They (residents) should thank the Town Council for working hard to come up with a diversified portfolio to generate income so that residents do not have to fork out more money.
Teo Ho Pin, Chairman, Holland-Bukit Panjang GRC
The Town Councils did not foresee the financial tsunami and its impact on complex structured products.
Teo Ser Luck, MP Pasir-Ris Punggol GRC
It’s not just town councils, but individuals and corporations who have been hurt by this economic crisis.
Ho Geok Choo, MP, West Coast GRC
We have to be realistic. It’s easier to say things with hindsight, but it’s not so straightforward.
Zaqy Mohamad, MP of Hong Kah GRC
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Give credit when it’s due. In this case, PAP not only failed to exceed expectations, it is not even doing its job properly. This is a clear case where PAP’s very own action warrants for demerit and public condemnation.
good grief !! It is getting from bad to worse , the ruling people , I mean.. Mess after mess …. mas Selemat, defendent escaping from courts, peole travelling with different passport , and now loosing citizens money – and yet they want us to be grateful and the famous SM unimaginative phrase – move on ! It has come to a point that the ruling party really think we are all helpless people living in fear of teh wrath of teh ruling party . We are at risk of being sucked into an unsconscious cruel dictatioship if nothing is done .
51)smallvice585
There’s no more credit to give, all is lost, I tell you its Big,Big vice.
I think the dots to the entire mess are slowly revealing themselves. And I sense Singaporeans are joinging the dots and getting a really sinking picture about Town Councils and the amount of funds stashed away. Very ugly picture.
So ugly the main stream press are having a hard time to decide whether this out cry can boost their paper sales OR stop printing headlines about Town Councils because it’s not “nation building” topic and suffer sales loss.
The irony is, I think we need a 2 party system for checks and balances. Just look at this One Party mess.
Either you CAN or ……
Boleh or not ?
Erm…. is it not that as it now stands,
in the parl
there are 3 partys : Chiam Party, WP and u-kknow-who ?
Its already a 3 party system ?
DOES IT NOT WORK NOW ?
IS IT THAT THIS SYSTEM DOES NOT WORK NOW?
TOO MANY ALTERNATIVITY?
TOO FEW ?
BECOME 1 ?
I must thank all of you for contributing to the forum about Town Councils losing money in structured financial products.
However, have all of you asked a basic question? Who voted these people into the parliament and then to the government. It is us. When we voted them, did we forsee that they were good for the job; or we already knew they were not good but we still wanted to give it a try? Whichever the answer, it is us to blame; because we voted them. If we do not admit our mistake so do they. What we want is for them to admit that they made a bad investment decision.
One kind of people will produce one kind of government. When we blame our government, we are indirectly blaming oursleves. Do you believe that the Indonesians are not corrupted? If they are not, they would have a clean government. For Singaporeans, we are the timid lot, who dare only speak behind the scene but not asserting our views; so this is the kind of government you get. In every election, all we hope is other constituencies will vote in oppositions except my very own. We want status quo and we are not willing to pay the price of change.
If you want change, you must pay a price. Our country by its standard today is not too bad if you are reluctant to call it good. However, there are a lot of things that worth changing for the better. Are we ready to pay the price? The price may be in the form of a lower governmental efficiency, some chaos and disorder not fatal but would create some inconveniences; some backsliding in economic growth that result in a higher unemployment rate and lower real income. This is something we have to pay to change our current system. I bet all of us thinking through the downside of the price, we choose to still returning PAP to power in the next election.
Blame our human nature–Kia Su. I am offended when people of other countries term us Singaporeans as Kia Su or Kia Si. This is a human nature inherent in any human being regardless of race, language, religion or nationality. If we admit that we dare not change, we must accept the kind of government that we have and perhaps seek ways of getting our feeling reach the ruling party.
As much as I think that town councils should not invest in structure financial products, but crying here is of no use. We should all exert pressure on our MPs and make them change the law in the parliament, limiting the investment activities of town councils, setting guidelines for reserve/sinking fund. Take them to task if they do not reflect our feeling and make changes.
Let us play within the current system and rules of law. If they do not hear us, use your vote to change the government and stop crying here. I challenge all of you to do that, if you do not you deserve my name: “Timid Singaporean”
Better not mention the opposition else the PAP jumped at it and then all this mess is swept under the carpet.
Perhaps that’s why the opposition is keeping quiet. Nothing nice to say better don’t say if not kenna blame for nothing.
