<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">scorpionwin <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">Nov-27 8:45 pm </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>14578.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>
Government money of any form is still our money. Through taxes, the Government takes money from the people in order to run the country. The State has an implicit contract with the people to ensure that the money is put to good use, and as the money is used by the people and for the people, the people have the right to know how their money is being used.
But this is not happening.
The Town Councils have remained silent. This silence has remained deafening in light of increasingly louder questions. With Singapore being swept up in the global tide of recession, how the Government uses the people's money is an increasingly relevant, increasingly controversial issue. While we are told that the Town Councils invest our money in stocks and products, we are not given the full picture. When the media probes deeper, the Government gives no response.
In a country whose government prides itself on being strong and clean, this is unacceptable. It is nothing less than a disservice to the people who fund, build, run and maintain the machinery of state -- in short, every Singaporean. By deflecting or stonewalling questions that we have the right to ask, and whose answers we have the right to know, the Government is suggesting that it has something to hide. But why does the Government have something to hide?
Our system of government rests on the shoulders of Parliament. But our Members of Parliament are by and large our elected representatives. We have shown our confidence in our MPs to lead us, but because they are making decisions on our behalf, we have the right to know the processes and information that governs these decisions. We have the right to know how our MPs are managing our money.
It is up to the people to take the Government to task. It is our right, and our duty, to demand accountability from our MPs, instead of closing our eyes and hoping that the TCs invest the people's money wisely. The time has come for us to exercise our rights, and demand some answers.
Written in italics below is a template letter drafted by The Online Citizen. You may use this letter to ask your MPs the questions that need to be asked, through e-mail or ordinary mail. Your TCs' addresses and their chairpersons' e-mail addresses are found below. Should you use this letter, please cc a copy to The Online Citizen so that it can track the number of queries sent. Should you receive a reply, please update TOC as well. TOC will collate any and all information received, and make it public. Singaporeans deserve this transparency.
To: The Town Council Chairperson
Re: Investments of sinking funds
Dear Sir / Madam,
I am a resident of the Town Council which you chair. In light of the recent revelations in Parliament about certain Town Councils having exposed their sinking funds to troubled structured products that may now be worthless, I would like to ask for details on how the funds that have been collected from residents over the years are being invested.
Specifically, I would like to request for the following information:
1)Full and transparent disclosure of all investments currently held by the Town Council (whether they are structured products, stocks, bonds, fixed deposits or others), made using sinking funds
2)In particular, whether sinking funds have been used to invest in any structured products that are not related to Lehman Brothers, but which may now be at risk
3)The performance of the Town Council’s investments over the past three years, and whether these performance figures are based only last audited figures or include recent investment losses and/or write-offs
4)What would the performance have been, if the Town Council had used all investable funds to purchase 10-year SGS bonds instead
5)Who were the qualified persons who had advised the Town Council on its investments, and how were they appointed
6)Whether the Town Council had purchased securities or otherwise placed any investments with these qualified persons, and if so, how the Town Council had addressed the apparent conflict of interest
7Whether the Town Council believes that it had been missold any investments (whether related to Lehman Brothers or otherwise), and if so whether the Town Council intends to take action for such misselling.
8 )Whether there are any minutes or records of the Town Council’s deliberations on decisions to invest in structured products, and if so whether the Town Council intends to disclose them
I would like to remind you of the statement made by Minister for National Development Mr Mah Bow Tan:
“Each town council has the duty to explain to its residents how it invests its funds, what is its philosophy, what are the risks it takes”. (Sunday Times November 23)
I trust that you would agree that we residents deserve nothing less than full transparency and a complete accounting of what has happened, so that we can rest assured that our sinking funds have been appropriately handled.
I look forward to your early reply.
