LTA got cheated $500 million by Austrian company, why no uproar in Parliament?

[Narong Wongwan]

Datz nothing
Ho Ching lost same in buying Micropolis............and I believe she din show remorse

Micropolis was child's play.....losses in hundreds of millions.
She has since graduated to 9 digits figures.

 

[Papsmearer]

Micropolis was child's play.....losses in hundreds of millions.
She has since graduated to 9 digits figures.

Yeah lor. They should send her to LTA and learn from Lewd Fuck You how to merely lose hundreds of millions of $ instead of Billions $. If Lewd can teach her this trick, he is worth every cent of his million $ salary.

 

[Unrepented]

Tenders documents never call for financials meh Question is who did the due diligence and who approved......

Never check their finance status before awarding the contracts? Oversight here.

 

[Papsmearer]

Tenders documents never call for financials meh Question is who did the due diligence and who approved......

Like I said, deafening silence. To say the truth, if the LTA had not sued Alpine for $500 million in court, we would never even have heard of this debacle. This is the PAP transparency. they demand it for oppo parties but not for themselves.

 

[Papsmearer]

Tenders documents never call for financials meh Question is who did the due diligence and who approved......

Not only financial documents, but every year, Alpine is supposed to submit an audited set too.

 

[Unrepented]

But profits go to the shareholders Bochap sinkies deserves to get ass fucked.

Well, this is the issue here with the huge PAP bureaucracy. In other countries, the tracks, rail lines and stations are owned, and build and operated by the train company. An example of this would be Amtrak in the US. But here for some stupid reason, there is an additional level of unnecessary bureaucracy, the stations, lines and rail infrastructure is owned by LTA, while the trains and service is owned by SMRT. By rights, SMRT as a "private" ltd company should build their own fucking stations and rail infrastructure. this way, if an Alpine Bau happened to them, the shareholders are the ones that suffer the losses and the red ink. If SMRT had to write off $500 million, some heads on the BOD will roll. Now, because LTA is behind all this, the loss goes to the taxpayer. Fucking PAP.

 

[laksaboy]

Well, this is the issue here with the huge PAP bureaucracy. In other countries, the tracks, rail lines and stations are owned, and build and operated by the train company. An example of this would be Amtrak in the US. But here for some stupid reason, there is an additional level of unnecessary bureaucracy, the stations, lines and rail infrastructure is owned by LTA, while the trains and service is owned by SMRT. By rights, SMRT as a "private" ltd company should build their own fucking stations and rail infrastructure. this way, if an Alpine Bau happened to them, the shareholders are the ones that suffer the losses and the red ink. If SMRT had to write off $500 million, some heads on the BOD will roll. Now, because LTA is behind all this, the loss goes to the taxpayer. Fucking PAP.

'Private' my ass. Who are the majority shareholders?

Also, name me one company in the private sector who appoints SAF scholar trash such as Desmond Kuek as its CEO.

 

[palden]

No la. If they never touch this contract they will still be around. Maybe they already do 90% of the job but get paid only 10%? Later still Kenna claim full amount? Have faith in govt. they not so stupid one. Always claim more so that getting paid less will still profit.

 

[virus]

so what haPPened? $8 cow never ask no porn lui to kill himself?

 

[xpo2015]

Why uproar? Spent some more tax dollars to complete it loh.

 

[frenchbriefs]

Well, this is the issue here with the huge PAP bureaucracy. In other countries, the tracks, rail lines and stations are owned, and build and operated by the train company. An example of this would be Amtrak in the US. But here for some stupid reason, there is an additional level of unnecessary bureaucracy, the stations, lines and rail infrastructure is owned by LTA, while the trains and service is owned by SMRT. By rights, SMRT as a "private" ltd company should build their own fucking stations and rail infrastructure. this way, if an Alpine Bau happened to them, the shareholders are the ones that suffer the losses and the red ink. If SMRT had to write off $500 million, some heads on the BOD will roll. Now, because LTA is behind all this, the loss goes to the taxpayer. Fucking PAP.

Easy its called socializing costs and privatizing profits.let lta shoulder the burden of the cost of maintaining the stations,tracks and infrastructure. SMRT just collect money can already.

 

[halsey02]

Not only financial documents, but every year, Alpine is supposed to submit an audited set too.

This was opposition company, they want 10 independent auditors, those in charge line up & commit harakiri...

 

[garlic]

I will explain to you like this.