PAP is already self-destructing anyway. Wait for the fireworks.
Let us play within the current system and rules of law. If they do not hear us, use your vote to change the government and stop crying here. I challenge all of you to do that, if you do not you deserve my name: “Timid Singaporean” – Timid Singaporean
We need to play within the writtenrules and outside the unwritten rules. All of us here know very well that the calibre of leadership reflects the intrinsic characteristic of the society, but that only holds true as long as the leaders do not become detached from the people for too long. Progress always comes with price and risk. The price which you had mentioned are only short-term and we being pro-Singapore always look long term. In the 60s and 70s, Singapore’s future was very uncertain and citizens paid the price of having their rights curtailed for a long-term economic growth.
Now, we stand again in an uncertain future and it is time we have to pay the price for future growth again. However, the price today is not loosing more rights, but re-establishing the political system to maximise representation of opinions in parliament but also minimise the likelihood of group-think that will squander our future. Group-think compounded by complacency is definitely one thing even PAP is not immune to.
48) Joke : “There should be greater transparency not just from the private sectors but from the government bodies especially when tax payers monies are at stake. Accountability must be obvious. Mistakes must be acknowledged and lessons learnt from them. Shunning off responsibilities is definitely not the way going forward.”
Take a look of wikipedia regarding Ong Teng Cheong, our late ex-president.
Since 1993, lessons have not been leant, and transparency is still opaque.
QUOTE
However, soon after his election to the presidency in 1993, he became embroiled in a dispute with the government over the access of information regarding Singapore’s financial reserves. The government said it would take 56 man years to produce a dollar-and-cents value of the immovable assets. Ong discussed this with the accountant general and the auditor general and came to a compromise that the government needed to give him only a listing of all the properties that the government owns. It took the government a few months to produce the list. But even then the list was not complete. In all, it took the government three years to come up with the information about the reserves that Ong requested.
UNQUOTE
First, they present you with a dead bird.
Then, they start to psycho you into believing that it is still ALIVE!
Aren’t they Pathetic, or aren’t they Pathetic??
To be fair to the town council, they could not have foreseen the extreme events. But that does not absolve from their evasive attitude, dismissing the losses as mere 1%.
Anyway, the govt has a blank cheque to do what they like, thanks to you timid Singaporeans, who vote them in after all those good years, for more good years. What you vote is what you get.
To: sporesucks…
Most didn’t get to vote..and that includes me. In fact, I have never voted, since it is always walk overs. Seriously, it is a mechanism designed by the gahmen to do us in ,i.e. preventing us from voting thru GRCs, huge deposit, policies that gives much negativity to being an opposition member in singapore, etc.
If only, I get to vote next election, I will do the right thing. No fear whatsoever!
I am neither disappointed nor shocked at their reply…I am DISGUSTED.
Dr Teo Ho Pin, coordinating chairman of the 14 People’s Action Party town councils, has said that the investments “make up a small percentage of the town councils’ total funds.” BUT he did not say that for his own GRC, it was a hefty 6%!
This shows he was not being honest. He should do the honorable thing and apologise not only for investing and losing residents’ money in such high risk products but for not being honest. In fact, he should resign because it reflects badly on the PAP which prides itself in being honest in all their dealings with its citizens.
I think Singaporeans can do a few things from now to election day:
1. Be politically involved – i.e. stay in tune with what is happening around you. Go to Hong Lim Pk if you want to just to be involved if there are any gatherings there. It is when one is politically sensitive then he is aware of what is happening. Get an all-rounder views of things besides reading from the ST or TOC. Venture into other sites for alternate views on issues.
2. Discuss politics with your friends, colleagues, relatives as when you talk about them then you are really aware of the ground issues. Many of us go to work, collect pay check and go home and sleep. The whole cycle repeats itself all over until we are insensitive to what’s happening around us. Get involved here!
3. Ask yourself do you really love your country so much that you will die for it? Alot of us are very politically apathetic i.e we don’t care a hoot what the govt does so long I have my three square meals a day on the table, a Toyota to fetch our kids around and a HDB flat over our head. If you love your country, you will want to get involved in how it is being governed as it concerns you, your family and your friends. We are guilty of not asking too many questions, fearful that we wll be arrested if we talk too much, sacred that our family will be harassed when we vote for the opposition. We all know now that something is very wrong with our country. It is all laid out now for the viewing. No one will force you to take another view from what you have seen right before your eyes. If you love your country enough you will want to do something to stop what is going on from getting worse.
