Temasek also said it provided more information than government-run funds. Such an argument might strengthen the perception internationally that Temasek is secretive and unwilling to be freer in its information disclosure.

In business, diplomacy and public relations, perception counts a great deal, even if it runs counter to the facts.

When Hong Kong tycoon Li Ka-shing tried to buy American ports years ago, it stirred up a highly public debate among US politicians, who raised sensitive issues relating not only to Mr Li but also Chinese state firms and the Chinese navy.

Even if Temasek extricated itself from official scrutiny by American authorities, Temasek may not be able to shield itself from being a target of public debate among American politicians, especially if it tries to make a sensitive acquisition in the US.

Toh Han Shih
Hong Kong