http://www.themalaysianinsider.com/...2-singapore-law-academy-racks-up-rm12m-losses
The Malaysian Insider, 22 Dec 2009
Singapore law academy racks up RM12m losses
SINGAPORE, Dec 22 — The financial crunch has hurt the Singapore Academy of Law as well, causing the group to lose S$5.2 million (RM12.5 million) from investments from April last year to March this year.
The academy — whose group activities include publications and mediation services, among other things — lost close to S$6.3 million when it sold off its bonds and equities.
There was another S$690,000 attributed to paper losses, as the value of its investments shrank in size.
These losses were offset by a S$1.95 million investment gain in the same period, but this was not enough to prevent the S$5.2 million investment deficit.
It had done better in the previous financial year, with nearly S$2.6 million in investment gains.
The academy’s spokesman told The Straits Times this was the second time the academy has lost money since it started investing its surplus revenue 17 years ago. In 2003, when the Sars epidemic hit, it made a loss of S$10,000.
From April until now, it has made investment gains of S$1.2 million, the spokesman added.
The academy’s annual report did not, however, reveal how much it had invested.
Set up in 1988, the academy is the only institution of its kind to bring together various branches of the legal profession under one membership body.
It is aimed at raising legal standards and building a strong and dynamic legal fraternity here.
It has close to 8,000 paying members and is run by a Senate, presided over by Chief Justice Chan Sek Keong with Attorney-General Walter Woon, Judge of Appeal Chao Hick Tin and four others as his deputies.
Chief Justice Chan noted in its latest annual report, released last week, that the year had “not been a good one financially” for the academy, and for those who had put money into the financial and securities markets.
“Fortunately, we were able to weather the losses because of the long-term funding arrangements that had been put in place,” he wrote.
Last year, the group released some 44 new publications. Its mediation centre handled and managed some 273 disputes.
But the group’s surplus from its operating activities was also not sufficient to cover the investment losses, leading to an overall S$4.7 million deficit for the financial year, compared with an overall S$4.1 million gain in the previous financial year.
The academy spokesman confirmed that its investments do not involve money that stakeholders in property transactions had placed with it, abiding by relevant housing rules under current laws.
The academy holds these deposits for a one-year period - commonly known as the defects liability period — during which the developer is obliged to make good any defects. The money is then released to the developer after notice is given to the buyers and any defects are remedied.
Its annual report showed that some S$368 million was returned in the last financial year, related to 7,779 property transactions.
Next month, the academy will launch a new publication compiled from 78 volumes of the Singapore Law Reports, covering cases from the year of Singapore’s independence until this year.
But its major new move for next year will be to provide, for the first time, professional legal training through the new Institute of Legal Education.
The Malaysian Insider, 22 Dec 2009
Singapore law academy racks up RM12m losses
SINGAPORE, Dec 22 — The financial crunch has hurt the Singapore Academy of Law as well, causing the group to lose S$5.2 million (RM12.5 million) from investments from April last year to March this year.
The academy — whose group activities include publications and mediation services, among other things — lost close to S$6.3 million when it sold off its bonds and equities.
There was another S$690,000 attributed to paper losses, as the value of its investments shrank in size.
These losses were offset by a S$1.95 million investment gain in the same period, but this was not enough to prevent the S$5.2 million investment deficit.
It had done better in the previous financial year, with nearly S$2.6 million in investment gains.
The academy’s spokesman told The Straits Times this was the second time the academy has lost money since it started investing its surplus revenue 17 years ago. In 2003, when the Sars epidemic hit, it made a loss of S$10,000.
From April until now, it has made investment gains of S$1.2 million, the spokesman added.
The academy’s annual report did not, however, reveal how much it had invested.
Set up in 1988, the academy is the only institution of its kind to bring together various branches of the legal profession under one membership body.
It is aimed at raising legal standards and building a strong and dynamic legal fraternity here.
It has close to 8,000 paying members and is run by a Senate, presided over by Chief Justice Chan Sek Keong with Attorney-General Walter Woon, Judge of Appeal Chao Hick Tin and four others as his deputies.
Chief Justice Chan noted in its latest annual report, released last week, that the year had “not been a good one financially” for the academy, and for those who had put money into the financial and securities markets.
“Fortunately, we were able to weather the losses because of the long-term funding arrangements that had been put in place,” he wrote.
Last year, the group released some 44 new publications. Its mediation centre handled and managed some 273 disputes.
But the group’s surplus from its operating activities was also not sufficient to cover the investment losses, leading to an overall S$4.7 million deficit for the financial year, compared with an overall S$4.1 million gain in the previous financial year.
The academy spokesman confirmed that its investments do not involve money that stakeholders in property transactions had placed with it, abiding by relevant housing rules under current laws.
The academy holds these deposits for a one-year period - commonly known as the defects liability period — during which the developer is obliged to make good any defects. The money is then released to the developer after notice is given to the buyers and any defects are remedied.
Its annual report showed that some S$368 million was returned in the last financial year, related to 7,779 property transactions.
Next month, the academy will launch a new publication compiled from 78 volumes of the Singapore Law Reports, covering cases from the year of Singapore’s independence until this year.
But its major new move for next year will be to provide, for the first time, professional legal training through the new Institute of Legal Education.