Yours Sincerely,
(Name)
(Address, Constituency)
———–
Addresses and emails of town councils and Members of Parliament
Aljunied TC
Serangoon North Office, Blk 147 Serangoon North Avenue 1, #01-421 , S550147
Fax: 6288 2009
Chairman: MDM CYNTHIA PHUA : [email protected]
Ang Mo Kio-Yio Chu Kang Town Council
Ave 10 Office
Blk 528 Ang Mo Kio Ave 10, #01-2385, S 560528
Tel: 6456 1633, Fax: 6456 1225
Chairman: MR INDERJIT SINGH : [email protected]
West Coast-Ayer Rajah Town Council:
Clementi Office
Block 444 Clementi Avenue 3, #01-123/125
S 120444
Tel: 1800-776 0271
Fax: 6775 1814
Chairman: MR ARTHUR FONG : [email protected]
Tanjong Pagar TC:
Block 166 Bukit Merah Central, #03-3527 , Singapore 150166
Tel: 6272 6415, Fax: 6272 6415
Chairman: ASSOC PROF KOO TSAI KEE : [email protected]
Hong Kah Town Council
309 Choa Chu Kang Ave 4, #02-02 Choa Chu Kang Centre
Singapore 680309
Tel: 6764 3295, Fax: 6764 7208
Chairman: MR ANG MONG SENG : [email protected]
Jurong Town Council
Main Office
Blk 255 Jurong East Street 24, #01-303 , Singapore 600255
Tel: 6561 2222, Fax: 6562 4997
Chairman: MDM HALIMAH YACOB : [email protected]
Pasir Ris-Punggol TC
Pasir Ris Office
Blk 577 Pasir Ris St 53, #01-88, Singapore 510577
Tel: 6585 4938, Fax: 6585 4937
Chairman: DR AHMAD MOHD MAGAD : [email protected]
Sembawang TC
Woodlands Office
Blk 306A Woodlands St 31, #02-00, S(731306)
Tel: 6368 3100, Fax: 6368 2271
Chairman: MR HAWAZI DAIPI : [email protected] , [email protected]
Bishan Toa Payoh TC
Toa Payoh Office :
Blk 125A #01-134, Toa Payoh Lorong 2, Singapore 311125 Tel : 6259 6700, Fax : 6259 9626
Chairman: MR ZAINUDIN NORDIN : [email protected]
Jalan Besar TC
Geylang Bahru Office , Blk 70, Geylang Bahru , #01-2719
S(330070)
Tel: 62989222 / 1800-2989603
Fax: 6293 2117
Chairman: DR LILY NEO : [email protected]
Vice-Chairman: MS DENISE PHUA LAY PENG : [email protected] , [email protected]
Marine Parade TC
Main Office
Blk 50 Marine Terrace, #01-265, Singapore 440050
Tel: 6241 6044, Fax: 6444 0919
Chairman: DR ONG SEH HONG : [email protected]
Holland-Bukit Panjang TC
Ulu Pandan Office
170 Ghim Moh Road, #06-02, Singapore 279621
Tel : 6 416 7900 , Fax : 6416 7911
Chairman: Teo Ho Pin : [email protected]
East Coast TC
Block 206 Bedok North Street 1 , #01-353 , Singapore 460206
Tel: 1800 444-9549 , Fax: 6444-0775
Chairman: MS TAN SOON NEO, JESSICA : [email protected]
Tampines TC:
Block 136 Tampines Street 11, Singapore 521136
Fax : 6783 2208
Chairman: MR ONG KIAN MIN : [email protected]
Potong Pasir TC:
Tel: 6284 5000
Fax: 6284 5161
MR CHIAM SEE TONG : [email protected]
Hougang TC
Hougang Avenue 2
Singapore 530701
Tel: 6286 3533
Fax: 6283 2678
MR LOW THIA KHIANG : [email protected]
For too long, the Government has heard the sound of a silent nation. Now is the time to remind the State what we have put them in power. Now is the time to get some of the answers we've been searching for too long. Now is our time.
