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11 Oct 2018 01:20PM
$60 million if flag as "Account payable" - will have been reflected in the balance sheet as "liabilities" - a short term credit.
If $60 million is flag as expenses in the journal entries - it will not be reflected in the balance sheet as a liabilites of short term credit - and payment will have to be made immediately.
Imagine a big sum of $60 million is pay out from the $100 million fund or income as expenses - wow -- Aljunied town council fund will have easily belly up and go bankrupt.
If $60 million is flag as expenses in the journal entries - it will not be reflected in the balance sheet as a liabilites of short term credit - and payment will have to be made immediately.
Imagine a big sum of $60 million is pay out from the $100 million fund or income as expenses - wow -- Aljunied town council fund will have easily belly up and go bankrupt.
Ricky Lim
A "wrong or wilful deliberate wrongly" classified accounting entries - can break the whole Aljunied Town Council fund.
This sound like a "Big Shark" that bit the biggest bite - and run off with it first - and let the titanic sink or swim.
Imagine if Aljunied Town Council need a $60 million fund to fund the GRC operation and need to borrow from bank at 4% interest (versus the Town Council having account payable balance of $60 million on short term credit with no interest --- it can break the whole enterprise and laden the town council with huge debt or high leverage).
This sound like a "Big Shark" that bit the biggest bite - and run off with it first - and let the titanic sink or swim.
Imagine if Aljunied Town Council need a $60 million fund to fund the GRC operation and need to borrow from bank at 4% interest (versus the Town Council having account payable balance of $60 million on short term credit with no interest --- it can break the whole enterprise and laden the town council with huge debt or high leverage).
Cannot lah --- WP cannot handle a town council and cannot handle FMSS as managing agent lah --- got fleece by FMSS big time but cannot do anything --- and residents of Aljunied GRC suffer big time loss !
Actually WP is not screwed by PAP big time - WP is screwed by FMSS big time !
(1) The call logs as basis for payment make by FMSS - will have make WP make many "over payments" many times over.
(2) Now this wrong accounting entries of $60 million will have make WP titanic fund - almost in the verge of sinking --- wonder how much fund is left now - $40 millon? - Still can survive and continue to operate or not?
(1) The call logs as basis for payment make by FMSS - will have make WP make many "over payments" many times over.
(2) Now this wrong accounting entries of $60 million will have make WP titanic fund - almost in the verge of sinking --- wonder how much fund is left now - $40 millon? - Still can survive and continue to operate or not?
Ricky Lim
Residents of Aljunied GRC want the "over payments of $33 million" from FMSS - who have preyed on WP's ignorance or incompetency - and suffer a huge loss.
Also let Court decide if WP need to be responsible for mishandling, mismanagement of Aljunied Town Council fund - either through ignorance or incompetent?
Is ignorance or incompetent break law? Don't know, probably not.
But if bring in a person such as FMSS a conflict of interest that award a big sum to FMSI (of itself) break law --- possible - Court decide.
Also let Court decide if WP need to be responsible for mishandling, mismanagement of Aljunied Town Council fund - either through ignorance or incompetent?
Is ignorance or incompetent break law? Don't know, probably not.
But if bring in a person such as FMSS a conflict of interest that award a big sum to FMSI (of itself) break law --- possible - Court decide.
Paul Tan
Not the entire $60m will be reflected in the balance sheet. Only the credit balance of the account payable will be reflected in the balance sheet as a short term liability. The the TC pay of the bill promptly the credit balance of the account payable would be very small. In any case not operation an account payable could risky as you would not able to know your immediate cash requirment to meet short term payment.
Also another thing - does using specialised accounting software is absolutely compulsory?
If FMSS enter the $60 million as expenses in journal entries into the accounting software - it will still be wrong.
However, if the $60 million is enter as account payable in a spreadsheet - where the entries in the cell is protected by password - isn't it the same as having use a accounting software?
Many companies and project team don't have the luxury or benefits or budget of customising an accounting software to run its operation or enterprise.
But as long as the accounts are properly recorded and kept with due diligence and with integrity via say a spreadsheet that are properly protected - it is deem due diligence have been exercised.
So far i have come across many internal audits and external audits when the accounting are kept in spreadsheet that are properly protected and hardcopy documents - still can pass all audits with no or little "non-compliance" that will be flag in the audit report.
Of course if got accounting software is a bonus - if don't have then improvised with good faith and due diligence.
