n 2 years, retired S'pore teacher lost... $460,000. Now broke, he says life savings were sunk in bad business deals in Tanjung Pinang
E sailed off into the sunset in a blaze of glory, taking his pension and entire life savings of $460,000 to Tanjung Pinang, Indonesia.
FAILED VENTURES: Mr Anual Ibrahim showing pictures of his now-defunct business ventures in Tanjung Pinang, Indonesia. They include a fish export firm, a bed and breakfast, a coffee shop and a farm. PICTURE: BERITA HARIAN
There, retired Singapore teacher Anual Ibrahim invested in several businesses and properties, and got married again, to a woman 28 years his junior.
But within two years, the fairytale fell apart.
Mr Anual, now 67, claims he was swindled out of the entire sum by his Indonesian business manager, who took advantage of his trust and lack of business experience.
Broke and suffering from renal failure, Mr Anual returned to Singapore three years ago to have access to regular dialysis.
He now lives with his only daughter from an earlier marriage, who gives him a monthly allowance and settles his dialysis bills for him.
His wife, 39, and adopted daughter, 4, remain in Tanjung Pinang. He takes the ferry to visit them periodically.
It's a far cry from the heady days of 1997, when Mr Anual first visited Tanjung Pinang with a friend.
He recalled: 'My friend told me, 'After retire, go there, sure become rich'.'
So when he retired the next year, after teaching for almost 40 years, Mr Anual decided to move there.
He gave more than $100,000 of his pension money to his only daughter, and took the rest, plus his life savings, with him to Indonesia. He was already divorced from his first wife then.
Based on a friend's recommendation, he hired a local man to be his business manager, bought properties and set up a variety of businesses. One exported fish and another was a bed and breakfast. There was also a coffee shop, and a farm with cows, goats and chickens.
Later, he even took back the money he had given his daughter, to pump more into his investments.
He married his West Javanese wife later that same year.
Showing pictures of houses and businesses to Berita Harian, Mr Anual said that people thought he was a 'big shot', and his lifestyle in Tanjung Pinang became a hot conversation topic among his friends.
But everything soon unravelled.
The problem? Mr Anual had put his properties under his Indonesian manager's name, as foreigners are not allowed to buy land there.
Because he knew nothing about running businesses, he also left everything to his workers.
He claimed: 'I know nothing about selling fish. They took advantage of me. Everything that I did, I was swindled.'
Mr Anual said that after he got married, he tried to transfer the ownerships to his wife's name, but the business manager refused, unless he was paid a sum of money first.
Quarrelling
That's when the two men started quarrelling.
Mr Anual claims that within two years, the businesses failed. Then the manager allegedly sold everything and disappeared.
He said he made police reports, but to no avail.
His kidneys started failing five years ago. To support him, his daughter sent him money and medication regularly. But it was expensive, both because of transportation costs, and the fact that he was a foreigner.
Mr Anual finally moved back to Singapore three years ago, so he can have regular dialysis here three times a week, which he can mostly pay for using Medisave. His daughter tops up the balance.
He hopes his tale can help to warn others of the pitfalls involved in venturing overseas like he did.
It's clear Mr Anual still longs for his old life.
'But I have no choice,' he said.
No cheaper rental flats after 2 HDB subsidies
ON top of his money woes, Mr Anual is now fighting a second battle.
He wants to move out of his daughter's home and rent a subsidised flat of his own, so he can bring his wife and their adopted daughter to Singapore.
He told The New Paper that he wants his wife here so she can take care of him.
He added it would not be convenient to ask his only daughter, from his previous marriage, to take them in as well.
'It's her stepmother. Who likes it, tell me,' said Mr Anual.
Both his daughter and his new wife are the same age, 39.
Mr Anual said he had gone to his Member of Parliament for help and written in repeatedly to HDB, but was rejected.
The reason?
He had previously bought and sold two direct-purchase flats from HDB, enjoying two housing subsidies and more than $300,000 in total profits from the two sales, said a HDB spokesman.
This makes him not eligible for a third subsidy in the form of an HDB rental flat.
This policy is in place to ensure equitable distribution of subsidies among Singaporean households.
Also, Mr Anual and his Indonesian wife do not meet the minimum citizenship requirement to rent an HDB flat.
Said the spokesman: 'HDB's rental flats are heavily subsidised and limited in number, with about 4,000 applicants on the waiting list.
'They are meant for the truly poor and needy families who cannot afford to buy a home, have no family support, and do not have an alternative housing option.'
The spokesman noted that Mr Anual's daughter lives in an executive apartment, and he has the option to live with her, for care and support.
