(1) Interesting comments that some netizens think that it is the Government to fix opposition.
(2) Honestly, this AHTC saga - is a gross blatant mismanagement of tender process --- that any auditors worth the salt will have picked it up.
(3) Failing to follow through this tender mismanagement - will be neglecting the duty of safeguarding public fund.
9 hours ago
Time to dissolve all town councils in Singapore and return the maintenance to HDB, after all HDB was the one maintaining since formation of HDB, If returned to HDB, current conservancy charges can reduce up to 40%, Ask HDB to employ Singaporeans as those days to work. Current Town councils manage by political parties. It should be the residents of the estate. after all all are public housing and manage by and we still call HDB 's flat.
The objective of town council formed to undermine opposition party only, and after opposition enter parliament then town council formed without asking citizens.
I too wonder I thought early audited check by MND. why MP of ruling party more concern than the resident of AHTC?
I really thanks modern technology for sharing information using social media. other wise we rely on one and only local news paper.
11 hours ago
17 November 2008
Just like thousands of Singapore investors who have lost money on failed Lehman-linked structured products, the Holland-Bukit Panjang Town Council may lose its S$8 million investment. – Channel NewsAsia
8 July 2008
According to Creative Technology’s (CT) annual report, Holland-Bukit Panjang Town Council (HBPTC) was listed as one of the majority shareholders with 530,000 shares currently valued at about $3.2 million. I understand that CT’s share price from 2003 to 2007, has ranged from a high of $27.30 to it’s current price of $6.10 on 12 October 2007. (Leong Sze Hian – The Online Citizen).
6 November 2008
It was written clearly on the prospectus of the Lehman-linked products that investors could lose their principal sum. And the people entrusted to invest the sinking funds are familiar with market realities: Typically, town councils’ investment portfolios are managed by internal finance committees, or external fund managers.
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)
11 hours ago
By the way, are last year's AGO findings of the below laspes and losses recovered yet? If not yet, can citizens also sue for recovery of their public funds?
SCDF
The Auditor-General's Office (AGO) noted that 104 out of 926 records of scheduled vehicular maintenance jobs, totalling $1.35 million, were inauthentic. Later, it was found that the records had been created and backdated by three SCDF officers and the contractors involved.
PEOPLE'S ASSOCIATION
PA was rapped for contract management and procurement lapses for contracts amounting to about $1.9 million for the Chingay Parade and Chinese New Year and Mid-Autumn Festival celebrations.
In one case, a PA officer was allowed to buy Chingay costumes from overseas vendors amounting to $142,200, and to pay for them in cash or through a remittance agent, instead of going through the Government's GeBiz portal.
The officer then claimed reimbursements using cash sales receipts. The AGO found some receipts had tell-tale signs that cast doubts on their authenticity.
MINISTRY OF DEFENCE
Mindef overpaid fees for grass-cutting for six years, amounting to about $200,000. This was mainly due to overstatement of the area involved.
MINISTRY OF EDUCATION
Delays in payments to contractors ranged from three months to more than three years for 30 school construction projects, which amounted to $13.61 million, the AGO said.
There were also instances when modifications to construction contracts were not properly managed, resulting in an estimated overpayment of $154,900, it added.
IMMIGRATION AND CHECKPOINTS AUTHORITY
ICA was found to have let the ICA Recreation Club (ICARE) set up photo booths on its premises without charging rent, which would have totalled an estimated $6.1 million.
The Home Affairs Ministry has since been advised by MOF that given the changes in government policy, ICA should seek to recover the roughly $6 million in rent forgone since 2002, the AGO said.
Media sound as if ahtc swallow up the 33mil, come on this is not correct. Should sue FM fir cheating and over charging ahtc. Anyway, FM is the only company willing and dare to take up the job. This is purely biz, just that no one wants to take the job fast, who kbows how the handing and taking over process and obstacle from pap to wp. Pap will clear out all info back to their hq and let wp go and figure out themselves and waste time and money so cost more to start from scratch. Bearing this was the first grc wp won unexpectedly that lhl good buddy been defeated by wp, two cabinet ministers and season one. Wonder why no one sue pap for lehman lost money outright? Thats wrong to put bets in investment, those residents money should be kept in fixed deposit. Town council are manging agents not a biz running to earn profits. Such entity are not suppose to run side biz and take residents money for investment like any public or private companies, they are not co-operatives. Wonder if those pap wards may have breach certain undertaking? Who gave them the right to invest in those entities? It should not be reinvested and solely be kept in FD. Am still puzzle such residents funds are being invested? That means town council can simply invest in properties shares etc? Thats betting. Town council should get approval from all residents money that is ok to invest. Frankly, they should keep residents money in the bank or safe even is zero interest. Why no answer? Who gave them the right to use as such? What happened to the losses? Why no one sue those town council and file police report?
