George Yeo Gave Away 3 Parcels of Land to Msia for Free. Honest Mistake Woh!

[h=1]Ruling ends KL-S’pore dispute over rail land tax[/h] <article class="node-884276 article node node-article node-promoted view-mode-highlight_article clearfix" typeof="sioc:Item foafocument" about="/singapore/ruling-ends-kl-spore-dispute-over-rail-land-tax"><header> </header> The decommissioned Tanjong Pagar Railway Station. Photo: Ernest Chua

</article><!-- /.node -->







<article class="node-884276 node node-article node-promoted view-mode-full inline clearfix" typeof="sioc:Item foafocument" about="/singapore/ruling-ends-kl-spore-dispute-over-rail-land-tax" data-nid="884276">PM Lee fully accepts arbitration tribunal decision that joint venture need not pay development charges

• mail
• print
• View all <fb:comments-count class=" fb_comments_count_zero" href="http://www.todayonline.com/singapore/ruling-ends-kl-spore-dispute-over-rail-land-tax" fb-xfbml-state="rendered">0</fb:comments-count> comments
  
• <iframe name="f2e40d7cebe37a" width="1000" height="1000" title="fb:like Facebook Social Plugin" src="http://www.facebook.com/plugins/like.php?action=like&app_id=&channel=http%3A%2F%2Fstatic.ak.facebook.com%2Fconnect%2Fxd_arbiter%2FehazDpFPEnK.js%3Fversion%3D41%23cb%3Df77dacf97293be%26domain%3Dwww.todayonline.com%26origin%3Dhttp%253A%252F%252Fwww.todayonline.com%252Ff27663792f8be88%26relation%3Dparent.parent&href=http%3A%2F%2Fwww.todayonline.com%2Fsingapore%2Fruling-ends-kl-spore-dispute-over-rail-land-tax&layout=button_count&locale=en_US&sdk=joey&share=true&show_faces=false" frameBorder="0" scrolling="no" style="border: currentColor; width: 121px; height: 20px; visibility: visible; border-image: none;" allowTransparency="true"></iframe>
  
  
• <iframe name="I0_1414860499072" width="100%" tabIndex="0" title="+1" id="I0_1414860499072" src="https://apis.google.com/se/0/_/+1/fastbutton?usegapi=1&size=medium&hl=en-GB&origin=http%3A%2F%2Fwww.todayonline.com&url=http%3A%2F%2Fwww.todayonline.com%2Fsingapore%2Fruling-ends-kl-spore-dispute-over-rail-land-tax&gsrc=3p&jsh=m%3B%2F_%2Fscs%2Fapps-static%2F_%2Fjs%2Fk%3Doz.gapi.en.-1Kyew-jq9Y.O%2Fm%3D__features__%2Fam%3DEQ%2Frt%3Dj%2Fd%3D1%2Ft%3Dzcms%2Frs%3DAGLTcCOiowhWAj5TIHwPq1Qt6ROvSlAKgQ#_methods=onPlusOne%2C_ready%2C_close%2C_open%2C_resizeMe%2C_renderstart%2Concircled%2Cdrefresh%2Cerefresh&id=I0_1414860499072&parent=http%3A%2F%2Fwww.todayonline.com&pfname=&rpctoken=48582460" frameBorder="0" marginWidth="0" marginHeight="0" scrolling="no" vspace="0" hspace="0" style="margin: 0px; left: 0px; top: 0px; width: 90px; height: 20px; visibility: visible; position: static;" data-gapiattached="true"></iframe>
  
  
  
  
• <iframe title="Twitter Tweet Button" class="twitter-share-button twitter-tweet-button twitter-share-button twitter-count-horizontal" id="twitter-widget-0" src="http://platform.twitter.com/widgets/tweet_button.d58098f8a7f0ff5a206e7f15442a6b30.en.html#_=1414860499488&count=horizontal&id=twitter-widget-0&lang=en&original_referer=http%3A%2F%2Fwww.todayonline.com%2Fsingapore%2Fruling-ends-kl-spore-dispute-over-rail-land-tax%3Fsinglepage%3Dtrue&size=m&text=Ruling%20ends%20KL-S%E2%80%99pore%20dispute%20over%20rail%20land%20tax%20%7C%20TODAYonline&url=http%3A%2F%2Fwww.todayonline.com%2Fsingapore%2Fruling-ends-kl-spore-dispute-over-rail-land-tax" frameBorder="0" scrolling="no" style="width: 107px; height: 20px;" allowTransparency="true" data-twttr-rendered="true"></iframe>

By[h=2]Neo Chai Chin[/h] -
[email protected] -

Published: 10:13 AM, November 1, 2014


(Page 1 of 1) - PAGINATE
SINGAPORE — A Malaysia-Singapore joint venture company will not have to pay Singapore development charges for three parcels of former railway land in Keppel, Kranji and Woodlands, a three-member international tribunal ruled on Thursday, resolving amicably a sticking point arising from a land swap deal in 2010.

