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Coffeeshop Chit Chat - Suing my town council for mismanagment</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">Correlator <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">Nov-19 6:39 am </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 34) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>2721.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Here's a template I am preparing, feel free to copy if you think it is adequate and send it to your town council, start your own mailing campaign. I am hell pissed off.
1) Holland - Bukit Panjang Town Council, hereon referred to as the town council of my constituency, recently disclosed a loss $8 million due to an investment partial to its sinking fund in structured products that financial experts have deemed to be of inordinate risk for the return in premiums.
2) I have judge that the elected member of parliament of my constituency as well qualified individual to have understood the risk involved in these products. And this qualification of character does not include me but also Minister Mentor Lee Kuan Yew, who has stated repeatedly, the integrity and caliber of the professionals hand picked to administer our government and this country.
3) Hence I do not doubt in any manner or way, such product has been mis-sold to this town council without full acknowledgment of its nature, as contrasted with the case of many private individual, whom has claims on such malpractise.
4) Hence I would like to rise my concern as a resident of this constituency about the mismanagement of the sinking fund that had been the accumulation of the Services and Conservancy Charges (S&CC) contribution for the maintenance of common property in this town council, amongst its source.
5) I am not in any manner or way, suggesting that any members of this town council committee are disreputable and held interest in the transaction of these investments. Namely Lehman Brother's Minibond Notes, DBS High Notes 5 and Merrill Lynch's Jubilee Series 3 Notes.
6) As evident to the risk of the invested structured products as referenced in 5), none of them is principal guaranteed, in any case, town council should not be allowed to invest the sinking fund in any vehicle that would likely incur a complete loss of principal, this is unfit for the purpose of preserving fund.
7) I am seeking the resignation of the Chairman, Dr Teo Ho Pin, in his leadership of this town council, demonstrated his incompetence in handling of the affairs of this town council, which has lead to significant monetary loss, counter to provision under the Town Councils Act, stating its constitution, that moneys not discharged to meet expenses and liabilities this town council, be used for the improvements to and the management and maintenance of residential property and of commercial property.
8) That an offence is committed with the consent and attributable to the negligence on the part of its chairman or secretary, or any person who was purporting to act in any such capacity, with respect to the loss of moneys contravening to the disbursement of town council fund.
9) I am seeking the full disclosure of the proceedings whereof a minute has been kept and authenticated in accordance with its standing orders, precipitating to the loss of public fund on this occasion, as part of an investigation on the failure of due diligence by the management of this town council.
10) I am seeking assurance of prudence in oversight be positioned, as a measure that such systematic failure of management should never manifest in future.
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1) Holland - Bukit Panjang Town Council, hereon referred to as the town council of my constituency, recently disclosed a loss $8 million due to an investment partial to its sinking fund in structured products that financial experts have deemed to be of inordinate risk for the return in premiums.
2) I have judge that the elected member of parliament of my constituency as well qualified individual to have understood the risk involved in these products. And this qualification of character does not include me but also Minister Mentor Lee Kuan Yew, who has stated repeatedly, the integrity and caliber of the professionals hand picked to administer our government and this country.
3) Hence I do not doubt in any manner or way, such product has been mis-sold to this town council without full acknowledgment of its nature, as contrasted with the case of many private individual, whom has claims on such malpractise.
4) Hence I would like to rise my concern as a resident of this constituency about the mismanagement of the sinking fund that had been the accumulation of the Services and Conservancy Charges (S&CC) contribution for the maintenance of common property in this town council, amongst its source.
5) I am not in any manner or way, suggesting that any members of this town council committee are disreputable and held interest in the transaction of these investments. Namely Lehman Brother's Minibond Notes, DBS High Notes 5 and Merrill Lynch's Jubilee Series 3 Notes.
6) As evident to the risk of the invested structured products as referenced in 5), none of them is principal guaranteed, in any case, town council should not be allowed to invest the sinking fund in any vehicle that would likely incur a complete loss of principal, this is unfit for the purpose of preserving fund.
7) I am seeking the resignation of the Chairman, Dr Teo Ho Pin, in his leadership of this town council, demonstrated his incompetence in handling of the affairs of this town council, which has lead to significant monetary loss, counter to provision under the Town Councils Act, stating its constitution, that moneys not discharged to meet expenses and liabilities this town council, be used for the improvements to and the management and maintenance of residential property and of commercial property.
8) That an offence is committed with the consent and attributable to the negligence on the part of its chairman or secretary, or any person who was purporting to act in any such capacity, with respect to the loss of moneys contravening to the disbursement of town council fund.
9) I am seeking the full disclosure of the proceedings whereof a minute has been kept and authenticated in accordance with its standing orders, precipitating to the loss of public fund on this occasion, as part of an investigation on the failure of due diligence by the management of this town council.
10) I am seeking assurance of prudence in oversight be positioned, as a measure that such systematic failure of management should never manifest in future.
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