It is a known fact that surplus was transferred to sinking fund, not a new discovery. It is also a known fact that Opposition held TC received much lesser subsidies from HDB. This is the long lasting pork barrel politics PAP has been practicing all along. (Some of you may seem to be "WOW" by such facts "newly found" but it is no secret to me.) However, it is up to WP to defend itself when PAP people throw rubbish, not us, right? That is why I didn't make noise about the deficits and has continuously urged WP to respond. At certain point of time, I have even hit back at REALLY stupid remark made by Desmond Lee about HG having a net deficit of $9000 will create "cashflow" problem to HG before it merged with Aljunied. That's rubbish and apparently he know nuts about running a business, LEAST a TC. WP could have replied and hit back quite effectively but it didn't. Do you know why?
This is because the fundamental problem lies with the ARREARS and corporate governance issues. These issues, apparently, WP wasn't able to give satisfactory answers, that is why it kept quiet. Well, not exactly "quiet" but instead, give some stupid reasons like need manpower to do "sorting"? They paid millions of dollars to develop a software which cannot give them a simple report on outstanding Arrears immediately after each month? That's BS and a big joke.
As I have said, the unusual huge percentage of Arrears may be due to stupid software glitch but apparently, after so many moons and years, they still cannot fix it. That's how pathetic the situation is.
And I do believe, if they really have 29% arrears, they would have problems in cashflow management. The only way out is to drag on the payment they need to made to the sinking fund. That would add to their corporate governance issue. I believe it has nothing to do with "oversight" in the previous mention by the internal auditor that they was late in crediting funds into the sinking fund. It was most probably because they faced cashflow problems when the arrears was close to 10%. So imagine, if they have 29% arrears, what will happen? You go figure that out.
Goh Meng Seng