In memory of the Old Man - "a small development" called Nassim Jade

[soikee]

There is no greater satisfaction than picking up a bargain. Once i decided on a model, i asked around for the car's price across my island. To my dismay, prices are more or less fixed across the board for new cars. All except one location which was a good 10% cheaper so i bought it. I soon realize that there were some blemishes and i had to change 2 of 4 tires to make it safe on the roads.

Now when you say the discounts on the apartment were inappropriate, are you privy to the details of the deal, the conditions of the assets? If you do know of a discount, surely it is prudence to put a buffer for possible defects? That the discounts were made presumably in exchange for political favours is all speculative! Yes, speculative. That is a most unfair accusation to the good and honorable Mr Lees!

Lan-cheow ah honourable!

Death duty was removed just before gecko's passing to siam death duty on 51 Cluny Hill which sits on 51,000 sq ft of freehold land and not counting the number of luxurious apartments.

 

[soikee]

even with the scandal, many still think his only misssion is S'pore and S'poreans. lky is just a human being. if pussies fail to tempt him, $$$ will. given his wealth, the discount is nothing but who says no to a good deal?

Supt of Police Khosa and his younger brother DSP Fred Lee were caught by CPIB for protecting the chup-jee-kee operations in S'pore.

Khosa was sacked with his photo printed on the front page of ST while Fred was asked to resign to become the CEO of J Ballas stock broking firm.

Decades later DBS Securities, a unit of Temasek bought over Ballas for a few hundred millions of Dollars.

 

[GoldenDragon]

Supt of Police Khosa and his younger brother DSP Fred Lee were caught by CPIB for protecting the chup-jee-kee operations in S'pore.

Khosa was sacked with his photo printed on the front page of ST while Fred was asked to resign to become the CEO of J Ballas stock broking firm.

Decades later DBS Securities, a unit of Temasek bought over Ballas for a few hundred millions of Dollars.

yup. freddy was guilty but let off coz bro was pm. simple as that. so, only the super gong kias believe lky was a fair man.

ong seng chye would have been charged for cbt as a servant if not for lky. osc was oc security branch previously.

 

[GoldenDragon]

If this incident happened to a civil servant, he would have been charged in court or asked to resign.

may be a sack from psc after an inquiry.

any news on koh beng seng? was a rising star but marginalised after this incident.

 

[iluvgst]

Lan-cheow ah honourable!

Death duty was removed just before gecko's passing to siam death duty on 51 Cluny Hill which sits on 51,000 sq ft of freehold land and not counting the number of luxurious apartments.

HAHA. KGC pte ltd. Unlisted billionaire family.

 

[dr.wailing]

The incident is also where the "law of 2 eggs for my Kway Teow" became acceptable conduct.

@scroobal

If you didn't already know, Familee owns two office buildings in the heart of Manhattan, USA, among many other properties around the world. In France it owns a very famous landmark.

 

[Narong Wongwan]

may be a sack from psc after an inquiry.

any news on koh beng seng? was a rising star but marginalised after this incident.

As with all who kena marked, marginalized or offended leegime.....can only eke out a living overseas away from clutches of leegime.

 

[scroobal]

Doing well. After a short exile in Bangkok and working with UOB, he is now back in the establishment - Great Eastern Chairman, which is OCBC and thus the family stable.

may be a sack from psc after an inquiry.

any news on koh beng seng? was a rising star but marginalised after this incident.

 

[scroobal]

No idea bro. All the private family vehicles serve an important purpose of privacy and basically operate similar to nominee accounts. They also do not need capital so do not have to go to open market and having to show their hand. The children of Lee Kong Chian dropped out of public eye and run their own private investment vehicles. I do recall their main vehicle was called a malay name - forget what it was.

Old man's second son is basically the CEO of the family investment vehicle having taken over his mother's affair while she was alive.

Interestingly like Lee Hee Seng of OCBC who also helmed GIC, son became Chair of F&N / APB but the prize was the property arm. He had the catbird seat of not only Singapore and the region but also the World thru F&N property investing in serviced apartments all over the world. With this comes valuable property and real estate data and inside information. I am sure some parts of the day it will be dong the corporate role and the other part will be using the same info to invest for the family fund.

It was no surprise that under him, they broke up one of Singapore 's blue chip company and its famous brands. 2 years after he took over, the sister-in-law sold temasek's holdings in the company to the Japanese, and the rest went to the Dutch and Thai. Only the property arm remains.

To the Singaporean, there is now very little to show and be proud of. Tiger for instance is even brewed in the UK.

@scroobal

If you didn't already know, Familee owns two office buildings in the heart of Manhattan, USA, among many other properties around the world. In France it owns a very famous landmark.

