[Temasek and GIC deny the accusations made by Indonesia’s former trade minister and disassociate themselves from the stock market plunge caused by MSCI] On October 21, Temasek and the Government of Singapore Investment Corporation (GIC) denied the former Indonesian trade minister’s accusation that Singapore’s two major state-owned investors were involved in triggering the recent stock market plunge in Indonesia. Former Indonesian Trade Minister Muhammad Lutfi said on social media that Temasek and GIC have significant influence on MSCI and are used by Singapore to pressure the index provider on Indonesian issues. Alex Fok, head of Asia Pacific excluding China and India at Temasek Global Investors, said Lutfi’s accusations were “baseless and patently untrue.” "No one at Temasek, either from the institution itself or individuals working within the institution, has ever approached MSCI or influenced any of its decisions," he said. A GIC spokesman also denied the allegation, "The allegations about GIC and our employees are untrue. Our investment decisions are not determined by index classification or a top-down view of a market, but are based on company-level and asset-level fundamentals."