"These are issues which I leave to Temasek and its subsidiaries and I have every confidence that they are doing the right thing for their shareholders, including the government," Lee told a forum with the Foreign Correspondents Association here.

"They have to make their own calculations of what the risks and rewards are and they have a portfolio to manage. I'm sure they have guidelines as to what their country limits are, and as long as they do that it is their decision.

"These are not issues which are government-managed because if we did manage it and it is not a commercial decision, I think that changes the complexion (of the investments) altogether."

Temasek's executive director and chief executive officer is Lee's wife, veteran civil servant Ho Ching, who was present at the media forum.

Temasek invested US$3.1 billion for an initial 10 percent stake in Bank of China at the end of August and will invest a further $500 million to buy additional shares when the bank launches its initial public offering next year.

In July, Temasek also agreed to invest US$1 billion in China Construction Bank.

Press reports also said last month Temasek will increase its stake in China Minsheng Banking Corp to 10 percent from 4.55 percent to become the Chinese bank's largest single shareholder.

The Hong Kong-based Ta Kung Pao, citing an unidentified industry source, said Temasek plans to invest US$300 million for the additional 5.45 percent stake in Minsheng.

Temasek has a global investment portfolio worth US$54 billion in a wide range of industries and controls some of Asia's most profitable companies including Singapore Airlines and Singapore Telecommunications.

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