Charles Chong please be automatic.

please resign yourself.

you also do not wish to see people go to hong lim park to protest to force you to resign

Liang Eng Hwa is Managing Director of Global Financial Markets at DBS.

has he been retrentched?

hope he is not.

so that people can still scold him.

However wtf are our town council having so much in reserves. All these “XXL” fund could have been better utilized to subsidize our conservancy charges, helping the poor and needy etc. Often we heard about how volatile our economy is, the need to save billions into our reserves in times of eventualities, thus the need to raise revenue from taxes like GST. Then next moment, we have this “billions” in sinking fund in our town council.

I am alright with our GIC handling our country reserves by investing, but town council…? Now i am quite perplexed. Are there ministries or government bodies having so much in their reserves also doing some investment too? In order to fill so many coffers in tiny Singapore, no wonder cost of living in Singapore is going up.

Talk so much also meaningless……like Jack neo recent movie mentioned Singaporeans only KPKB, complain and complain, with no action taken, slowly it becomes none of my business and the issue will die down eventually.

“So what are the affected town councils doing about their losses? Are they exhausting all channels to recover as much of their outlay as possible or will they shrug it off as “bad luck”? The town councils seem unlikely to get a single cent back. The banks have made it clear they would only consider compensating “vulnerable” retail investors, the same group the Monetary Authority of Singapore had directed the banks to pay attention to. (TODAY) ”

Doesn’t really matter since it’s not their money lost. It’s Our/My Money. Thus i should go Hong Lim Park to join the group?

sue them who misled.

Ok, I don’t understand how are town councils related to investments – are they allowed to operate as an entity and make decisions by themselves? The people’s funds are at stake here!
This shows that not only the old and gullible are prey to such funds, but even the various MPs as well. But hey, does anyone sense something weird going on here?

When Pinnacle Notes 9 and 10 were first advertised, I posted this comment in my blog:

http://tankinlian.blogspot.com/2007/11/pinnacle-notes-series-9-10.html

It contained references to earlier articles that I wrote about structured products and articles written by Dr. Money in The New Paper.

Those who read my blog stayed away from these bad investments. But, the people running our Town Councils and their financial experts did not “open their eyes”.

Law:

You will have this with one-party monopolising the governance. There is a gross lack of checks and balances available. Time for change for sure.

It is time for Singaporeans to step forward to demand open accountability from all the town coucils. They must disclose to all Singaporeans what other investments they have made with our monies and the losses or profits with them.

They must also state clearly what their plans are with the profits they make or with the losses they incur. We have completely lost trust in the PAP govt and we demand full transparency to protect our own interests.

10) gemami on November 18th, 2008 8.33 am It is time for Singaporeans to step forward to demand open accountability from all the town coucils.

——————————————————————————————————

Dtae-Time ,
Venue ?

The obvious questions are these:

One: Did the town councils go in to invest “with their eyes open” as one famous Minister Mentor said recently?

Two: Why did the town councils feel that they could use public funds to gamble in such high-risk securities (that is, if they went in with their eyes wide open)?

Three: If they did not go in with their eyes wide open, knowing that they might lose all their investments, why did they go in at all?

Four: And this is the most important question: What are the town councils doing to recover the lost monies? Or are the writing it off as ‘bad investments”?

Singaporeans, who are made to pay high S&C charges because “Some Town Councils prefer to charge higher S&C charges so they put their savings in very safe investments” (according to Grace Fu), deserves a complete explanation.

Nothing short of that will do.

Now, who was it who recently said that Singaporeans should scrutinise town councils?

Oh, it was SM Goh.

I’m really surprised at the amount of reserves these TCs have. I believe Singaporeans should play a more active role in finding out and asking for accountability of these funds.

I occasionally work with very poor people who have difficulty making ends meet and I am disappointed that there is so much money out there that is not being used to alleviate their situation. I’m all too familiar with the usual caveats about how we need to worry about inflation and making sure we have enough for a rainy day. If this period is not wet enough to release these funds, I do not know when they are referring to as a “rainy day”.

It is also very dispiriting to know that the stewards of our hard earned cash are not taking care of it sufficiently well.

