Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP town

[shiokalingam]

The latest development follows an ad hoc review done by the Accounting and Corporate Regulatory Authority (Acra).ST PHOTO: DESMOND WEE
​

PUBLISHED 21 MIN AGO UPDATED58 SEC AGO

Walter Sim



SINGAPORE - The Ministry of National Development (MND) has accused FM Solutions & Services (FMSS) of grossly profiteering at the expense of its sole client - the town council run by the Workers' Party (WP).

In a statement on Saturday, MND noted that for financial year (FY) 2013/2014, the Aljunied-Hougang-Punggol East Town Council (AHPETC) had suffered an operating deficit of $2 million. But that same year, FMSS made a net after-tax profit of $2 million after paying its directors and shareholders fees and salaries amounting to $1.14 million.


And although FMSS' revenue rose 30 per cent between the two financial years, from $6.7 million to $8.8 million, its profit after tax rose 300 per cent from $510,904 to $2.04 million.


"Had the town council not overpaid FMSS, it might well have had been able to break even," the MND said. It noted that the total payments by AHPETC to FMSS owners and directors had amounted to 22 per cent of FMSS' revenues in FY2012/2013, and grew further to 36 per cent in FY2013/2014.

"Such levels of profit margin are abnormal," said the MND. "As AHPETC was FMSS' only client, these findings support MND's earlier concern that the town council had overpaid FMSS excessively."

The latest development follows an ad hoc review done by the Accounting and Corporate Regulatory Authority (Acra) into FMSS' auditor Teo Liang Chye & Co, to determine the quality of FMSS' accounts and its audit process, the MND said.

FMSS was appointed managing agent for the Aljunied-Hougang-Punggol East Town Council (AHPETC) from 15 July 2011 to 14 July 2015, during which a series of accounting and governance lapses were found at the town council in a special audit by the Auditor-General's Office.

Among which were related party transactions, because FMSS' main shareholders were the late Danny Loh, who died in June while on holiday abroad, and his wife Ms How Weng Fan. The two owned 70 per cent of share of FMSS, and were respectively the town council's secretary and general manager.

Separately, a pending judgment from the Court of Appeal will decide if independent accountants can be appointed to, among other things, safeguard government grants to the AHPETC.

Because the AHPETC is FMSS' sole client, the MND has written to WP chairman Sylvia Lim to ask, among other things, if she was aware of the extent of profiteerin g in FMSS, if she has examined past transactions with FMSS, and how she intends to recover the monies lost due to overpayment.

"As FMSS was paid using service and conservancy charges collections from residents and operating grants from the MND, public monies are at stake," said the MND. "What happened between the town council and FMSS is not a private matter, but one which MND needs to look into."

 

[Narong Wongwan]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

You have to love the timing of these press statements.

Pap is losing the plot if it keeps harping on town council issues.
They are really disconnected from the ground

 

[mojito]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

If FMCC is grossly profiteering from AHPETC, are EMS run town councils in PAP wards grossly inefficient or equally profiteering?

 

[commoner]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

CPG & EM SERVICES, ex-HDB company, in the beginning profits xx fuc*ing times of managing PAP town councils,,,,,,

MP like raymond lim did not attend pat,iamentary meetings from 05/2012 till 08/2015

ministers of state doing practically nothing and gross in millions,,,,,

the list goes on n they pick on FMSS.

 

[NanoSpeed]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

PAP up the ante liao.

 

[soIsee]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

Have to agreed lah..

The Pappy have the facts and figures. They only don't want to be blunt and spill it all out.

Figures in tax submitted, property purchases and others.

The FMSS operators could buy one of even two private properties during this period, before cooling measures kicked in, shows they were tapping from somewhere for their 'fundings'

The operators were just staying in PIGEON HOLES then. If they could purchase things like this...they must be getting money from somewhere...

Unless they could also like Najip claim, SOME MIDDLE EAST DONORS gave them the donations for FREE! LoLoLoL

 

[Scrooball (clone)]

Cheebye Workers Party should go fuck themselves for paying their friends so much!

 

[shiokalingam]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

......,................

 

[marjojohn]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

So wat they profit? Like tat others than wana do e work. They profit. Bcos many scare pap dare not do. So its ok.

 

[virus]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

You have to love the timing of these press statements.

Pap is losing the plot if it keeps harping on town council issues.
They are really disconnected from the ground

i read a lot on syria and iraq. the uncanning similarity of timing by terrorists is really impressive.

 

[NanoSpeed]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

Using the same analogy, can we compare our Ministers' salaries with Obama Administration and claim the difference from PAP ?

"Such levels of profit margin are abnormal," said the MND. "As AHPETC was FMSS' only client, these findings support MND's earlier concern that the town council had overpaid FMSS excessively."

How many will disagree that we have been overpaying our ministers - excessively ?

 

[virus]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

So wat they profit? Like tat others than wana do e work. They profit. Bcos many scare pap dare not do. So its ok.

do remember that the other town councils actually charge higher the AHPTEC yet MND remains quite even though the services delivered may not even be up to par with them.

so far, no one complained that rubbish were not cleared, rodent infestation, etc.

this speake volume that APHTEC are one of the best if not the best and there are plenty of green eyes monsters in white.

 

[JHolmesJr]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

You want people work for free or what?

Only two kinda people work for free I heard...

Rich people ....and corrupt people...

 

[marjojohn]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

I stayed 4 mths at Aljunied GRC frm Nov 14 - Mar 15 to b honest I find e whole place well maintained. Everyday I go hoigang stadium n find e route ok no complaint. If TC nrver work then must b God"s hand. Persomal xperience say it all.