The charges were determined by Singapore to be S$1.47 billion, payable by M+S, a joint venture owned by Temasek Holdings and Malaysia’s Khazanah Nasional.
<!-- inline --> [h=2]Related News[/h]
Singapore

What the railway land dispute is about
November 1

Singapore

Statement from Prime Minister Lee Hsien Loong
November 1







Announcing the decision yesterday morning, both countries said they were satisfied with the arbitral process. Singapore Prime Minister Lee Hsien Loong said the Republic fully accepts the tribunal’s decision. “It allows us to put this matter behind us. I am happy that Singapore and Malaysia have been able to resolve this dispute in this impartial and amicable way,” he said.

Under the 1990 Points of Agreement (POA) on Malayan Railway land in Singapore, Malaysia agreed to return to Singapore lands that it held here for railway operations in exchange for a joint-venture company to develop the lands.

In 2010, Mr Lee and Malaysian Prime Minister Najib Razak agreed for the Keppel, Kranji and Woodlands parcels to be returned to Singapore, in exchange for land in Marina South and Ophir-Rochor to be developed by M+S.
However, the two countries disagreed on whether development charges should be paid for the three parcels of land and submitted the matter for arbitration in January 2012.

Details of the decision by the tribunal — comprising former English judge Lord Phillips of Worth Matravers, former Chief Justice of the High Court of Australia Murray Gleeson and German judge Bruno Simma — were released on the Permanent Court of Arbitration’s website yesterday.

Based on the document, Singapore had argued that M+S would be subject to the Republic’s municipal law when carrying out the developments, including the need to obtain planning permission — which entailed paying development charges.
Malaysia had submitted that no development charge would have been payable under the POA, which had specified the nature of development that M+S was to undertake once the three parcels of land had been transferred. Had M+S proceeded to develop the three parcels according to the POA, it would not have been liable to pay development charges. Imposing the obligation to pay development charges as a precondition to developing the parcels would be contrary to Singapore’s obligations under the POA, Malaysia argued.

The tribunal said the dominant factor in its analysis was the “true interpretation” of the 1990 POA. It rejected Singapore’s submission that the wording of the POA expressly provided for the payment of development charges.
If M+S had opted to receive the three parcels — Malaysia did not take up that option but instead opted for parcels of land in Marina South and Ophir-Rochor, for which no development charges were paid — it would have been entitled to carry out the developments specified without having to pay development charges, it ruled.

The tribunal was also of the opinion that in 2008, when then-Singapore Foreign Minister George Yeo sent a letter to his Malaysian counterpart which included valuations of the three parcels with a footnote that M+S would have to bear development charges, he had “unwittingly misrepresented the effect of the POA”. The Malaysians did not agree that the statements were correct, but did not challenge them, leading Singapore to believe it had accepted that development charges were payable, the tribunal found.

=> Such laxity from millionaire ministers and the $$$ scholars!

It noted that arbitration has been conducted in the cordial and friendly manner that the Prime Ministers intended, and hoped that “its resolution will be a chapter in the continued fruitful cooperation between the two countries involved”. Each party is to bear its own costs.

The tribunal’s award document revealed that a hearing was held in London from July 15 to 18 this year, where Mr Yeo and Malaysian former Minister in the Prime Minister’s Department Nor Mohamed Yakcop testified.
Mr Yeo wrote on his Facebook yesterday: “Disappointed that Singapore lost the case but stakes in good bilateral relations are much greater”.

Mr Lee said the full and successful implementation of the POA in 2011 has paved the way for joint development projects and closer collaboration between Singapore and Malaysia. “These include links in transport connectivity, and trade and investment. I look forward to making progress on them, and working with (Malaysian Prime Minister Najib Razak) bilaterally, and in ASEAN to benefit both countries,” he said.

</article>

If it had gone the other way, najib would lose the PM post. Now that this matter is settled, can we now build a tram link between job sentral and kanji MRT station via the old KTM track after woodlAnds?

If Ho Jinx can lose $30 billion and no fuss is made, what is $1.3 billion? Small change indeed. That's why LHL is not kicking up any fuss. Let's move on.

My goodness, asking people to pay 1.4 billion was only stated in footnote with no clear discussion and agreement in writing to pay the amount. Our minister really no standard.

winnipegjets said:

If Ho Jinx can lose $30 billion and no fuss is made, what is $1.3 billion? Small change indeed. That's why LHL is not kicking up any fuss. Let's move on.

Click to expand...

They must be laughing in bed together at how stupid Sinkies are.

syed putra said:

If it had gone the other way, najib would lose the PM post. Now that this matter is settled, can we now build a tram link between job sentral and kanji MRT station via the old KTM track after woodlAnds?

Click to expand...

The pappies are experts at selling out the country. If they're not selling, then they're giving it away, piece by piece.

Does the whole thing smells of corruption?
I don't believe it's written unintentionally at footnote.

ginfreely said:

My goodness, asking people to pay 1.4 billion was only stated in footnote with no clear discussion and agreement in writing to pay the amount. Our minister really no standard.

Click to expand...

Yet equate their Pay to the private sector shamelessly.