I disagree that TCs should be given autonomy to invest. Strict guidelines should be imposed and enforced. I also disagree that investment appetites for TCs should be that aggressive. From what little I know, the buying of these investment instruments means that risk appetite of the investor is supposed to be “aggressive”. Since when do our TCs fall into that category when it comes to investing what is effectively public funds.

The funny thing here is that they allow TCs to charge higher so they can have more saving kept aside for them to gamble? On the other hand, those who cannot or unable to pay up their SC&C for some months would be charge in court? I really don’t get it, it doesn’t make sense at all????

Just take a look at the number of people who cannot afford to pay their TC bills. Go to Court 26N at the Sub Courts on a specific evening and you will see an extraordinarily long queue! It is very sad.

Why delay the TC losses report on the mainstream media only until the 17th Nov?

TOC already report the TC losses long ago. If our so call controlled mainstream media reported this TC losses in Lehman minibonds back last month when ill-fated investors gather at Hong Lim, the turn-out might be a sensational one that gathers lots more since the losses are no longer individual ill-fate investors but the whole TOWN.

Our mainstream media waited until the coast is clear and more Singaporeans as usual have short memory and have forgotten about the minibonds episode then choose this moment to release the news on TC losses.

As usual, this shows our mainstream media is heavily controlled.

15) Edwin Sim on November 18th, 2008 11.42 am Just take a look at the number of people who cannot afford to pay their TC bills. Go to Court 26N at the Sub Courts on a specific evening and you will see an extraordinarily long queue! It is very sad.

its really a very sad thing to see so many of these unfortunate people having to face the court and slapped with additional fines, how can they pay these fines when they don’t even have the money to settle their overdues? so much of the golden years for singaporeans and this is what they get for voting this garment into power, what a crab is all this?

Dear James,

“….are they allowed to operate as an entity and make decisions by themselves? ”

I have asked that question before. Some kind readers replied and say that TCs are accorded the rights to invest up to 35% of the sink funds. That is what I too cannot fathom. What was the original intent of the creation of Town Councils anyway? Wasn’t it created to manage and service the HDB precinct and nothing more? Correct me if I have misunderstood the purpose of its creation, please.

This is just beyond believed. Never mind they have lost whatever amount, the point is have they deviated into like an investment house. Why would the governing party allow that to happen in the first place? Granted if this is approved and allowed by the government (not that the constituents got to vote on it), the investment capital gain previously, are they being shared with the constituency via a reduction of conservancy charges, better HDB maintenance, improvements…etc? Are there ay specific that the constituents are made known? Surely there must be some accountability and transparency right given the diligence of our government? I certainly would like some MPs raise this issue and get the bottom of things. Remember folks, you were voted in and please do not fail us voters. We know you can do it. This is one suggestion I will submit. I think the house rules needed to change. TCs are TCs and nothing more, please.

18) Observer (SG-HK) on November 18th, 2008 2.35 pm
TCs are TCs and nothing more, please

Precisely, now you allow them a free hand with the fund of up to 35% regardless whether they win or lose later since there is no one to report to as long as its capped below 35%, then what can possibly happen later? the people in charge can even moved the funds to his or her own benefits, whether you call it legal or not, is it possible? yes/no can anyone aswer?

UNIQUELY SINGAPORE INDEED!

Can anyone enlighten me whether these investments are transferable?
What if an opposition wins over the GRC and takes charge of the town council only to discover that he is left with such a debt, what will happen then?

If i go to the town council and demand to see their books, will they allow me? Anyone can advise?

Dear Gilbert,

You can see the Annual Report (Financial Statemetnt) with two year comparsion of most town councils website for sure. But obviously no break downs. There is a summary row call investments and funds with fund manager. Perhaps in those number lies a piece of the fail investment (of course on paper it is not liquidated). Here is one exampl you can get in. http://www.aljuniedgrc.sg/images/publication/annualreport04-05.pdf

My question is not so much of what has been invested, my question to the authority what were their original intent when it was created. Aren’t there plentiful of investment entities that were linked to government. Aren’t TCs supposed to be just TCs?