 

[tanwahtiu]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

at times like this smear campaign does not work.

PAP sure get back fired and LHL has to answer/ reply to these allegations himself. This useless LHL cannot handle crisis like this.

He is an autistic person that cannot handle sudden change in his environment.

An autistic person has a range from low to high. Low end type is the 白吃 and the high end type has only one type of intent. For example the high end type autistic person can be good in math, science or music, Stephen Hawking type, but they cannot handle dramatic changes in situation to their environment. They will get angry and upset and many remain silent (silent killer) throughout the crisis. Take Little India riot for example, a suddne change in crisis as leader Pinky cannot take the change and was o where to be found to take immediate action to stop further damage.

Pinky cannot be a good leader but give him a calm and quite office, and not to change his environment, he can be your good accountant for Singapore.

Pinky need to see his doctor to see if he is an autistic person.

PUBLISHED 21 MIN AGO UPDATED58 SEC AGO

Walter Sim



SINGAPORE - The Ministry of National Development (MND) has accused FM Solutions & Services (FMSS) of grossly profiteering at the expense of its sole client - the town council run by the Workers' Party (WP).

"As FMSS was paid using service and conservancy charges collections from residents and operating grants from the MND, public monies are at stake," said the MND. "What happened between the town council and FMSS is not a private matter, but one which MND needs to look into."​

​

 

[CABcommander]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

Wow profit margin so good and yet nobody wants to bid for the ma job? Knnb pap smearing again.

If wp can charge so low conservancy fees and yet contribute sinking fund and yet pay ma higher than market rates? Means pap tc is fuck ingredients incapable.

 

[HTOLAS]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

But but but, according to VB, only the very rich and corrupt will do work for free. So, FMSS must be neither.

 

[palden]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

The truth is always the truth. See the consequences of not having a tendering process? Left to right pocket. They have not become government already like this. If they win, we should be worried.

The latest development follows an ad hoc review done by the Accounting and Corporate Regulatory Authority (Acra).ST PHOTO: DESMOND WEE
​

PUBLISHED 21 MIN AGO UPDATED58 SEC AGO

Walter Sim



SINGAPORE - The Ministry of National Development (MND) has accused FM Solutions & Services (FMSS) of grossly profiteering at the expense of its sole client - the town council run by the Workers' Party (WP).

In a statement on Saturday, MND noted that for financial year (FY) 2013/2014, the Aljunied-Hougang-Punggol East Town Council (AHPETC) had suffered an operating deficit of $2 million. But that same year, FMSS made a net after-tax profit of $2 million after paying its directors and shareholders fees and salaries amounting to $1.14 million.


And although FMSS' revenue rose 30 per cent between the two financial years, from $6.7 million to $8.8 million, its profit after tax rose 300 per cent from $510,904 to $2.04 million.


"Had the town council not overpaid FMSS, it might well have had been able to break even," the MND said. It noted that the total payments by AHPETC to FMSS owners and directors had amounted to 22 per cent of FMSS' revenues in FY2012/2013, and grew further to 36 per cent in FY2013/2014.

"Such levels of profit margin are abnormal," said the MND. "As AHPETC was FMSS' only client, these findings support MND's earlier concern that the town council had overpaid FMSS excessively."

The latest development follows an ad hoc review done by the Accounting and Corporate Regulatory Authority (Acra) into FMSS' auditor Teo Liang Chye & Co, to determine the quality of FMSS' accounts and its audit process, the MND said.

FMSS was appointed managing agent for the Aljunied-Hougang-Punggol East Town Council (AHPETC) from 15 July 2011 to 14 July 2015, during which a series of accounting and governance lapses were found at the town council in a special audit by the Auditor-General's Office.

Among which were related party transactions, because FMSS' main shareholders were the late Danny Loh, who died in June while on holiday abroad, and his wife Ms How Weng Fan. The two owned 70 per cent of share of FMSS, and were respectively the town council's secretary and general manager.

Separately, a pending judgment from the Court of Appeal will decide if independent accountants can be appointed to, among other things, safeguard government grants to the AHPETC.

Because the AHPETC is FMSS' sole client, the MND has written to WP chairman Sylvia Lim to ask, among other things, if she was aware of the extent of profiteerin g in FMSS, if she has examined past transactions with FMSS, and how she intends to recover the monies lost due to overpayment.

"As FMSS was paid using service and conservancy charges collections from residents and operating grants from the MND, public monies are at stake," said the MND. "What happened between the town council and FMSS is not a private matter, but one which MND needs to look into."

 

[laksaboy]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

You have to love the timing of these press statements.

Pap is losing the plot if it keeps harping on town council issues.
They are really disconnected from the ground

At this point I really hope the pappies keep on harping on AHPETC.
Digging their own graves.

 

[Seee3]

Re: Breaking : MND accuses managing agent FMSS of "grossly profiteering" from WP t

Mnd make it sound like they are paying less to their managing agents than wp. If it is true, where are the savings. If there are indeed savings, why sc cc charges keep increasing.

The only issue I heard about fmss is that they operate just like any other managing agent. They forgotten that their staff are also Singaporeans. If they treat them with more respect, words will spread and more good staff will join them and the quality of the service will improve. Unfortunately, I have not heard positive feedback. Wp should have capitalise on fmss to produce service of outstanding quality at no extra cost tgrough greater emphasis on staff, their most important asset.