4. Visit bot hthe PAP and opposition wards. Learn how they work behind the scene. What are their motivations when they want to get involved in politics? Can you do smething there with what talents and skills that you have within you?
5. Attend Forum talks by PAP and get into the discussion. Immerse yourself in bringing out suggestions for improvement and change even though they may not be implemented.
The biggest setback for our nation is that we have too many people who sit on the fence. They will not want to get involved in doing things for the country. Left it to the politicians. But politics are for the people who love their country not just for politicans alone.
If TC can display such callous attitude, I wonder what will our GIC and Temasek’s announcement be in declaring the losses.
Like what PM Lee says, I believe we need a very top down to bottom cleanup and attitude change, else the dynasty is GAME OVER.
how many people can get conservancy rebates with $12 mil – at least we know the citizens will benefit from it, not the investment banks.
Why did we give it to banks to punt on high returns.
Imagine, if you received 5%, how many percent did the banks get in selling this to you ? 10%? Without any risk to the banks.
Oh ya..That Holland-Bukit Panjang GRC guy…what a bunch of Jackus..and anybody what to make a guess who’s the MP leading Bukit Panjang? Hint: “I feel so rich……”. Birds of feathers..such an irony. There is really nothing left to say about these “people”. It is not even worth the time to say anything to these nincompoops.
If the ruling party meant what they said about being diligence and if MM meant what he said about Singaporeans being complacent and needed a wake up call. Show us your worth please (want to get paid like Corporate, act like one please). Here are a few questions I certainly hope any “credible” MP in parliament need to ask and give a response to the general public:
1) What was the original intent of the creation of TCs?
2) How much sink fund is deemed enough to run a TC?
3) Were there any challenges posed then when the motion to allow TCs to use up to 35% of the sink funds to invest?
4) Can it be made public if there were? Those MPs who opposes versus those who given the stamp of approval.
5) What were the guide lines?
6) Who set the guidelines?
7) Were there any check and balance mechanism in place?
8) When did the TCs started making these investments?
9) Were the constituents being informed?
10) Were profit made through any of the investments made public and the gain made re-channel back to constituents in the form of SC rebates?
Some people whether in this site or those who commented in ST forum or even the GRCs cited here claimed; in the after-math it is easy to pick bones. I beg to differ. It is not bone picking issue. It is neither how much TCs has lost in investments. I fully concur in the most simplistic calculation the 16 millions out of 5 billion sink funds in all the TCs combined are a drop in the bucket. That is pure math. But the issue here is more of concerned citizenry at large would like to know is why TCs are not just TCs. I think parliament at large need to seriously considering changing the house rules to revoke the liberty given to TCs. There are already two known government investment entities created: GIC and Temasek. Or were there more hidden in the closest?
Remember Sirs and Madams or the parliament, you were voted in by the people and have taken your pledge to serve the people and the nation. You have expressed it in your most eloquent manner in many occasions, the ruling party cannot remain in power without the support of its people. We citizenry do believe in your sincerity when you said those words. We too are certain that you all will not fail us. Unless you are telling us the people you all are above the laws and there is no further need for better transparency and accountability and that you do not need us people to vote you come next election time (early 2009 we presume just after budget announcement?).
Thanks to Gilbert Goh for his excellent comments and suggestions.
I would like to exhort all of us, who visit this website and contributing to it to get involved actively in changing our beloved country. Let us not lamenting here about how imperfect it is but contribute to perfecting it.
Whatever course it may take to change our country and whatever price we may have to pay, let us have the courage to do so. If we continue to whine here or elsewhere, our country will remain as it is.
Change is the word but that will only happen if this country has enough brave and loyal citizen.
How did it all become like this in the first place? Who’s idea it was to collect so much from the residents and then use excess funds to invest? THAT to me, is important for residents to know.
The solution for this issue is that they change the way TCs handle money.
1. Have an annual budget approach, much like in the private sector. Plan for the annual spending and costs and calculate the money needed. Plan for contigencies, and extraordinary spending.
2. Then divide that and collect from residents the money needed.
3. Execute the plans.
4. If by end-year, there is surplus, get a vote from residents on where to spend the surplus. OR save it for next year, and collect LESS from residents.
5. If there is shortfall of budget, then that is a sign of poor planning. Those planners need to be taken to task. And usually, the managers WOULD KNOW if funds are getting short, and cut back on certain spending.