On a contract this size, a down payment, initial payment is usually made. Than progressive draws are given on a predetermined interval, usually based on the amount of work that has already been done. eg. 20% completed on the project gets a draw of XXX$ for Alpine Bau. Its is possible that LTA made the initial payment, but Alpine did not do enough work as per the contract.

The clue is that Alpine Bau made the project so far behind because of its bankruptcy that LTA was forced to hire not one back up but 2 back contractors to finish the job. And they paid a premuim for these contractors to work overtime to get it done close to the deadline. When you are forced to hire contractors at such short notice and you ask them to expedite the work for you, they will quote you a high bid because you need them to pretty much try to meet the deadline no expenses spared. This is where the loss comes in, it is costing LTA hundreds of millions of $ in extra cost to hire these 2 companies to finish up at breakneck speed. LTA is trying to recover this cost from Alpine Bau. But this does not answer the following questions:

- Where was the completion bond on this project? LTA should have insisted on Alpine Bau giving them a performance bond, usually in an irrevocable LOC from a bank, so if Alpine cannot finish the project, LTA calls the bond and gets some money that way. Minimum should be a $100 million perfomance bond.
-WHy did LTA nor Alpine Brau take out insurance on the project to protect themselves from this eventuality?
- Why was there no clause in the contract that would allow LTA to terminate it in the even of insolvency of Alpine or if Alpine was sold or merged with another company. Instead of immediately terminating the contract, they dragged it on until the project is so far behind schedule. They need to cut their losses early and run.

After over 20 years of building MRT, they still don't have a singapore company that can do this? They are always giving the MRT projects to Japanese, Koreans, European companies etc. What happens in those countries to the parent companies, no one knows. If a local company was awarded such a MRT project and in the middle of it encountered financial difficulties, the word would have been out and LTA would know about it long before anything happens instead of being blind sided like this. Bottom line is LTA did not do proper due dilligence on Alpine and then never monitored Alpine's financial health after awarding them the contract. Lewd Fuck You is strangely silent on this.

Yeah, exactly.. WP or LTK, you can copy and paste this in next parliament sitting...

 

[garlic]

No la. If they never touch this contract they will still be around. Maybe they already do 90% of the job but get paid only 10%? Later still Kenna claim full amount? Have faith in govt. they not so stupid one. Always claim more so that getting paid less will still profit.

Have faith in Govt..... :o

 

[eatshitndie]

alpine bau kenna sabo'ed by new spanish parent fcc back in 2013.

http://www.reuters.com/article/2013/06/19/fcc-alpine-bankruptcy-idUSL5N0EV13B20130619

 

[enterprise2]

Anyone hara Kiri yet??

 

[zeddy]

Easy its called socializing costs and privatizing profits.let lta shoulder the burden of the cost of maintaining the stations,tracks and infrastructure. SMRT just collect money can already.

Cheebye LTA would usually gives out tenders to the lowest bidders... One good example is the Taiwanese company CTCI involved in the present DTL 3 project... That company is very big in Taiwan and construct mostly residential and buildings..

This is their first time involved in a construction project in Spore... But one glaring statistic.. They got no experience in laying out track works and railway projects but still LTA gave them the tender to be DTL3 trackwork contractor (laying out tracks and third rail installations)...

CTCI won the bid over Alstom the previous long time trackwork contractor for LTA... The reason CTCI won was because their bid was the lowest beating the bids of 3 other international well known trackwork companies...And now many projects delayed liao at DTL 3 because of the many cocked ups by CTCI ... Poor man management and planning, low morale among staff and workers because of the regimental rules laid out by the fucktard Taiwanese bosses based in Spore to their local staff and workers, delayed jobs due to accidents suffered by workers..

 

[Leckmichamarsch]

Not only financial documents, but every year, Alpine is supposed to submit an audited set too.

ah like AHP WP GRC,,,,,,, only that paltry sum got with held n used to tekan WP then blame the TC to be at brink of bankruptcy. How dirty can politics get??????/

 

[Confuseous]

'Private' my ass. Who are the majority shareholders?

Also, name me one company in the private sector who appoints SAF scholar trash such as Desmond Kuek as its CEO.

This CEO was supposedly hired after a global search and whose majority of revenue now comes from advertising spaces and rental.
Now, going into mobile communications soon.

Should he be replaced by someone who is competent in this field?

 

[Nedved]

Taxpayers monies cheated