Serious Minister Shan: Where Is WP's Sense of Duty, Honour And Integrity? Where? Where?

[Satyr]

I have two words for Shan:
Temasek and GIC. Let's see the full Auditors Reports ?

 

[scroobal]

WP has to come up with a plan how to contain this entire mess which is dragging down their standing. KPMG was appointed by WP. Here is the statement by Pritam.

In a press release, the Town Council's chairman Pritam Singh said: "AHTC believes that KPMG is the most suitable firm and is capable of performing an independent and objective review."

KPMG's appointment was after WP wanted to hire another small private accountancy firm who WP claimed was "amply qualified" but who withdrew when it was revealed that the Principal was previously suspended for misconduct. So it was a question of due diligence failure.

We cannot afford to let the PAP drag this into a second GE. Any plan must contain a deadline, must cover both technical and political aspects. It cannot just be along the lines of proper municipal management.

 

[shittypore]

WP has to come up with a plan how to contain this entire mess which is dragging down their standing. KPMG was appointed by WP. Here is the statement by Pritam.

In a press release, the Town Council's chairman Pritam Singh said: "AHTC believes that KPMG is the most suitable firm and is capable of performing an independent and objective review."

KPMG's appointment was after WP wanted to hire another small private accountancy firm who WP claimed was "amply qualified" but who withdrew when it was revealed that the Principal was previously suspended for misconduct. So it was a question of due diligence failure.

We cannot afford to let the PAP drag this into a second GE. Any plan must contain a deadline, must cover both technical and political aspects. It cannot just be along the lines of proper municipal management.

You left out, they were ordered to select one of the four accounting firm.............

 

[frenchbriefs]

If i was WP mp this is what i would tell that bastard black dog sham......

Son, we live in a world that has walls, and those walls have to be guarded by men with guns!!!!! Who's gonna do it? You? You, Shamugan?

You don't want the truth, because deep down in places you don't talk about at parties, you want me on that wall. You need me on that wall!!!!!!

We use words like "honor", "duty", "integrity". We use these words as the backbone of a life spent defending something. You use them as a punchline!!!!

You want the truth????????????YOU CANT HANDLE THE TRUTH!!!!!!!!!

 

[scroobal]

Here is the irony, out of the 4 they picked KPMG whose managing partner sits on HDB Board. Again due diligence failure. HDB pointed this out and the Managing Partner has now recused himself from all matters relating to AHPC to void conflict of interest. But we all know the underlings will find every opportunity to please their boss even if he said nothing to them. Look at the tone of the KPMG report. No where in the report does it even mention that the software was taken away form them and it crippled the town council when WP took over.

I think WP was not approaching this with the political nuance and guile that is needed. I am not sure if they realise that they have a friend in the Chief Justice as he has repeatedly threw out nearly everything that HDB / AGC had put forward and even made the respective parties bear the cost. For example HDB wanted a say in the appointment of the auditors. CJ said no, let them pick from the big 4.

You left out, they were ordered to select one of the four accounting firm.............

 

[scroobal]

I am however glad that Pritam has responded to Shan's comment. Things like this should not be left to fester.


http://www.ahtc.sg/media-release-23-july-2016/
I refer to the Law Minister’s remarks of 23 July 2016, published on his Facebook page. The Aljunied-Hougang Town Council (“AHTC”) has made available the KPMG Report of July 2016 on its website since 20 July 2016. (click here for the full report)

The Minister’s response is a surprising one, considering the KPMG report of July 2016 was a stock-take on AHTC’s internal controls.

AHTC chose to publish all the KPMG reports released since 15 April 2016, even though it was not obliged to do so. In fact, AHTC had specifically requested KPMG to publish the 70 additional lapses it identified in the course of its engagement since April 2016, even though KPMG had not intended to detail them in its report. The remedial measures AHTC has undertaken since the 70 additional lapses were identified are also highlighted in the July report.

The review of Past Payments is still ongoing and KPMG expect a full report to be released to AHTC at the end of August 2016. Therefore, it is not helpful to speculate or jump the gun.

The public can be assured that AHTC will publish the Past Payments Report, like all previous KPMG reports for scrutiny in full, and AHTC will take any necessary action thereafter.

PRITAM SINGH
CHAIRMAN
ALJUNIED-HOUGANG TOWN COUNCIL

23 July 2016

 

[Satyr]

Shan's rant and Pritam's response shows the difference between the two parties. Anybody wise in the PAP will see they are not showing results to Singaporeans and living on their goodwill. ' nuff said .

 

[Papsmearer]

WP has to come up with a plan how to contain this entire mess which is dragging down their standing. KPMG was appointed by WP. Here is the statement by Pritam.

In a press release, the Town Council's chairman Pritam Singh said: "AHTC believes that KPMG is the most suitable firm and is capable of performing an independent and objective review."

KPMG's appointment was after WP wanted to hire another small private accountancy firm who WP claimed was "amply qualified" but who withdrew when it was revealed that the Principal was previously suspended for misconduct. So it was a question of due diligence failure.

We cannot afford to let the PAP drag this into a second GE. Any plan must contain a deadline, must cover both technical and political aspects. It cannot just be along the lines of proper municipal management.

Oh shut the fuck up!! It seems that you are the only one in singapore that does not know its a fucking PAP witch hunt. U know how I know? 8 TC run by the PAP with $16 million invested in shit Lehman Brothers minibonds and the accompanying millions $ losses, and yet never hear the PAP explain this in parliament. But for the WP they are rolling out all the dogs to go after them. WHat is wrong with this picture?

