Is GIC and RenCi $560K Loan to MP Ong Seh Hong interest free?

[peterlth]

The question to ask is: Is the loan given to Ong by GIC and Ren Ci interest free or peg to the market commerical loan rate?

And that is the rationale for using tax payer money and public donation to provide loan to staff and not using it for general public interest?

Is the loan endorsed by the board members of GIC and Ren Ci?

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MP: It was a staff loan

IN THE on-going trial of Reverend Ming Yi, my name was mentioned in relation to a loan made to me when I joined Ren Ci Hospital and Medicare Centre as a staff. I am writing to state the facts of the loan and the events leading to it.

I had an outstanding staff housing loan from my previous employer, the Government of Singapore Investment Corporation (GIC) in 1999. I was offered a job by Ren Ci Hospital and Medicare Centre to be Director, Medical and Paramedical Services in January 2000. This was before I was elected as an MP in October 2001.

To join Ren Ci, I had to settle my housing loan with the GIC. One of the conditions for accepting the job in Ren Ci was that Ren Ci was to grant me a loan of $60,000 as a staff loan, to pay off in part the outstanding loan I owed to GIC.

I repaid the sum of $60,000 within three years by December 2002 as per the terms on which the loan was given to me.

When I borrowed the sum of $60,000 from Ren Ci, I was not an MP. Ren Ci extended the loan to me as a staff.

These are the facts surrounding the staff loan extended to me as an employee of Ren Ci Hospital.

Dr Ong Seh Hong

MP for Marine Parade GRC

 

[londontrader]

I think it is obvious that both loans are low cost (so to speak)
if they are mkt pegged, ong would have gone to a bank
The GIC one is a common staff incentive

 

[peterlth]

I think it is obvious that both loans are low cost (so to speak)
if they are mkt pegged, ong would have gone to a bank
The GIC one is a common staff incentive

Interest free loan from Renci and GIC. No bad.....

 

[Coolsaint77]

60k or 560k ???