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PAP Scholars Mafia Group help each other attain year end bonuses, like that can?

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
How do PAP scholars (whether SAF, PSC, President, etc) help each other achieve their bonus objectives? They do so through a scheme call Ownself buy Ownself otherwise also known as Ownself sell to Ownself. How does this work?

Very simple. One day, as the year end is coming up and fourth quarter numbers start to flow in, one scholar will look at the enterprise he is in charge of, and say Kanesai, this kind of fuck result, how I can make my fat bonus this year?"

"Wait, I will call some of my fellow scholars and arrange to sell them something so I can report windfall profit for the year and attain my full bonus. I don't need to sell this asset, and in fact, this asset will probably be worth more in the years to come or I can rent this asset out for good money, but what the fuck, my bonus comes first mah"

So, brothers and sisters, let me tell you a little story. You might have heard recently that CPF sold its Head Office Building to something call Ascendas Group for $550 million. No explanation is given as to why CPF have to sell their head office. I mean do they need the money? Are they going broke? How can a govt owned agency with taxpayer owned building just sell it like that. Why could they not rent it out instead and earn the rentals? I mean, the building is in a good location, sure can get tenants. Can use the rental income to top up CPF funds of members right? Plus the market for office commercial buildings is sure to go up in the future. Probably higher then the lousy 2.5% interest they are getting from the govt on the money they lend them. Right now, the CPF building is on their book with a value of less then $100 million. So, they will report a windfall of over $400 million, booked in the last quarter, just before year end. Huat ah. CEO of CPF, ex Scholar Admiral Ng Chee Peng laughing all the way to the bank now at the 70% suckers who voted for this.

But wait, cannot be mah, you say. The CPF tender was above board, and 3 bidders submitted tenders. Well, guess what, only one of the tender was a serious one and it was not the winning bid. Tender number one was a low ball offer of $280 million from OUE Reef Development, a China private company owned by Huayi Group. The second bid turned out to be the only serious one, a $538.28 from Pacific Century Regional Development (PCRD). But wait a minute, this is the same PCRD owned by Richard Li Tzar Kai, son of Billionaire Li Ka Shing. This company made a serious bid to buy the building. How can a govt and taxpayer owned landmark building be sold to a foreign company? Even worse, Richard Li and Lee Hsien Yang had a very public high profile battle over Hong Kong Telecom 15 years ago when Hsien Yang was CEO of Singtel. Hsien Yang lost out to Richard and knowing the Lees, they never forget nor forgive.

The opportunity to Tekan Richard Li came in the form of the third bid from Ascendas which snookered the deal from Richard Li by a mere $11 million plus change. Well, it turns out that Ascendas is jointly owned by Temasek and JTC. Temasek of course being run by Hsein Yang's sister in law Whore Jinx. And JTC being run by another scholar (EDB) Png Cheong Boon. This is where it gets downright comical and idiotic.

You see, all three parties involved (Temasek and Jurong Town Corporation through Ascendas) and CPF are 100% govt owned enterprises. Temasek is 100% owned by MOF while JTC is 100% owned by MTI, while CPF is 100% by MOM. So, what you have is one govt company buying the office building of another govt company, using the same govt money that funds them. Ownself sell to Ownself. WTF? How ridiculous can you be? Left hand give to right hand, like that is called a sale? Why are they lying to the taxpayer? So, now they can all pat themselves on the back saying what a nice bit of money they made for each other? A least if the building was sold to Richard Li, we can honestly say that will be a real sale, with actual real money coming into the govt coffers via CPF. But what they are doing here is shuffling money from one place to another, like a Ponzi scheme. In actual fact, no sale happened. No new money was added to the bottom line of the singapore govt. Why? Because the office building went from one subsidiary to another subsidiary of the same company.

The timing of this (near the year end) and the way it was played out is ridiculous. Will some oppo ask the PAP for an explanation?
 
Last edited:

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
THE CPF Board has awarded the tender for the sale of the CPF Building at 79 Robinson Road to Southernwood Property - a unit of a company wholly owned by Ascendas Land - which had the highest bid at S$550 million.

The public tender for the sale of the building, which closed on Oct 28, attracted three bids, with the other two being a bid of S$538.28 million by Leapford and a bid of S$280 million by OUE Reef Development.