 

[Charlie99]

yup. freddy was guilty but let off coz bro was pm. simple as that. so, only the super gong kias believe lky was a fair man.

ong seng chye would have been charged for cbt as a servant if not for lky. osc was oc security branch previously.

Unfair for Khosa if Freddy was not dismissed, but went to Ballas.
Who owned the stock broker, Ballas, at that time?

 

[scroobal]

Thats life in the old man's world. It is no different when MOE rules were breached to allow some of the kids of the Lee clan to attend UWC and American school when they could not tackle Mandarin. Numerous parents wrote over many years to help their kids who did not have the aptitude for languages. All denied.

Just for the sake of it, forummers can send a letter of appeal to MOE for their kids and ask to allowed to study in UWC and American School. The answer will no unless one of the parents is a foreigner.

Jacob Ballas owned the company. He was growing old and needed a partner who had the links. In the 90s Freddy's son ran the company while Fred was Chairman. Used to walk from his office to the Mama shop at lunch time for his customary packet of m&ms.

Unfair for Khosa if Freddy was not dismissed, but went to Ballas.
Who owned the stock broker, Ballas, at that time?

 

[GoldenDragon]

Doing well. After a short exile in Bangkok and working with UOB, he is now back in the establishment - Great Eastern Chairman, which is OCBC and thus the family stable.

noted with thanks.

 

[Narong Wongwan]

Unfair for Khosa if Freddy was not dismissed, but went to Ballas.
Who owned the stock broker, Ballas, at that time?

Jacob Ballas the founder was a pioneer, respected business leader and philanthropist.
Ballas let the Lee wolves in the firm and became vickers Ballas after sold to Citicorp.....and later dbs vickers after sold to dbs.
Leegime practically swallowed Ballas and kicked him out. Fucking Lee bastards.

Interesting to note one of Freddy's son is working in OBS's HPL....

 

[soikee]

Unfair for Khosa if Freddy was not dismissed, but went to Ballas.
Who owned the stock broker, Ballas, at that time?

http://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes19690823-1.2.91.aspx


I better share the link here on Ag Supt JS Khosa's dismissal lest the CB kia kukubird cum out to accuse me of being a loose cannon.

Against all odds, after his dismissal, Khosa went to the UK to pursue his law degree and later returned to practise in the style of JS Khosa Advocates & Solicitors.

Sadly he was only in his 50's when he suffered a fatal heart attack at the S'pore Cricket Club.

 

[Reddog]

http://www.nas.gov.sg/archivesonline/data/pdfdoc/066-1996-05-21.pdf

It has been 20 years but this is worth a read. I found many interesting things including his comment about it being a "small development. Those not familiar, the land was where the famous Aw Brothers built their House of Jade which they opened to the public before it was acquired to develop Nassim Jade.

The incident is also where the "law of 2 eggs for my Kway Teow" became acceptable conduct.

Whichever way spin doctors present this event, it is in reality "Corruption". A sad legacy.

 

[Narong Wongwan]

Was told the house of jade was actually gazetted national heritage but OBS managed to get the status removed and tore down the house.

 

[hofmann]

Now when you say the discounts on the apartment were inappropriate, are you privy to the details of the deal, the conditions of the assets? If you do know of a discount, surely it is prudence to put a buffer for possible defects? That the discounts were made presumably in exchange for political favours is all speculative! Yes, speculative. That is a most unfair accusation to the good and honorable Mr Lees!

if the discounts were appropriate, they would not have donated the discounted sums to charity.

giving away the discount to charity is an acknowledgement on their part that the discounts were inappropriate. it is morally indefensible to keep the discounts.

 

[scroobal]

Yes, Jeffrey works for HPL. Ong's, Ban family and Fred's families are closely linked. There are folks here in this forum can describe in better details the connections.

Jacob Ballas the founder was a pioneer, respected business leader and philanthropist.
Ballas let the Lee wolves in the firm and became vickers Ballas after sold to Citicorp.....and later dbs vickers after sold to dbs.
Leegime practically swallowed Ballas and kicked him out. Fucking Lee bastards.

Interesting to note one of Freddy's son is working in OBS's HPL....

 

[scroobal]

Yes, if any other civil servant, that person will probably driving taxi.

Whichever way spin doctors present this event, it is in reality "Corruption". A sad legacy.

 

[frenchbriefs]

LKY boast of his wife being worth 20 million which is a pretty incredible sum in the 90s......how many people in the world are worth 20 million or more today?maybe 60,000 in a population of 7 billion?less than 0.001 percent?

i wonder how does a ordinary wife of a politician come to be worth 20 million when she doesnt seem to be involved in business or investment.