If FMSS enter the $60 million as expenses in journal entries into the accounting software - it will still be wrong.
However, if the $60 million is enter as account payable in a spreadsheet - where the entries in the cell is protected by password - isn't it the same as having use a accounting software?
Many companies and project team don't have the luxury or benefits or budget of customising an accounting software to run its operation or enterprise.
But as long as the accounts are properly recorded and kept with due diligence and with integrity via say a spreadsheet that are properly protected - it is deem due diligence have been exercised.
So far i have come across many internal audits and external audits when the accounting are kept in spreadsheet that are properly protected and hardcopy documents - still can pass all audits with no or little "non-compliance" that will be flag in the audit report.
Of course if got accounting software is a bonus - if don't have then improvised with good faith and due diligence.
Lucas Lim Hk
Ricky Lim
Thought u do big project see $60 million so much hooha already, this is a big constituency. Some manufacturing company earn this amount in less than 1\2 a yr with few hundreds staff.
Thought u do big project see $60 million so much hooha already, this is a big constituency. Some manufacturing company earn this amount in less than 1\2 a yr with few hundreds staff.
Lucas Lim Hk - it is not how big the amount, it is whether the amount is properly maintain in the account or not.
Now auditor say is not.
Also all accounts must be balance every month - whether $100, $10 or $60 million or even to the last $1 and last cents.
If a particular month, the amount cannot balance with the supporting doument, invoices, entries, bills etc --- accountants cannot go home until the account is balance.
You don't know meh?
That is why i am so appalled with the standard of accounting, operation and the management of the Aljunied town council fund - now when everything is make public.
The standard is way below what is expected in the management of a public fund.
Now auditor say is not.
Also all accounts must be balance every month - whether $100, $10 or $60 million or even to the last $1 and last cents.
If a particular month, the amount cannot balance with the supporting doument, invoices, entries, bills etc --- accountants cannot go home until the account is balance.
You don't know meh?
That is why i am so appalled with the standard of accounting, operation and the management of the Aljunied town council fund - now when everything is make public.
The standard is way below what is expected in the management of a public fund.
Paul Tan - do you agree that if entry is flag as expenses in the journal entries and flag as account payable has different implications --- where it will incur more cost to the town council?
(1) If $60 million is flag as account payable - which has a credit term of say 3 months - then the town council can still put $60 million to earn interest for 3 months before payout.
Also if some of the $60 million roll over to next accounting year, the balance will be flag as liabilities in the balance sheet.
(2) If $60 million is flag as expenses in the journal - town council will have to foot the bill immediately by losing all the interest in the bank for 3 months and also the balance that roll over to next accounting years cannot be reflected in the balance sheet as liabilities where Assets = liabilities plus equity.
The cash flow will be immediately impacted.
Also if not enough cash flow of $60 million (some amount put in investment cannot draw out yet before maturity) - town council will have to borrow from banks at 4% interest - and this will cause the town council to borrow - incurring debt and have to pay the extra 4% to service the debt interest.
(Note :- cash come in every month through town council fees paid by residents - and not sitting in the bank doing nothing.
If $60 million need to be paid up immediately - i bet the town council will have to borrow from bank - as it will not have so much idle cash sitting in the bank doing nothing).
FMSS indeed did screw WP.
(1) If $60 million is flag as account payable - which has a credit term of say 3 months - then the town council can still put $60 million to earn interest for 3 months before payout.
Also if some of the $60 million roll over to next accounting year, the balance will be flag as liabilities in the balance sheet.
(2) If $60 million is flag as expenses in the journal - town council will have to foot the bill immediately by losing all the interest in the bank for 3 months and also the balance that roll over to next accounting years cannot be reflected in the balance sheet as liabilities where Assets = liabilities plus equity.
The cash flow will be immediately impacted.
Also if not enough cash flow of $60 million (some amount put in investment cannot draw out yet before maturity) - town council will have to borrow from banks at 4% interest - and this will cause the town council to borrow - incurring debt and have to pay the extra 4% to service the debt interest.
(Note :- cash come in every month through town council fees paid by residents - and not sitting in the bank doing nothing.
If $60 million need to be paid up immediately - i bet the town council will have to borrow from bank - as it will not have so much idle cash sitting in the bank doing nothing).
FMSS indeed did screw WP.
Paul Tan -
(1) financial management not a core competency of TC is no excuse - if not up to mark - don't bid.