Leapford is wholly owned by Pacific Century Regional Developments, while OUE Reef Development is wholly owned by Reef Development Holdings, which in turn is jointly owned by OUE, Haiyi Holdings and SingHaiyi Group.

In addition to having the highest bid, Southernwood Property met all tender criteria, including a strong financial standing and purchase conditions such as the assignment of tenancies to the new owner.
 

NanoSpeed

Alfrescian
Loyal
How do PAP scholars (whether SAF, PSC, President, etc) help each other achieve their bonus objectives? They do so through a scheme call Ownself buy Ownself otherwise also known as Ownself sell to Ownself. How does this work?

Very simple. One day, as the year end is coming up and fourth quarter numbers start to flow in, one scholar will look at the enterprise he is in charge of, and say Kanesai, this kind of fuck result, how I can make my fat bonus this year?"

"Wait, I will call some of my fellow scholars and arrange to sell them something so I can report windfall profit for the year and attain my full bonus. I don't need to sell this asset, and in fact, this asset will probably be worth more in the years to come or I can rent this asset out for good money, but what the fuck, my bonus comes first mah"

So, brothers and sisters, let me tell you a little story. You might have heard recently that CPF sold its Head Office Building to something call Ascendas Group for $550 million. No explanation is given as to why CPF have to sell their head office. I mean do they need the money? Are they going broke? How can a govt owned agency with taxpayer owned building just sell it like that. Why could they not rent it out instead and earn the rentals? I mean, the building is in a good location, sure can get tenants. Can use the rental income to top up CPF funds of members right? Plus the market for office commercial buildings is sure to go up in the future. Probably higher then the lousy 2.5% interest they are getting from the govt on the money they lend them. Right now, the CPF building is on their book with a value of less then $100 million. So, they will report a windfall of over $400 million, booked in the last quarter, just before year end. Huat ah. CEO of CPF, ex Scholar Admiral Ng Chee Peng laughing all the way to the bank now at the 70% suckers who voted for this.

But wait, cannot be mah, you say. The CPF tender was above board, and 3 bidders submitted tenders. Well, guess what, only one of the tender was a serious one and it was not the winning bid. Tender number one was a low ball offer of $280 million from OUE Reef Development, a China private company owned by Huayi Group. The second bid turned out to be the only serious one, a $538.28 from Pacific Century Regional Development (PCRD). But wait a minute, this is the same PCRD owned by Richard Li Tzar Kai, son of Billionaire Li Ka Shing. This company made a serious bid to buy the building. How can a govt and taxpayer owned landmark building be sold to a foreign company? Even worse, Richard Li and Lee Hsien Yang had a very public high profile battle over Hong Kong Telecom 15 years ago when Hsien Yang was CEO of Singtel. Hsien Yang lost out to Richard and knowing the Lees, they never forget nor forgive.

The opportunity to Tekan Richard Li came in the form of the third bid from Ascendas which snookered the deal from Richard Li by a mere $11 million plus change. Well, it turns out that Ascendas is jointly owned by Temasek and JTC. Temasek of course being run by Hsein Yang's sister in law Whore Jinx. And JTC being run by another scholar (EDB) Png Cheong Boon. This is where it gets downright comical and idiotic.

You see, all three parties involved (Temasek and Jurong Town Corporation through Ascendas) and CPF are 100% govt owned enterprises. Temasek is 100% owned by MOF while JTC is 100% owned by MTI, while CPF is 100% by MOM. So, what you have is one govt company buying the office building of another govt company, using the same govt money that funds them. Ownself sell to Ownself. WTF? How ridiculous can you be? Left hand give to right hand, like that is called a sale? Why are they lying to the taxpayer? So, now they can all pat themselves on the back saying what a nice bit of money they made for each other? A least if the building was sold to Richard Li, we can honestly say that will be a real sale, with actual real money coming into the govt coffers via CPF. But what they are doing here is shuffling money from one place to another, like a Ponzi scheme. In actual fact, no sale happened. No new money was added to the bottom line of the singapore govt. Why? Because the office building went from one subsidiary to another subsidiary of the same company.

The timing of this (near the year end) and the way it was played out is ridiculous. Will some oppo ask the PAP for an explanation?

I fully anticipate WP Co-drivers to slap the government until they wake up.
 

borom

Alfrescian (Inf)
Asset
Are they trying to prop up the property market?