21) gemami on November 18th, 2008 4.35 pm

You can check the “Town Council Act”, when different party takes out the town council, all surplus fund from the previous management is transferred to Sinking Fund.

Current regulation means the town council may lose the total investment amount but there should never be a debt situation.

If you think there is a possible debt situation, please explain how it may happen.

For all that we rant and rave about here over this issue, the end result will still be:

“It was an honest mistake, let’s move on”.

The opposition parties are missing a golden opportunity to press the government on accountability and what do they do? Nothing.

Please, those of you in the opposition parties, don’t squander this one great chance to show Singaporeans your worth. The Lehman minibond and Morgan Stanley Pinnacle notes issue is one that is worth fighting for. MAS has failed miserably on regulation here. For goodness sakes, take a stand here and act on this issue.

I commend Tan Kin Lian for what he is doing. I wasn’t so sure in the begining but I see what he is doing and thank him for that.

So much money each town council has, Are there any balances and checks. How much are the pay of all those who are involved in the running of the town councils.

Let there not be another NKF debacle in the horizon. What the future holds for all town councils is left to be seen. Singaporeans are not what we used to be. We dont keep silent anymore.

Our PM says that singapore is better with just one party running the country. Well it looks like there will come a day when he will have to eat his own words when the sole party thinks that just because its the government it can do anything it likes. Town councils thinking that they are part of this government and have the right to do what they like with the peoples money!

And so a sorry will suffice or so they think. Its one of those things no big deal. Lets move on. But let me tell them that this will not be suffice. You can just go around doing what you like. Time for accountability. Someone has got to be responsible and answerable.

Like OBAMA in America. Its TIME FOR CHANGE. Even in the town councils. The sooner the better.

goodness. TCs have $ 5B. why need so much in reserve???? need Mr Ee to go and clean up the place and distribute back to the residents.

Tks TKL, without him taking the lead , we investors just do not know how to react. The products sold to us are all a con job. Unfortunately,all the people we voted did not even support us when we are in deep shit, instead they add more shit. too bad, they have lost the ground

Wonder PUB, HDB etc have how much reserve….

28) Joseph on November 18th, 2008 11.27 pm Wonder PUB, HDB etc have how much reserve

I think TOC should dig out more this time with HDB, I believe with the sky high pricing of HDB flats, HDB should have no problem and could easily pile up billions, who knows what shocking thing would start to surface later.

town council’s job is to maintain the estates with the money collected, and NOT do risky investments!

if there’s a lot of surplus money, then make it benefit the residents by stop collecting conservancy charges!

remember, you job is to serve the residents, not keep on burdening the residents and collecting extra money and use it for investment for your own benefit!

can this be considered misuse of money?

No. 14) tiredsingaporean
The funny thing here is that they allow TCs to charge higher so they can have more saving kept aside for them to gamble? On the other hand, those who cannot or unable to pay up their SC&C for some months would be charge in court? I really don’t get it, it doesn’t make sense at all????

They don’t make sense most of the time:

1. Mee Siam mai hum?
2. The confounding and highly mysterious Mas Selamat drama & the equally perplexing findings from the COI.
3. The explanation for electricity tariff increase.
4. The prosecution of kangaroo trio by the court – what a productive use of time & resources
5. The use of pictures of Korean beggars for our school text books – no beggars in Singapore, or just taking a swipe at a competitor who’s faring much better, despite allowing her citizens to protest with sweat & blood?

No. 26 YODI “Our PM says that singapore is better with just one party running the country”

For once, I agree with our esteemed PM. Furthermore, I think that party need not be PAP.

Cummo!!! MPs is not the matter how much the TCs had lost or what % compare to the reservse is lost in the investment!!! The question is why $ from the ppl paying SC&Cs suppose to be for maintain their estate are used for investment in the 1st place!!! Why the garman allow this thing to happen!!!

Another question here is so many ppl in TOC have so many questions about this issue, and why there are no MPs be it PAP or Opposition has no question about this issue!!!

Can anybody ans me?

that few millions could probably build many lifts, make many free meals, build lots of shelters, given out as aid for transport hikes etc.

Don’t even bother explaining why the losses occured, it should never have been used at all, in any form or other, than to improve the well being of residents.

