, 2026 at 3:10 AM ET
WHERE:Singapore
WHY:The denials responded to claims by former Indonesian trade minister Muhammad Lutfi that the funds helped instigate the market collapse.
Reporting from 2 identified publishers across this event arc.