The most important element in this is TRANSPARENCY. The books are open for all residents to see. Have govt officials who checks on these books quarterly.
As such, the TCs are focused on what they’re SUPPOSED to do in the first place, that is, to manage the towns. Rather than becoming fund managers and all that, which is NOT their job.
Heck, this simple approach is even done by my company’s Social Club. what they collect, what they spend on, what activities held and money used, current cash they have..its on the notice board at the pantry.
What scares me is that this “collecting money and investing” is so imbued into many govt departments in Singapore, when their role is more to “administer”.
Teo Ho Pin said that “Town Councils cannot reveal their investment strategies and, anyway, Town Councils abide by the proper financial reporting system”.
Is the Town Council similar to GIC or Temasek?
We are told that GIC and Temasek cannot reveal some of their investments or financial reports because of national security concerns. Granted that is true (although I disagree), what reason does the TC have? I hope Teo Ho Pin does not use “national security” as an excuse. The money belongs to residents and, in the first place, residents have no say in how that money is used. I understand. But when that money is used for investment, shouldn’t the residents be kept in the loop?
If the aim of the TC in investing the money is to offset inflation, then I assume the investments they have undertaken are not “high” risk. If this is so, then it contradicts LKY’s view that investors should have been warned of the “high” risk of these products since, according to him, the returns are high. Are they really “that” high? Apparently not so for the TCs. If TCs can get it wrong, then individual investors are no exception. Most of us are not financial experts who sit around reading 100 pages prospectus.
Teo Ho Pin said that “Town Councils cannot reveal their investment strategies and, anyway, Town Councils abide by the proper financial reporting system”.
Since when Town Council funds become matter of national security? They may not be obligated to reveal their investment strategies, but they are still obligated to reveal their balance sheet every year, to inform the public that they are not cheating public monies.
60) Anonymous
……
Take a look of wikipedia regarding Ong Teng Cheong, our late ex-president.
Since 1993, lessons have not been leant, and transparency is still opaque.
QUOTE
However, soon after his election to the presidency in 1993, he became embroiled in a dispute with the government over the access of information regarding Singapore’s financial reserves. The government said it would take 56 man years to produce a dollar-and-cents value of the immovable assets. Ong discussed this with the accountant general and the auditor general and came to a compromise that the government needed to give him only a listing of all the properties that the government owns. It took the government a few months to produce the list. But even then the list was not complete. In all, it took the government three years to come up with the information about the reserves that Ong requested.
UNQUOTE
……….
————-
If it takes a long time to audit,
is it not even more strong a reason to start auditing long ago if not now?
:(
Those investments gone awry- their minds gone awry too and as usual: excuse themselves in drib and drab manners.
We are not only seeing the paradox of a one party rule- but also the paradox of bureaucracy peopled by so called very talented people……….and what we see now…….but alas this is SG- albeit a very uniquely one.,…..
Can of worms number:
1) TCs made wrong investments in Lehman Mini-Bonds. Whether they were mis-sold, whether they will take legal action, they won’t say. And they are defending their “prudent” use of these funds.
2) With so much public funds collected (2 billlion or more) , what are the excess funds for? Housing projects? Lift upgrades? Estate maintenence? Why increase S & C charges? Any use of funds for rebates? Will they open their books for public scrutiny. They won’t reveal.
3) One party system. This is what happens when there is no one to check on them. Just a snap shot of what greater “hindsight” can happen. GIC? Temesek? etc
It is really quite simple. The public wants apologies, not reasons.
Let me give a simple model on how the TCs have work all along:
1. TCs collect S & C fees from the residents expecting maintenance services from the TCs such as refuse collection, cleanliness of common areas and general upkeeping of the estate. Some form of co-payment is expected when there is lift upgrading etc.
2. Some of it (dont know the percentage) goes to the sinking fund whereas others to operating expenses. Govt also provides periodic top up from it’s coffers (no percentage given). What is the optimal level for sinking fund to be accummulated?
3. Some of the money also goes to investment (up to 35%) to boost up the returns so that it will out beat the inflation rate. The one doing the investment must be well versed and qualified. Again we don’t know what kind of calibre is required from the one doing investment. MP Ho also did not help the issue much by mentioning that investment strategies could not be revealed furthering the national problem of transparency here. Whether the investment gains are transferred to be the operating fund is also unknown.