 

[Papsmearer]

I think Shan should ask about the PAP's own 8 TC before he shoot his mouth. A real oppo would have brought this up when PAP came after them about their own books.

FINANCIAL CRISIS
Town councils' exposure: $16m
Another $3m invested in Pinnacle Notes Series 6 could be at risk
By Goh Chin Lian

EIGHT town councils (TC) run by the People's Action Party have about $16 million invested in troubled structured products.

The lion's share of $12 million is from two TCs: Holland-Bukit Panjang ($8 million) and Pasir Ris-Punggol ($4 million).

The products include Minibonds linked to bankrupt US investment bank Lehman Brothers and the now worthless Merrill Lynch Jubilee Series 3 LinkEarner Notes.

Dr Teo Ho Pin, chairman of the Holland-Bukit Panjang TC as well as coordinating chairman for the 14 PAP town councils, disclosed this yesterday.

Earlier in Parliament, Senior Minister of State (National Development) Grace Fu identified the two TCs when she was asked whether a stricter cap on risky investments was needed.

In his statement, Dr Teo defended the TCs' investment strategy, saying the funds are diversified across deposits, securities and other financial products.​

Surely there must be some accountability for this. Unlike Temasek and GIC, town councils have no way of pretending that their money is not public money.
This is not the first time I am criticising how the town councils handle public money. You can read this post that I wrote last year: You Give Your Money To Your Town Council So That It Can Play The Stock Market.
Maybe I should change the title of my current post to "You Give Your Money to Your Town Council So That It Can Buy Lehman Minibonds".
The fact that town councils invest your conservancy fees into stocks, shares, bonds and structured products really just goes to show that Singaporeans have been paying way too much in conservancy fees.
What do town councils need so much money for, anyway? As of last year, they had more than $1,000,000,000 of excess cash in their sinking funds! Surely it doesn't cost that much to build a few playgrounds and basketball courts, and to pay some Bangladeshi workers to clear the rubbish and sweep the floor every day.
Note that town councils aren't responsible for maintaining everything in your HDB estate. Organisations like the National Parks Board pay for the maintenance of the parks; while the Land Transport Authority pays for maintaining the roads and bus-stops; the Singapore Sports Council pays for the maintenance of the public swimming pools and sports stadiums etc.
In yesterday's Straits Times, Dr Teo Ho Pin, coordinating chairman for the 14 PAP town councils, is reported to have said that town councils need to build up their sinking fund for long-term improvement works, like replacing lifts every 28 years.
Seems like a poor excuse to me.
Under the Lift Upgrading Programme, the town council pays only a very small fraction of the overall cost. For example, according to the HDB website, on average the town council pays only 7.6% of the cost of upgrading the lift for a 4-room flat in a standard block, or approximately $900.
Holland-Bukit Panjang and Pasir Ris-Punggol lost $12 million. That could have upgraded lifts for more than 13,000 flats. All at one go ... and not over the next 28 years!

 

[scroobal]

The fact that despite their overwhelming control of parliament, the media and nearly every aspect of the economy a cabinet minister spends most of his time disparaging an opposition party. Its show desperation and to shift attention away from current issues such as repeated lift failures, failures in hospitals, food poisoning etc.

The fact that the speaker of parliament had to rush to her constituency to address all the lifts in a single block shows how bad PAP TCs have deteriorated.

Shan's rant and Pritam's response shows the difference between the two parties. Anybody wise in the PAP will see they are not showing results to Singaporeans and living on their goodwill. ' nuff said .

 

[halsey02]

I have two words for Shan:
Temasek and GIC. Let's see the full Auditors Reports ?

Your next lifetime incarnated, you will still not see the report....

 

[halsey02]

The fact that despite their overwhelming control of parliament, the media and nearly every aspect of the economy a cabinet minister spends most of his time disparaging an opposition party. Its show desperation and to shift attention away from current issues such as repeated lift failures, failures in hospitals, food poisoning etc.

The fact that the speaker of parliament had to rush to her constituency to address all the lifts in a single block shows how bad PAP TCs have deteriorated.

Does not speak well of the speaker of parliament isn't? How about Shame your gun, tell the speaker, her sense of duty, honour & integrity....?? oh!. ka ki lang....oic!

 

[scroobal]

The PAP has not be able to touch the WP and Chiam on the provision of services to their residents. If all the lifts in a single block in Aljunied failed, Shanmugam will be raving and ranting like the idiot that he is.

In the case of the speaker, her TC could not reach her for hours when the residents were demanding to see her. In that case, one lift failed the previous day and nothing was done.

Does not speak well of the speaker of parliament isn't? How about Shame your gun, tell the speaker, her sense of duty, honour & integrity....?? oh!. ka ki lang....oic!

 

[johnny333]

..We use words like "honor", "duty", "integrity". We use these words as the backbone of a life spent defending something. You use them as a punchline!!!!

PAP MP Josephine Teo calls NS a "PRIVILEGE" during a discussion on increasing NS pay.

This is what they really think of NS men & their contribution There are many reasons why males vote with their feet & this "privilege" is among the top reasons for doing so.

 

[Papsmearer]

PAP MP Josephine Teo calls NS a "PRIVILEGE" during a discussion on increasing NS pay.

This is what they really think of NS men & their contribution There are many reasons why males vote with their feet & this "privilege" is among the top reasons for doing so.

If its such a privilege, why don't she get her daughters to serve NS?