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"When asked if town councils might lose more money from their other investments, Dr Teo said that he did not have the details of their investments and declined comment about his town council, Holland-Bukit Panjang." TODAY Newspaper
‘Each town council has the duty to explain to its residents how it invests its funds, what is its philosophy, what are the risks it takes’ Mah Bow Tan, Minister for National Development
Government money of any form is still our money. Through taxes, the Government takes money from the people in order to run the country. The State has an implicit contract with the people to ensure that the money is put to good use, and as the money is used by the people and for the people, the people have the right to know how their money is being used.
But this is not happening.
The Town Councils have remained silent. This silence has remained deafening in light of increasingly louder questions. With Singapore being swept up in the global tide of recession, how the Government uses the people's money is an increasingly relevant, increasingly controversial issue. While we are told that the Town Councils invest our money in stocks and products, we are not given the full picture. When the media probes deeper, the Government gives no response.
In a country whose government prides itself on being strong and clean, this is unacceptable. It is nothing less than a disservice to the people who fund, build, run and maintain the machinery of state -- in short, every Singaporean. By deflecting or stonewalling questions that we have the right to ask, and whose answers we have the right to know, the Government is suggesting that it has something to hide. But why does the Government have something to hide?
Our system of government rests on the shoulders of Parliament. But our Members of Parliament are by and large our elected representatives. We have shown our confidence in our MPs to lead us, but because they are making decisions on our behalf, we have the right to know the processes and information that governs these decisions. We have the right to know how our MPs are managing our money.
It is up to the people to take the Government to task. It is our right, and our duty, to demand accountability from our MPs, instead of closing our eyes and hoping that the TCs invest the people's money wisely. The time has come for us to exercise our rights, and demand some answers.
Written in italics below is a template letter drafted by The Online Citizen. You may use this letter to ask your MPs the questions that need to be asked, through e-mail or ordinary mail. Your TCs' addresses and their chairpersons' e-mail addresses are found below. Should you use this letter, please cc a copy to The Online Citizen so that it can track the number of queries sent. Should you receive a reply, please update TOC as well. TOC will collate any and all information received, and make it public. Singaporeans deserve this transparency.
To: The Town Council Chairperson
Re: Investments of sinking funds
Dear Sir / Madam,
I am a resident of the Town Council which you chair. In light of the recent revelations in Parliament about certain Town Councils having exposed their sinking funds to troubled structured products that may now be worthless, I would like to ask for details on how the funds that have been collected from residents over the years are being invested.
Specifically, I would like to request for the following information:
1)Full and transparent disclosure of all investments currently held by the Town Council (whether they are structured products, stocks, bonds, fixed deposits or others), made using sinking funds
2)In particular, whether sinking funds have been used to invest in any structured products that are not related to Lehman Brothers, but which may now be at risk
3)The performance of the Town Council’s investments over the past three years, and whether these performance figures are based only last audited figures or include recent investment losses and/or write-offs
4)What would the performance have been, if the Town Council had used all investable funds to purchase 10-year SGS bonds instead
5)Who were the qualified persons who had advised the Town Council on its investments, and how were they appointed
6)Whether the Town Council had purchased securities or otherwise placed any investments with these qualified persons, and if so, how the Town Council had addressed the apparent conflict of interest
7Whether the Town Council believes that it had been missold any investments (whether related to Lehman Brothers or otherwise), and if so whether the Town Council intends to take action for such misselling.
8 )Whether there are any minutes or records of the Town Council’s deliberations on decisions to invest in structured products, and if so whether the Town Council intends to disclose them
I would like to remind you of the statement made by Minister for National Development Mr Mah Bow Tan:
“Each town council has the duty to explain to its residents how it invests its funds, what is its philosophy, what are the risks it takes”. (Sunday Times November 23)
I trust that you would agree that we residents deserve nothing less than full transparency and a complete accounting of what has happened, so that we can rest assured that our sinking funds have been appropriately handled.
I look forward to your early reply.