This isn’t just a mistake, it’s a lack of any form of control that has allowed rampant misuse of funds without any form of reasoning whatsoever. Even if it was borned out of good intentions to absorb escalating costs, which i doubted, it should never have been thrown into investments without any form of agreement from the people who gave the money.

Did anyone forget
“Unveiling a 10-year plan called “A better Hougang, A better life”, Mr Eric Low, the PAP candidate for Hougang, said yesterday that the Housing and Development Board (HDB) will approve a $100 million estate redevelopment plan for Hougang should he win the seat.

Mr Low, 57, said he had first brought up the 10-year plan to Mr Goh, who has been given the task to help him win the ward from WP chief Low Thia Khiang. Mr Goh then advised him to show the plan to National Development Minister Mah Bow Tan.”

if $100 millions of those money can help in upgrading Hougang rather than lost in poor investments.

24) sarek_home

Thanks, but what I actually meant was ‘for losses incurred by the outgoing incumbent’, not debt.

As KS wrote: “The opposition parties are missing a golden opportunity to press the government on accountability and what do they do? Nothing.”

WP writes on its website with its top 2 benefit of supporting Singaporeans?. They are also expecting Singaporeans to support them because:
“If you and other Singaporeans support Workers’ Party, ordinary Singaporeans will have a greater say in the way our lives are governed.Singapore belongs to all of us. It is our home. Political parties exist to serve you. The Workers’ Party of Singapore wants to serve the people and to ensure that the People’s Action Party does not forget their responsibility to serve you. Here is how you will benefit when you support Workers’ Party: i) You will have a voice inside and outside Parliament: Workers’ Party puts pressure on the government to respond to your needs and opinions. The government needs to listen to the people. We make sure you are heard.(ii) The government will be more accountable to you:Workers’ Party is an independent body that checks the government. The government must live up to its responsibilities and promises. We hold the government accountable to you and ensure good governance.”

With the issues of the minibond at the top of their minds for a lot Singaporeans affected by this, where is Low Thia Kiang and Sylvia Lim? Hibernating. LTK gave a parlimentary speech on Employment Act on Nov 18, 2009? Not a word raised on the minibond issue, or the questioning of the accountability of the town councils also involved inthis fiasco.Ms Sylvia Lim is in the meantime doing guest lecture at the NUS Law School back in April 2008. Where is she now? No opinion on this issue? So what has WP done “to serve the people and to ensure that the People’s Action Party does not forget their responsibility to serve you.” and that we are heard? What has WP done “to check the government and hold the government accountable to you and ensure good governance.” Both these key members of WP, who have access to parliment no other have, and yet are pathetic in how they are serving Singaporeans as oppositions. Even the PAP has taken a liking to LTK and praise him for behaving well – like a docile pet?

The SDP has at the least Chia Ti Lik who is addressing this issue. However, since they have no access in parliment, these issues cannot be raised. There is also nothing, not a word from Chiam See Tong of the NSP?

Where are all the opposition when there is a need to speak on issues for Singaporeans.

If you have ever managed any estate or even a building, you will realise that a surplus is essential. There are occasional, huge expenses, which even sinking fund contributions will not cover. For example, one bldg with 4 lifts that I know about has just been told that the 4 lift motors will have to be replaced. The bill is estimated at 250k. If the mgmt did not ensure that there was steady accumulation over the years of mgmt fund contributions over operating expenses, the entire building would have to stomach a huge sudden contribution. yes, there are problems when people buy+sell (if you buy into a bldg with a good fund, you get a windfall, and if you sell you don’t get your “money back”) but the reality is that such payments are into a common fund, for the collective use as and when needed, but until such time as the funds are needed, a good prudent (and moderately conservative) investment strategy is necessary. Whether or not these investments were prudent or not is hard to say as we now have the great 20/20 vision of hindsight. Any diversified portfolio includes some safe and some less-safe investments. The key indicators to watch out for are whether or not the entire portfolio is balanced and provides credible returns. Again, I do not know whether these portfolios were, although I must say the heavy investment into Creative is a bit bizzare…

aiyoyo

TC so $$$,

wa we still need pay $ monthly,

aiyoyo times are tough.