IDA claims credit for 'charity' from Singtel shareholders

[Confuseous]

Today's newspapers reported that Singtel was fined a record $6million for the Bt Panjang Exchange fire last October 9th.

IDA says the fines collected, totalling $6.5million (the balance from two partners due to collateral damage) will go to a fund that gives low-income families financial assistance in accessing the internet. This is truly a very hypocritical manner of handling the situation by the IDA.

Question:

Was the fine deliberately set high to give the fund a roaring start? Shouldn't there be a separate budget which is allocated for this exercise, instead of depending on the telcos' cock-ups to raise fund?

Since the directors and the management were not penalised, one can only conclude that the $6million in fact will come from reduced profits earnings in the next report?

Truly uniquely Singapore!

 

[scroobal]

They are following the practice that was established by the old man and PAP leaders over the years. Money from lawsuits minus legal fees are donated to charities.