10 hours ago
What about PAP breached for so many years? PAP had also make improper payments under their watch (so many cases reported without any punishment) and loss millions in improper LM investment under their watch., why never bring them to the court, what kind of standard is it?
9 hours ago
The only path forward now is to file an Appeal. The Appellate Court is served by a panel of 3 judges (at least). So they still have a fighting chance to reverse this ruling.
9 hours ago
Based on AGO finding, it is time to sue the ministries & ministers for all their lapses, and to recover back money from them! Also on Leman case, TH also involved? Shall we sue their CEO?!
10 hours ago
CIG AND TEMASEK MAKE THE BOOK TRANSPARENT SO THAT WE CAN SHOW THE OVER PAYMENTS - AND TAKE ACTION TO RECOVER AND CEO TAKE RESPONSIBILITY????? MAKE THE BOOK TRANSPARENT PLEASE AND WE WILL SHOW THE OVER PAYMENT TOO
11 hours ago
Can the judge then ask any contractor who will take the job in AHTC ? If there is one and AHTC didn't consider him then it's clear cut. There was none because all eligible contractors were doing jobs for PAP GRCs and if they apply AHTC job they would lose the PAP contracts. How can a judge not know this?
11 hours ago
People will pay to keep these warriors in Parliament. They first need to show that the value of the work received is close to S$33million. Eventual settlement will be less. Let's say the compensation set at S$10million, the electorate will crowd-fund this within a week and show that this is time for change. The momentum swing with to show the court that the people do not agree with the judgement and also disagree with how our country is being ruled. This may turn out to be one big morale victory for WP.
(2) Honestly, this AHTC saga - is a gross blatant mismanagement of tender process --- that any auditors worth the salt will have picked it up.
(3) Failing to follow through this tender mismanagement - will be neglecting the duty of safeguarding public fund.
The objective of town council formed to undermine opposition party only, and after opposition enter parliament then town council formed without asking citizens.
I too wonder I thought early audited check by MND. why MP of ruling party more concern than the resident of AHTC?
I really thanks modern technology for sharing information using social media. other wise we rely on one and only local news paper.
Just like thousands of Singapore investors who have lost money on failed Lehman-linked structured products, the Holland-Bukit Panjang Town Council may lose its S$8 million investment. – Channel NewsAsia
8 July 2008
According to Creative Technology’s (CT) annual report, Holland-Bukit Panjang Town Council (HBPTC) was listed as one of the majority shareholders with 530,000 shares currently valued at about $3.2 million. I understand that CT’s share price from 2003 to 2007, has ranged from a high of $27.30 to it’s current price of $6.10 on 12 October 2007. (Leong Sze Hian – The Online Citizen).
6 November 2008
It was written clearly on the prospectus of the Lehman-linked products that investors could lose their principal sum. And the people entrusted to invest the sinking funds are familiar with market realities: Typically, town councils’ investment portfolios are managed by internal finance committees, or external fund managers.
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)
SCDF
The Auditor-General's Office (AGO) noted that 104 out of 926 records of scheduled vehicular maintenance jobs, totalling $1.35 million, were inauthentic. Later, it was found that the records had been created and backdated by three SCDF officers and the contractors involved.
PEOPLE'S ASSOCIATION
PA was rapped for contract management and procurement lapses for contracts amounting to about $1.9 million for the Chingay Parade and Chinese New Year and Mid-Autumn Festival celebrations.
In one case, a PA officer was allowed to buy Chingay costumes from overseas vendors amounting to $142,200, and to pay for them in cash or through a remittance agent, instead of going through the Government's GeBiz portal.
The officer then claimed reimbursements using cash sales receipts. The AGO found some receipts had tell-tale signs that cast doubts on their authenticity.
MINISTRY OF DEFENCE
Mindef overpaid fees for grass-cutting for six years, amounting to about $200,000.
This was mainly due to overstatement of the area involved.
MINISTRY OF EDUCATION
Delays in payments to contractors ranged from three months to more than three years for 30 school construction projects, which amounted to $13.61 million, the AGO said.
There were also instances when modifications to construction contracts were not properly managed, resulting in an estimated overpayment of $154,900, it added.
IMMIGRATION AND CHECKPOINTS AUTHORITY
ICA was found to have let the ICA Recreation Club (ICARE) set up photo booths on its premises without charging rent, which would have totalled an estimated $6.1 million.
The Home Affairs Ministry has since been advised by MOF that given the changes in government policy, ICA should seek to recover the roughly $6 million in rent forgone since 2002, the AGO said.
https://www.straitstimes.com/singapore/auditor-general-flags-lapses-at-ministries-govt-agencies
The Appellate Court is served by a panel of 3 judges (at least).
So they still have a fighting chance to reverse this ruling.
Also on Leman case, TH also involved? Shall we sue their CEO?!