Said the spokesman: 'Flat owners should not sell their flats thinking that they can fall back on a subsidised rental flat.
'If they are not buying another home, they should plan for and make their own alternative housing arrangement before selling their existing flat, with family members as the first line of support.'
E sailed off into the sunset in a blaze of glory, taking his pension and entire life savings of $460,000 to Tanjung Pinang, Indonesia.
There, retired Singapore teacher Anual Ibrahim invested in several businesses and properties, and got married again, to a woman 28 years his junior.
But within two years, the fairytale fell apart.
Mr Anual, now 67, claims he was swindled out of the entire sum by his Indonesian business manager, who took advantage of his trust and lack of business experience.
Broke and suffering from renal failure, Mr Anual returned to Singapore three years ago to have access to regular dialysis.
He now lives with his only daughter from an earlier marriage, who gives him a monthly allowance and settles his dialysis bills for him.
His wife, 39, and adopted daughter, 4, remain in Tanjung Pinang. He takes the ferry to visit them periodically.
It's a far cry from the heady days of 1997, when Mr Anual first visited Tanjung Pinang with a friend.
He recalled: 'My friend told me, 'After retire, go there, sure become rich'.'
So when he retired the next year, after teaching for almost 40 years, Mr Anual decided to move there.
He gave more than $100,000 of his pension money to his only daughter, and took the rest, plus his life savings, with him to Indonesia. He was already divorced from his first wife then.
Based on a friend's recommendation, he hired a local man to be his business manager, bought properties and set up a variety of businesses. One exported fish and another was a bed and breakfast. There was also a coffee shop, and a farm with cows, goats and chickens.
Later, he even took back the money he had given his daughter, to pump more into his investments.
He married his West Javanese wife later that same year.
Showing pictures of houses and businesses to Berita Harian, Mr Anual said that people thought he was a 'big shot', and his lifestyle in Tanjung Pinang became a hot conversation topic among his friends.
But everything soon unravelled.
The problem? Mr Anual had put his properties under his Indonesian manager's name, as foreigners are not allowed to buy land there.
Because he knew nothing about running businesses, he also left everything to his workers.
He claimed: 'I know nothing about selling fish. They took advantage of me. Everything that I did, I was swindled.'
Mr Anual said that after he got married, he tried to transfer the ownerships to his wife's name, but the business manager refused, unless he was paid a sum of money first.
Quarrelling
That's when the two men started quarrelling.
Mr Anual claims that within two years, the businesses failed. Then the manager allegedly sold everything and disappeared.
He said he made police reports, but to no avail.
His kidneys started failing five years ago. To support him, his daughter sent him money and medication regularly. But it was expensive, both because of transportation costs, and the fact that he was a foreigner.
Mr Anual finally moved back to Singapore three years ago, so he can have regular dialysis here three times a week, which he can mostly pay for using Medisave. His daughter tops up the balance.
He hopes his tale can help to warn others of the pitfalls involved in venturing overseas like he did.
It's clear Mr Anual still longs for his old life.
'But I have no choice,' he said.
No cheaper rental flats after 2 HDB subsidies
ON top of his money woes, Mr Anual is now fighting a second battle.
He wants to move out of his daughter's home and rent a subsidised flat of his own, so he can bring his wife and their adopted daughter to Singapore.
He told The New Paper that he wants his wife here so she can take care of him.
He added it would not be convenient to ask his only daughter, from his previous marriage, to take them in as well.
'It's her stepmother. Who likes it, tell me,' said Mr Anual.
Both his daughter and his new wife are the same age, 39.
Mr Anual said he had gone to his Member of Parliament for help and written in repeatedly to HDB, but was rejected.
The reason?
He had previously bought and sold two direct-purchase flats from HDB, enjoying two housing subsidies and more than $300,000 in total profits from the two sales, said a HDB spokesman.
This makes him not eligible for a third subsidy in the form of an HDB rental flat.
This policy is in place to ensure equitable distribution of subsidies among Singaporean households.
Also, Mr Anual and his Indonesian wife do not meet the minimum citizenship requirement to rent an HDB flat.
Said the spokesman: 'HDB's rental flats are heavily subsidised and limited in number, with about 4,000 applicants on the waiting list.
'They are meant for the truly poor and needy families who cannot afford to buy a home, have no family support, and do not have an alternative housing option.'
The spokesman noted that Mr Anual's daughter lives in an executive apartment, and he has the option to live with her, for care and support.
Said the spokesman: 'Flat owners should not sell their flats thinking that they can fall back on a subsidised rental flat.
'If they are not buying another home, they should plan for and make their own alternative housing arrangement before selling their existing flat, with family members as the first line of support.'