If bid must be responsible - as they are the custodian of public money.
(Assume WP win next election and become the Government - but lose billions of dollars from the Economy - can you say running Government is not the WP core competency?)
Competency and exercising due diligence must be there and exercise when handling public funds.
Lack of competency is not breaking law - but will lose votes.
Failing to exercise due diligence and putting person with conflict of interest that cause losing public funds - will have broken the Town Council Act and Fiduciary Duties.
(2) For TC that lose in minibond - i have the same remarks - TCs must exercise similar due diliegence in investment.
We will have to examine 3 grounds for this lost in investment :-
(i) Is Investment allowed by Town Council?
Ans :- The Town Council Act - Section 41 Power of Investment - allow Town Council to put funds as investment - the same standard power of statutory bodies.
(ii) Did the town council exercise due diligence in the investment?
Yes because Lehman Brothers are just like Bank of America, Citibank, JP Morgan etc that are so call "too big to fail" by the US.
Unfortunately when US sub-prime crisis hit - many big banks in US face the real threat of bankruptcy - if not the US President Obama at that time do quantitative easing (similar to the effect of printing money) to prop up the banks.
Unfortunately before US government can pump prime the banks - Lehman Bros and Lehman Bros collapse.
(iii) Did the Town Council break any law or Town Council Act - in this investment lost?
Ans :- no or no one can find fault that they broke the law.
2 GRC town council lose a total of $12 million in the minibonds.
But they manage to bring back $24 million in their other investments.
(1) financial management not a core competency of TC is no excuse - if not up to mark - don't bid.
If bid must be responsible - as they are the custodian of public money.
(Assume WP win next election and become the Government - but lose billions of dollars from the Economy - can you say running Government is not the WP core competency?)
Competency and exercising due diligence must be there and exercise when handling public funds.
Lack of competency is not breaking law - but will lose votes.
Failing to exercise due diligence and putting person with conflict of interest that cause losing public funds - will have broken the Town Council Act and Fiduciary Duties.
(2) For TC that lose in minibond - i have the same remarks - TCs must exercise similar due diliegence in investment.
We will have to examine 3 grounds for this lost in investment :-
(i) Is Investment allowed by Town Council?
Ans :- The Town Council Act - Section 41 Power of Investment - allow Town Council to put funds as investment - the same standard power of statutory bodies.
(ii) Did the town council exercise due diligence in the investment?
Yes because Lehman Brothers are just like Bank of America, Citibank, JP Morgan etc that are so call "too big to fail" by the US.
Unfortunately when US sub-prime crisis hit - many big banks in US face the real threat of bankruptcy - if not the US President Obama at that time do quantitative easing (similar to the effect of printing money) to prop up the banks.
Unfortunately before US government can pump prime the banks - Lehman Bros and Lehman Bros collapse.
(iii) Did the Town Council break any law or Town Council Act - in this investment lost?
Ans :- no or no one can find fault that they broke the law.
2 GRC town council lose a total of $12 million in the minibonds.
But they manage to bring back $24 million in their other investments.
Paul Tan - can elaborate.
You mention TC investment lost - financial management.
This TC do not have qualified audit report.
You mention account payable - accounting.
Aljunied town council got qualified audit report.
You mention TC investment lost - financial management.
This TC do not have qualified audit report.
You mention account payable - accounting.
Aljunied town council got qualified audit report.
Ricky Lim in 2008 2 TC lost a total of more than12 millions investing in structured financial product . That financial management.
Account payable keeps a balance to to indicate cash required to meet short term liability. If liabilities is paid off promptly such balance would be very small.
Account payable keeps a balance to to indicate cash required to meet short term liability. If liabilities is paid off promptly such balance would be very small.
Paul Tan - so no confusion - we are talking about the same thing.
Paul Tan - Great to hear that you are all for recovering any money.
This is the outcome that residents of Aljunied GRC wants - because this is the blood, sweat and tear of the public money - that cannot be mishandled and must be recovered.
This is the outcome that residents of Aljunied GRC wants - because this is the blood, sweat and tear of the public money - that cannot be mishandled and must be recovered.
Paul Tan - Yes will have to wait for the Judge verdict.
As for sinking fund - they are use to upgrade the estates, build covered walkway, do improvements etc - that will prop up the values of the flat. With $33 millon lost - Aljunied GRC will not be able to do so - and the flat values will drop.
