Watch CNA video here:
http://wayangparty.com/2008/12/07/state-media-town-council-fiasco-its-time-to-move-on/
After yet another atrocious blunder made by the PAP with a potential loss of S$16 million dollars of public monies from ill-advised investments in the credit-linked products by its Town Councils, the state media has been called in again to clear up the mess !
“Town councils’ use of funds to be assessed” - screamed the headlines of The Sunday Times today.
The gist of the propaganda is:
1. The amount of sinking funds used in investments is NOT excessive according to a “preliminary” study done (who conduct the study anyway ?)
2. The Ministry of National Development will “review” how the estates are run and the way sinking funds are managed so that residents can have a “better understanding” of the financial position of their Town Councils. (no further details were divulged, in short, it is a load of nonsense !)
http://wayangparty.com/2008/12/07/state-media-town-council-fiasco-its-time-to-move-on/
After yet another atrocious blunder made by the PAP with a potential loss of S$16 million dollars of public monies from ill-advised investments in the credit-linked products by its Town Councils, the state media has been called in again to clear up the mess !
“Town councils’ use of funds to be assessed” - screamed the headlines of The Sunday Times today.
The gist of the propaganda is:
1. The amount of sinking funds used in investments is NOT excessive according to a “preliminary” study done (who conduct the study anyway ?)
2. The Ministry of National Development will “review” how the estates are run and the way sinking funds are managed so that residents can have a “better understanding” of the financial position of their Town Councils. (no further details were divulged, in short, it is a load of nonsense !)
