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 working behind the scenes to push for a downgrade of Jakarta’s market status.

“No one from Temasek – neither the institution nor the individuals working for the institution – have ever reached out to MSCI in order to influence any decisions they have ever made around any exchange across the region. We will leave it at that,” Fock said when asked about the allegations at the launch of the e-Conomy SEA Report 2026, jointly published by Google, Temasek and Bain & Company.