From 'Wayang Party' website :
Outgoing Temasek chief Ho Ching received this year’s top labour award for her support of the work of unions and for safeguarding workers’ interests here. (read report here)
Madam Ho Ching has indeed done alot for the workers except that their nationality is not Singaporean.
As we all know, Temasek Holdings bought a 12% share in Australia childcare group, ABC learning in 2007 for $A401.5 million dollars or S$421.8 million dollars ($1AUD = $1.05Sing) at 6 cents above the market price. (Source: Sydney Morning Herald):
There were no updates from Temasek about its investment in ABC Learning subsequently except for a scathing critique on its investment decision on Asia Sentinel:
“Temasek looks likely to have lost its entire S$400m (US$270m) investment in ABC Learning Centres, the recently-collapsed Australian childcare provider…..
……the rapid demise of ABC Learning, which is Australia’s largest childcare provider, shows that Temasek’s poor investment decisions are not limited to the banking sector. Temasek bought into ABC in May last year at a punchy A$7.30 a share and the stock soon headed south as the outlook for the over-hyped operator deteriorated. The shares were suspended at 54 cents each in August but equity investors are likely to lose everything after ABC went into administration because of mounting financial problems.”
[Note: Asia Sentinel was not sued by the Singapore government or Temasek for its article]
What happened to ABC learning now?
According to an Australian news report, 29 ABC learning centers were sold to a charity, Mission Australia at a token $1 each:
Mission Australia plans to use its 29 new centres in NSW, Victoria, South Australia, Western Australia and the Northern Territory to expand its Pathways program to help prepare disadvantaged young children for school.
“We got a really fantastic deal,” Mission Australia spokesman Paul Andrews said yesterday. (source: The Australian Business)
Of course it’s a fantastic deal for Mission Australia. Fancy paying $1 for a company previously worth millions of dollars?
Wait, Temasek lost over $S400 million dollars in less than 2 years under Madam Ho Ching, wife of Prime Minister Lee Hsien Loong)
[Fortunately for her, the buck is now passed to her successor Chip Goodyear. Her timing of departure is impeccable]
Temasek is owned full by the Ministry of Finance which is part of the Singapore government.
Where does the Singapore government gets its funds from? Obviously from taxpayers like you and me and so technically speaking, all of us have a stake in ABC Learning.
How does it feel to “donate” indirectly to a charity in Australia? The Australians must either be thanking or mocking us now for our “generosity”.
Let’s hope Mission Australia will have the decency to acknowledge the contributions of the people of Singapore by erecting a flagpole flying the Singapore flag at the 29 ABC learning centers it bought with the token $1.
No wonder the state media has been keeping quiet on this news so far. The most amusing part is, most Singaporeans will never know that they have unwittingly donated to an Australian charity.
How many jobs have Madam Ho Ching created for Australians? We would like to implore the Australian Labor Ministry to give a May Day award to Madam Ho in recognition for her tremendous contributions to the Australian economy.
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Very interesting. Local media should do a report on this matter & clarify if necessary.
For full report, pls refer to http://wayangparty.com/?p=8552
Outgoing Temasek chief Ho Ching received this year’s top labour award for her support of the work of unions and for safeguarding workers’ interests here. (read report here)
Madam Ho Ching has indeed done alot for the workers except that their nationality is not Singaporean.
As we all know, Temasek Holdings bought a 12% share in Australia childcare group, ABC learning in 2007 for $A401.5 million dollars or S$421.8 million dollars ($1AUD = $1.05Sing) at 6 cents above the market price. (Source: Sydney Morning Herald):
There were no updates from Temasek about its investment in ABC Learning subsequently except for a scathing critique on its investment decision on Asia Sentinel:
“Temasek looks likely to have lost its entire S$400m (US$270m) investment in ABC Learning Centres, the recently-collapsed Australian childcare provider…..
……the rapid demise of ABC Learning, which is Australia’s largest childcare provider, shows that Temasek’s poor investment decisions are not limited to the banking sector. Temasek bought into ABC in May last year at a punchy A$7.30 a share and the stock soon headed south as the outlook for the over-hyped operator deteriorated. The shares were suspended at 54 cents each in August but equity investors are likely to lose everything after ABC went into administration because of mounting financial problems.”
[Note: Asia Sentinel was not sued by the Singapore government or Temasek for its article]
What happened to ABC learning now?
According to an Australian news report, 29 ABC learning centers were sold to a charity, Mission Australia at a token $1 each:
Mission Australia plans to use its 29 new centres in NSW, Victoria, South Australia, Western Australia and the Northern Territory to expand its Pathways program to help prepare disadvantaged young children for school.
“We got a really fantastic deal,” Mission Australia spokesman Paul Andrews said yesterday. (source: The Australian Business)
Of course it’s a fantastic deal for Mission Australia. Fancy paying $1 for a company previously worth millions of dollars?
Wait, Temasek lost over $S400 million dollars in less than 2 years under Madam Ho Ching, wife of Prime Minister Lee Hsien Loong)
[Fortunately for her, the buck is now passed to her successor Chip Goodyear. Her timing of departure is impeccable]
Temasek is owned full by the Ministry of Finance which is part of the Singapore government.
Where does the Singapore government gets its funds from? Obviously from taxpayers like you and me and so technically speaking, all of us have a stake in ABC Learning.
How does it feel to “donate” indirectly to a charity in Australia? The Australians must either be thanking or mocking us now for our “generosity”.
Let’s hope Mission Australia will have the decency to acknowledge the contributions of the people of Singapore by erecting a flagpole flying the Singapore flag at the 29 ABC learning centers it bought with the token $1.
No wonder the state media has been keeping quiet on this news so far. The most amusing part is, most Singaporeans will never know that they have unwittingly donated to an Australian charity.
How many jobs have Madam Ho Ching created for Australians? We would like to implore the Australian Labor Ministry to give a May Day award to Madam Ho in recognition for her tremendous contributions to the Australian economy.
--------------------------------------------------------------------------
Very interesting. Local media should do a report on this matter & clarify if necessary.
For full report, pls refer to http://wayangparty.com/?p=8552