Great man it's x'mas time. A pity sg is such a small morsel. Not much to really sell away.

And who are the fucktards lauding Georgie boy not so long ago?
Voting for a donkey is better than these traitors

Narong Wongwan said:

And who are the fucktards lauding Georgie boy not so long ago?

Click to expand...

Tracytan

Anyway, these land were not given away for free. Its was given in exchange for Malaysia returning KTM land to Singapore.in fact, Malaysia did not get the land. They were given either 60 or 40% shares as owner of the land. The pappies wanted to charge taxes after the exchange was completed. They should inform about the taxes before the deal was done, not after it was competed.

syed putra said:

Anyway, these land were not given away for free. Its was given in exchange for Malaysia returning KTM land to Singapore.in fact, Malaysia did not get the land. They were given either 60 or 40% shares as owner of the land. The pappies wanted to charge taxes after the exchange was completed. They should inform about the taxes before the deal was done, not after it was competed.

Click to expand...

I see that the pappies have introduced the REIT nonsense even in cross-border diplomatic issues.

ginfreely said:

My goodness, asking people to pay 1.4 billion was only stated in footnote with no clear discussion and agreement in writing to pay the amount. Our minister really no standard.

Click to expand...

George Yeo was a former Brigadier General and SAF scholar. What does he know about foreign affairs, and commercial negotiations? Apparently, his Malaysian counterparts who were not scholar generals actually know a thing or 2 about these sort of negotiations, that was why he and the country were taken to the cleaners. If this is not a clear case of the uselessness and unfitness of SAF Generals to run important govt posts, than I don't know what is. Would Singapore have agreed to giving malaysia the 3 parcels of prime land if we had known before hand that we could not recoup some of that by charging $1.47 billion in development charges? I doubt it. georgie thought he was smart and outplay the mats by allowing them the 3 parcels of land for free and than get something for them later on by charging the $1.47 billion in development costs on the parcels. In the end, he is in a cushy job in HKG, and sinkie tax payers holding the bag. Mats laughing all the way to the bank and Gay loong saying he "welcomes" this decision. This in a microcosm is why the country is so fucked up.

syed putra said:

Anyway, these land were not given away for free. Its was given in exchange for Malaysia returning KTM land to Singapore.in fact, Malaysia did not get the land. They were given either 60 or 40% shares as owner of the land. The pappies wanted to charge taxes after the exchange was completed. They should inform about the taxes before the deal was done, not after it was competed.

Click to expand...

In fact, you are wrong. Malaysia does not own the KTM lands in the first place, they were leasing it for 999 years. By returning it to singapore, they got controlling ownership (60%) in the 3 parcels of land under the JV with Temasek. So, in effect, they got 60% of actual land for something they did not own. Temasek owns 40% but they are minority owners, and in fact, the Malaysians can dictate the development of these lands. 2 mistakes were made by 2 separate foreign ministers in this situation. Mistake number one was made by George Yeo in 2008 as highlighted by the tribunal's judgement. Mistake number 2 was the Written Instrument signed by Shanmugam in 2011 agreeing in detail to the POA agreed. that sealed the deal for the malaysians to get the parcels.

makapaaa said:

forum456 http://sgfuck.org/mybb/images/buddy_offline.gif Member Posts: 184 Reputation: 1

http://www.todayonline.com/singapore/ruling-ends-kl-spore-dispute-over-rail-land-tax The tribunal said the dominant factor in its analysis was the “true interpretation” of the 1990 POA. It rejected Singapore’s submission that the wording of the POA expressly provided for the payment of development charges. If M+S had opted to receive the three parcels — Malaysia did not take up that option but instead opted for parcels of land in Marina South and Ophir-Rochor, for which no development charges were paid — it would have been entitled to carry out the developments specified without having to pay development charges, it ruled. The tribunal was also of the opinion that in 2008, when then-Singapore Foreign Minister George Yeo sent a letter to his Malaysian counterpart which included valuations of the three parcels with a footnote that M+S would have to bear development charges, he had “unwittingly misrepresented the effect of the POA”. The Malaysians did not agree that the statements were correct, but did not challenge them, leading Singapore to believe it had accepted that development charges were payable, the tribunal found. <tbody> </tbody>

<tbody>
</tbody>

Click to expand...

What I don't understand is why we need an outside judiciary like a tribunal to 'interfere' with our laws?? The land is in Singapore, rite?? Not some border disputed area. When dealing with our internal issues, PAP ways say it brook no outside 'interference'. That's why old man did away with the Privy Council years ago. Now dealing with the Malaysian government it is suddenly scared to use our courts and rely on a tribunal. Next time it des with WP, see what tune it will sing?

One point. The development charges no need to pay. The beneficiary is temasek as they no need to pay too right? Looser is the ppl as they got no additional tax revenue.

laksaboy said:

I see that the pappies have introduced the REIT nonsense even in cross-border diplomatic issues.

Click to expand...

you play with fire you will get burnt lol

you guys really think ministers got any power ah ???

they need permission even to go to the toilet...........