Minister of State for Trade and Industry Foo Cexiang has pushed back against claims from Workers’ Party (WP) MP Kenneth Tiong regarding Singapore Airlines’ (SIA) investment in Air India. In a statement posted to Facebook on September 15, Foo asserted that while Parliament holds a mandate to ensure the accountability of national reserves, it cannot function as a “risk committee” for individual corporations.
The underlying reporting is available from asiaone.com.
The rebuttal follows comments made by Tiong earlier this month, where the opposition MP questioned the impact of SIA’s investment on its capacity to provide essential services. Tiong had previously expressed concerns that state investor Temasek’s funds should not be utilized to support Air India, which recently reported record losses of US$2.33 billion. Foo characterized Tiong’s concerns as an “alarming narrative” based on a “major leap of logic.”
Foo emphasized that MPs lack the “operational data, expertise, or mandate” to determine the appropriate commercial risk appetite for companies. He argued that subjecting specific business decisions to political direction would undermine the governance of the SIA Board and other Temasek-linked entities, creating a “recipe for failure.”
Addressing concerns over SIA’s financial health, Foo disputed the conflation of net debt with distress. He stated that SIA maintains a conservative capital structure, with $10.7 billion in debt largely comprising long-term borrowings. According to the Minister, the airline’s liabilities due within the next 12 months remain well covered by its $10 billion cash reserves. Foo concluded by urging MPs to prioritize clarity over confusion, noting that parliamentary oversight should aim to improve outcomes rather than misinterpret accounting basics.