Yours Sincerely,
(Name)
(Address, Constituency)
———–
Addresses and emails of town councils and Members of Parliament
Aljunied TC
Serangoon North Office, Blk 147 Serangoon North Avenue 1, #01-421 , S550147
Fax: 6288 2009
Chairman: MDM CYNTHIA PHUA : [email protected]
Ang Mo Kio-Yio Chu Kang Town Council
Ave 10 Office
Blk 528 Ang Mo Kio Ave 10, #01-2385, S 560528
Tel: 6456 1633, Fax: 6456 1225
Chairman: MR INDERJIT SINGH : [email protected]
West Coast-Ayer Rajah Town Council:
Clementi Office
Block 444 Clementi Avenue 3, #01-123/125
S 120444
Tel: 1800-776 0271
Fax: 6775 1814
Chairman: MR ARTHUR FONG : [email protected]
Tanjong Pagar TC:
Block 166 Bukit Merah Central, #03-3527 , Singapore 150166
Tel: 6272 6415, Fax: 6272 6415
Chairman: ASSOC PROF KOO TSAI KEE : [email protected]
Hong Kah Town Council
309 Choa Chu Kang Ave 4, #02-02 Choa Chu Kang Centre
Singapore 680309
Tel: 6764 3295, Fax: 6764 7208
Chairman: MR ANG MONG SENG : [email protected]
Jurong Town Council
Main Office
Blk 255 Jurong East Street 24, #01-303 , Singapore 600255
Tel: 6561 2222, Fax: 6562 4997
Chairman: MDM HALIMAH YACOB : [email protected]
Pasir Ris-Punggol TC
Pasir Ris Office
Blk 577 Pasir Ris St 53, #01-88, Singapore 510577
Tel: 6585 4938, Fax: 6585 4937
Chairman: DR AHMAD MOHD MAGAD : [email protected]
Sembawang TC
Woodlands Office
Blk 306A Woodlands St 31, #02-00, S(731306)
Tel: 6368 3100, Fax: 6368 2271
Chairman: MR HAWAZI DAIPI : [email protected] , [email protected]
Bishan Toa Payoh TC
Toa Payoh Office :
Blk 125A #01-134, Toa Payoh Lorong 2, Singapore 311125 Tel : 6259 6700, Fax : 6259 9626
Chairman: MR ZAINUDIN NORDIN : [email protected]
Jalan Besar TC
Geylang Bahru Office , Blk 70, Geylang Bahru , #01-2719
S(330070)
Tel: 62989222 / 1800-2989603
Fax: 6293 2117
Chairman: DR LILY NEO : [email protected]
Vice-Chairman: MS DENISE PHUA LAY PENG : [email protected] , [email protected]
Marine Parade TC
Main Office
Blk 50 Marine Terrace, #01-265, Singapore 440050
Tel: 6241 6044, Fax: 6444 0919
Chairman: DR ONG SEH HONG : [email protected]
Holland-Bukit Panjang TC
Ulu Pandan Office
170 Ghim Moh Road, #06-02, Singapore 279621
Tel : 6 416 7900 , Fax : 6416 7911
Chairman: Teo Ho Pin : [email protected]
East Coast TC
Block 206 Bedok North Street 1 , #01-353 , Singapore 460206
Tel: 1800 444-9549 , Fax: 6444-0775
Chairman: MS TAN SOON NEO, JESSICA : [email protected]
Tampines TC:
Block 136 Tampines Street 11, Singapore 521136
Fax : 6783 2208
Chairman: MR ONG KIAN MIN : [email protected]
Potong Pasir TC:
Tel: 6284 5000
Fax: 6284 5161
MR CHIAM SEE TONG : [email protected]
Hougang TC
Hougang Avenue 2
Singapore 530701
Tel: 6286 3533
Fax: 6283 2678
MR LOW THIA KHIANG : [email protected]
For too long, the Government has heard the sound of a silent nation. Now is the time to remind the State what we have put them in power. Now is the time to get some of the answers we've been searching for too long. Now is our time.
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