4. TCs GM and board with MPs providing consultative advice runs the show. The whole team of TCs then report upwards to the ministry. How much influence the MPs have on the running of the TCs remain unclear. It is doubtful that they will interfere too much here as MPs also have their own other portfolio of duties. Nevertheless, during Parliament time, we heard Minister of State Grace Ng asking the public to query their respective TCs if there are further doubts to the whole investment saga. So the reporting chain is abit weird here. Who is reporting to whom and who will be responsible if there are any problem? This need to be sorted out.
5. As seen, there are alot of loopholes here reflecting a major problem of our governance – lack of transparency. This is a serious issue and need to be sorted out fast before the people lose it’s faith on the governance.
Hey, guys think about it –
MM Lee heads GIC – you think he knows what to invest (Citi, UBS)
Ho Ching heads Temasek – you think she knows wtf is good (Suzhou, Chartered semi conductor)
I think the whole CPF / GIC / Temasek is a structured toxic product wilting under incapable hands – and we cannot divest from it !
Yup, we should be thankful. As always we should be thankful that their bloody foul-ups are small compared to the rest of the world’s.
Yup we should be thankful that GST is 7% not 15%.
Yup we should be thankful we don’t have a bloody ERP gantry at our door steps…yet!
Yup we should be thankful our MP and ministers are drawing double their allowances and salaries…yet!
Yup we should thankful they are not even giving us one cent back even if they make $12mil instead of losing it.
Come on…..what else should we not be thankful for…..?????
Actually…we should be very thankful they didn’t lose all our bloody hard earned money…right? Phew! Damn thankful..
We can be VERY thankful, of course, that all these scandals surfaced now. 2008 seems to be a watershed in PAP’s history. They can deny, confound, explain away, lecture and even continue to attempt to hoodwink us, but come on, to take a leaf from Jack Neo, we “NOT STUPID”.
TC’s investment strategies cannot be revealed, for the simple reason that they will raise even more questions as to the strategy & intent of the ruling party, and show how nicely TCs fit into this big picture.
Many of us have asked basic questions which remained unanswered:
1. what is the key role of TC and why is there a need to collect excessively, far beyond what would ever be disbursed in the normal course of operations?
2. How can this be reconciled?
3. What’s the rationale of empowering TC to collect far beyond what’s needed for the TC’s services to residents, and then allowing them to stash away as much & as quickly as they can, so that they can continue to ask for payments, while the sinking funds go serve other purposes?
4. If sinking funds are so significant, why are residents still made to pay so much for infrastructure upgrades? How are upgrades costed? Are they conservatively inflated? Are TCs even making a profit in upgrading projects when all the dust has settled & monies collected from residents?
All these PAP MPs still have the cheek to said this kind of things when they made mistakes!! They are worst than my small kid, at least when my boy did something wrong he would apologised….Oh…maybe their parent nv teach or they three “tua pei kong” on top had the same attitude!!!
Singaporean!!! vote the three “tua pei kong” out of the parliment!!!! I think we not only save $10million on their salaries and also billions of $$$ on bad investment!!!
Actually all these hiccups reflect a very serious problem within our society. There is the element of deep seated greed from the top man to the lowest worker. We are all hoping to grow whatever money we have right now even though it is already very sizeable. Let me draw up the list of affected parties here:
1. The govt wants to grow its coffers so raise GST to 7% even though there is a serious recesison going on in 2003 (delayed to 2004) due to the sars epidemic. Alot of items were also raised during the past few years – HDB flats, transport, ERP, electricity tariffs, petrol cost, etc with the reason that the state needs more money. The govt is in need of money so all these services need to be increased. The public suffers. But there is no gambling away of money here.
2. The Town Councils need to invest it’s money as the $2 billion surplus funds may be wiped out by inflation so the cap is set at 35% investible amount. Go invest and speculate in all the toxic instruments for fast and strong gains. The residents suffer. $12 million lost and counting.
3. The State companies hand over it’s reins to the private enteprises such as SMRT, Singapore Power, SINGTEL, Changi Airport so that services can be imrpoved but to boost bottom lines such companies need to increase its’ fees again. The consumers suffer. Public have to pay more from whatever he earns for utilities. No gambling here only that the state corporations get greedy in topping up their coffers despite hefty profits.