Even the private estates will also see their house price drop.
As for the residents town council fees - what to do?
When they say need to pay - no choice we got to pay.
As for sinking fund - they are use to upgrade the estates, build covered walkway, do improvements etc - that will prop up the values of the flat. With $33 millon lost - Aljunied GRC will not be able to do so - and the flat values will drop.
Even the private estates will also see their house price drop.
As for the residents town council fees - what to do?
When they say need to pay - no choice we got to pay.
Weng Cheng Ye
Ricky Lim
So which ward do we expect to see you representing the ruling party in the next election?
Your accounting/financial analysis prowess put me to shame.
南无阿弥陀佛🙏🙏🙏
So which ward do we expect to see you representing the ruling party in the next election?
Your accounting/financial analysis prowess put me to shame.
南无阿弥陀佛🙏🙏🙏
Weng Cheng Ye - ha ha ha...
I am not from accounting or financial background.
Also, I am not into politics.
I am a neutral person & not with any party - just wanting to ensure that our Country is doing well and Singaporeans and residents are living well.
I am not from accounting or financial background.
Also, I am not into politics.
I am a neutral person & not with any party - just wanting to ensure that our Country is doing well and Singaporeans and residents are living well.
Jimmy Hui
Weng Cheng Ye, "Ricky Lim" account was set up for a group of people to rebut any criticism of the ruling party. That is why you probably find him amazing with his long stories and analysis and he can talk on anything (a group of people is behind the account).
A neutral person & not with any party - will not go to such extend and spent so much time justifying what the ruling party did is always correct. "He" will remain anonymous and talking to him is as good as talking to a bot.
Save your time...
A neutral person & not with any party - will not go to such extend and spent so much time justifying what the ruling party did is always correct. "He" will remain anonymous and talking to him is as good as talking to a bot.
Save your time...
Jimmy Hui - Ricky Lim is one and only one person - not associate with any party.
Also I am not always with the Ruling Party.
Anything that is done correctly I will support - whether is Ruling Party or Opposition Party.
Anything that is not done correctly, I will propose what should be the correct things to do.
Eg. SingHealth cyberattack - I propose my solution how to stop the APT attack.
President Trump and President Kim visit to Singapore on denuke talk - I propose Sentosa instead of Shangrila. And I am very please that the MFA, MHA, Mindef etc are very effective and efficient to host and ramp up organisation skills and security skills to protect the foreign dignitaries and ensure a successful talk.
It shows that if the security forces (a combined integrated forces of the Home Team, Air, Land, Sea, Air defense - at short notice) can protect Sentosa (a pilot test of protecting an island and the gateway), they can protect Singapore.
Foreign Policy of "Friends with All. Adversaries with None. Forge mutual benefits with Win-Win outcome." - is my proposed foreign policy principle.
Changing police revolver to magazine load handgun to combat terrorism - is also my proposal.
Using rail sensor to proactively to detect track fault with central monitoring instead of "eyeball" track fault is my proposal.
Section 377A - I also propose my opinion of Explicit lens and Implicit lens.
ITM - Industry Transformation Map and centralised online Job Portal to resolve the disruptive tech that disrupt business and jobs - is my proposal.
Social Entrepenurship Hawker Centre with at least 1 cheap dish per stall is also my proposal.
And many others. such as Mention 苏东波 尿 can be evaporated and become drinking water in 1990s - become Newater in 2000.
My view is for the good of Singapore - which is Party neutral.
Just happen that I agree with about 90 to 95% of the view that is held by the Ruling Party - does not means that i am the Ruling Party social media spokesman.
I write what is best for Singapore, what is most pragmatic that works, not what is most popular but that will sink the Country.
Like · Reply · 1m
Jimmy Hui
Ricky Lim, after all that you've wrote and with so much of your proposals implemented, you expect anyone to believe you are "one and only one person"? If you are one person, you must be a super human cos you seem to have tremendous in-depth knowledge on everything under the sky. A super human like you should have joined (or may be you already have) a political party and with your credentials and foresights could easily be leading Singapore by now. Why just stay anonymous and gave all the above proposals for free? YOLO (you only live once) so why not make use of your life to show what you can do for society (and singapore) since you have such a great heart for the country and the people? I almost thought you're a reincarnated LKY :)
I still find it hard to believe you are "one and only one person" you claimed. Even if you're a one person, you're no ordinary guy. I suspect you must be a top notch civil servant (active or retired) unless you're some kind of prodigy /genius who choose to stay anonymous - what a waste! The fact that you do not have a face to your account and your usual staunch support of the ruling party, suspicion of your party affiliation is obvious and as for me I still suspect it's a group of people behind that "Ricky Lim". Sorry for not respecting your name (if it's your real name) and your "one and only one person" claim. Chao!
I still find it hard to believe you are "one and only one person" you claimed. Even if you're a one person, you're no ordinary guy. I suspect you must be a top notch civil servant (active or retired) unless you're some kind of prodigy /genius who choose to stay anonymous - what a waste! The fact that you do not have a face to your account and your usual staunch support of the ruling party, suspicion of your party affiliation is obvious and as for me I still suspect it's a group of people behind that "Ricky Lim". Sorry for not respecting your name (if it's your real name) and your "one and only one person" claim. Chao!
Like · Reply · 16h
Ricky Lim
Jimmy Hui - Ha ha ha...
Well "Ricky Lim" - indeed is "one and only one person".
You say "Ricky Lim" is a super-human - with in-depth knowledge ----- well there are many capable people in the Civil Service and the Ruling Party possessing such breadth and depth knowledge. I am certainly not a reincarnated LKY in which I have the full respect - that is too much a compliment.
As for why give my proposals free --- well the Buddha also give his immense knowledge free to the World - for the sole purpose of "liberating human sufferings to benefit the Universe".
Singapore is doing very well under a very capable Party - that even earn the respects of the World.
Singapore is not undergoing a crisis. There is no need to have another Mr LKY.
Many of the policies from the Ruling Party - are pragmatic, solving the real problem of Singapore and bring the Country forward - except some fine tuning needed that have fall off the crack.
Well "Ricky Lim" - indeed is "one and only one person".
You say "Ricky Lim" is a super-human - with in-depth knowledge ----- well there are many capable people in the Civil Service and the Ruling Party possessing such breadth and depth knowledge. I am certainly not a reincarnated LKY in which I have the full respect - that is too much a compliment.
As for why give my proposals free --- well the Buddha also give his immense knowledge free to the World - for the sole purpose of "liberating human sufferings to benefit the Universe".
Singapore is doing very well under a very capable Party - that even earn the respects of the World.
Singapore is not undergoing a crisis. There is no need to have another Mr LKY.
Many of the policies from the Ruling Party - are pragmatic, solving the real problem of Singapore and bring the Country forward - except some fine tuning needed that have fall off the crack.
Richard Hurts
Others do cannot, they do can
Like · Reply · 7m
Lucas Lim Hk
Mr Hawkes said the S$60 million of payments, mostly for utility bills, were processed using manual journal entries.
Don't think anyone can cheat on utility bills, so mayb this is difficult to analyse on his laptop? Many like to take hitch becos it's cheap but don't want share. So got interest of conflict?
Don't think anyone can cheat on utility bills, so mayb this is difficult to analyse on his laptop? Many like to take hitch becos it's cheap but don't want share. So got interest of conflict?
Lau Lan Chu
60 million of manual journal entry? What's that? Write on pieces of papers? How to audit and balance, we still have such system existing?
Reply · 15h
Lucas Lim Hk
Lau Lan Chu
Before there were computers coy also use books, basic accounting also start with book entry. Old fashion book entry does not constitute a criminal offence.
Before there were computers coy also use books, basic accounting also start with book entry. Old fashion book entry does not constitute a criminal offence.
Reply · 9h
Lau Lan Chu
Lucas Lim Hk we don't know how the stone age people close book but we are living in a different era need to use a proper way. Agree that manual entry if can tie account there will be no issue, question is can they do it with the huge amount of 60 million.
Reply · 1h
Anthony Ho
How come no private law suit against those who are responsible for the lost of $63 billion during the 2007-2008 financial crisis? The former Thai PM Yingluck Shinawattra was jailed 5 years for losing slightly more than $1b in rice deal.
Lau Lan Chu
Don't just ask, you can initiate one if you think there is a case. Everyone is like that, can only talk and no action.
Reply · 1h
Yeok Fong Yong
In 2017, I still remember Judge Quentin Loh’s statement "if AHPETC was managing corporation subject to the Building Maintenance & Strata Management Act it will be exposed to criminal liability". Indeed, this statement is proven correct now. Let's dispense justice!
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