4. The country has chalked up an impressive surplus of around $150 billion during prosperous time but in order to grow this amount we invest using GIC and Temasek Holdings as vehicles. So we again invest but now into unprofitable companies such as Chartered, Citi, Goldman Sans, ABC Learning, Shin Corp and many others. The country suffers. More than $2 billion may have being lost here in total.
5. The people have some money because he saves and hoards all this while but inflation is high and the FDs give only 0.5% return. So the common people invest again this time round into toxic instruments like minibonds, Pinnacle High Notes and other so called capital-guaranteed “safe” instruments but were played out when they went bad. The people suffer. More than $500 million alone lost in minibonds and counting.
6. The individual now has some savings as he accumulates them during the good times. He invested in stocks and shares. Now becasue of the crisis, his shares’ value plummeted and he lost money in the stock market. The man in the street suffers. Some may even have lost their pants.
From the top man to the lowest worker, I detected that we are involved in some speculative activity to grow what we already have and ultimately lost everything in the process. Are we too engrossed in getting rich the easy way?
Now the citizens know that PAP is not a pay and pay system anymore, they upgraded to suck and suck till you people goes to your graves. What they only want is money and more money out of the peoples pockets and nothing else. The people of singapore needs to know only 2 things now, i.e. how much money in total has been lost to date and what is the balance now in our nation reserve? We need to know as these are our monies, all our trapped cpf savings could now be dangerously depleted and our lives are in your hands. Do not screw your people up any further.
hehehe,,,like that also can…
NCSS came up with a very exhaustive & stringent Code of Governance for charities in Singapore, and rightly so, because charities, which deal with funds raised from the public & various parties, should be transparent, accountable & responsible in the way monies are raised & used.
Although the Govt doesn’t raise funds but collect monies for services (eg. ERP, S&C) or as required by law (eg. CPF contributions, fines, GST & taxes), it is also handling monies from the public & various parties, only many times more. A similar, if not more stringent Code of Governance should apply to the Govt to ensure that monies are properly accounted for throughout their entire lifecycle. Here’s when the Elected President and an independent non-partisan board will be extremely useful.
I mean, come on, Mr President, for all his credentials & experience, should be adding more value to the nation than take part in ceremonies and lending his name & presence to fund-raising efforts. Which is more important – ensuring the already disproportionately large repository of monies is properly spent, or asking the public to donate more money?
More losses ahead!!
86) logicalman
What about a petition to the President for his intervention?
Or will it be a mission-nearly-impossible for the current President in the light of the late ex-President Ong Teng Cheong last time waited for 3 years to get an answer?
What is the balance in our nation reserve now? How much have we lost recently?
What terrible Town Councils/Garmen we have. Lose our money then say we are lucky. I will rather vote for a dog then PAP………
u rape someone wife & still expect him to say thank you?
what a bunch of shameless idiots….!!
I am wondering….do town council employees get higher bonuses if the investments do well? If that is the case it would give them great incentive to go for investment with higher potential returns (and thus with higher risks). That is how senior bank executives got the world into trouble in the first place. It is called taking risk with “other people’s money”.
we should THANK ah teo for his honest remarks…
bcos i can see PAP downfall very soon…
With all The many things that happens since the last elections…. I really find thatt it really don’t make any differences whether if the current government is replace by opposition party(ies). I know it sounds shallow but who knows…. the opposition given the opportunity may do better thou might not show immediate results….
it should be the other way round and thank the people for keeping so patient still after all these strings of screwed ups by the papees party, just imagine what can happen if this is happening in HK, Thailand or Taiwan, many of you cowards could have already packed your money and getting ready to fled the country by now, such a disgrace to our country and still can brand yourself world class elites, just rubbish!
The ruling party is digging a deeper and deeper grave.
I’m so disgusted, and wonder what other outrageous stuffs that happened in the past which we as citizens were not told. Sigh.
Just a side track. Any accountants here ?
The Pasir Ris-Punggol TC just published their latest annual report on their website. It seems like there is a little discrpancy in the sinking fund on page 44.
http://www.prpg-tc.org.sg/cms/uploads/Annual%20report%200708.pdf
The closing balance on 31/3/07 is $144,379,646 but the opening balance on 1/4/07 is $143,509,646. Somehow, $870,000 just disappeared overnight. Can some qualified accountant take a look at the financial statements and comment if this is possible.
Correction, it is on page 43.
the fig iz correct.
u should ignore the fair value reserve
fttb
cpa, cfa
please say sorry.
nobody dare to say sorry.
crowards.
hahahahahahaha