A low price for such a well known building will have a negative knock on effect on the property market as a whole and more of the 70% will have negative networth based on the ridiculous prices they had been paying.
Anyway waiting for Fed to raise the interest rates and see what they can do about it in the red dot?
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Are they trying to prop up the property market?

A low price for such a well known building will have a negative knock on effect on the property market as a whole and more of the 70% will have negative networth based on the ridiculous prices they had been paying.
Anyway waiting for Fed to raise the interest rates and see what they can do about it in the red dot?

I think no one wanted to bid at all. In fact, if the commercial property market was that good, you should have many more then just 3 bids. Maybe the building was really worth only $280 million, who knows? But they want to tekan Richard Li, and snooker the deal from him. But the whole ridiculous point is that the no sale happened at all. Just one hand go to another hand, all stay in the family.
 

mojito

Alfrescian
Loyal
Are they trying to prop up the property market?

A low price for such a well known building will have a negative knock on effect on the property market as a whole and more of the 70% will have negative networth based on the ridiculous prices they had been paying.
Anyway waiting for Fed to raise the interest rates and see what they can do about it in the red dot?

You cannot simply view price in isolation. There is the guaranteed, as good as risk free rental income from its anchor tenant. Is it above market average? That can only be good for commercial office rates. Disregard ignoramus like Papsmearer. Win-win situations can always be achieved between 2 parties, the buyer and seller. Come to think of it, so does the PAP and WP. Is it not a win-win for both of them to keep the status quo?
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
You cannot simply view price in isolation. There is the guaranteed, as good as risk free rental income from its anchor tenant. Is it above market average? That can only be good for commercial office rates. Disregard ignoramus like Papsmearer. Win-win situations can always be achieved between 2 parties, the buyer and seller. Come to think of it, so does the PAP and WP. Is it not a win-win for both of them to keep the status quo?

In this case, the buyer and the seller are the same, stupid. There can be no win win situation. Both of them are the Singapore govt aka taxpayer of singapore. U too fucking stupid to see it?
 

mojito

Alfrescian
Loyal
In this case, the buyer and the seller are the same, stupid. There can be no win win situation. Both of them are the Singapore govt aka taxpayer of singapore. U too fucking stupid to see it?

No sir. Nothing to do with taxpayers. No. They are several levels removed from fiduciary duty. When agents work together, everybody inside the circle wins.
 
D

Deleted member 80916

Guest
Does anybody know the background of the Ascendas Female Boss ? I heard she is really, another Malaysian Girl.

Ong Beng Seng still remains a Malaysian, yes ?

Most Singapore Talents are managed by Talented Malaysians, Khau Baby, Irene Ng,....<please add.>,.....
 

Ambulance

Alfrescian
Loyal
Does anybody know the background of the Ascendas Female Boss ? I heard she is really, another Malaysian Girl.

Ong Beng Seng still remains a Malaysian, yes ?

Most Singapore Talents are managed by Talented Malaysians, Khau Baby, Irene Ng,....<please add.>,.....

halo ah lau si jiu hu lang ah si singapo lang
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Does anybody know the background of the Ascendas Female Boss ? I heard she is really, another Malaysian Girl.

Ong Beng Seng still remains a Malaysian, yes ?

Most Singapore Talents are managed by Talented Malaysians, Khau Baby, Irene Ng,....<please add.>,.....

Ascendas Group CEO is a Hong Kong chap. which charbor u talking about?

Even Whore Jinx immediate family is from Perak. That is why they are so enchanted with fucking malaysians.
 
D

Deleted member 80916

Guest
Ascendas Group CEO is a Hong Kong chap. which charbor u talking about?

Even Whore Jinx immediate family is from Perak. That is why they are so enchanted with fucking malaysians.


Oops, sorry,..I meant Chong Siak Chin. She resigned. Isnt she a Malaysian ?

Does anyone have inside story on Koh Soo Kong ?
I hear he got scolded for selling off SOPS to Toll logistics,......
Now he's in Ascendas, yes ?
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Oops, sorry,..I meant Chong Siak Chin. She resigned. Isnt she a Malaysian ?

Does anyone have inside story on Koh Soo Kong ?
I hear he got scolded for selling off SOPS to Toll logistics,......
Now he's in Ascendas, yes ?

She is from Penang. Got kicked out of Ascendas and send to Singapore Arts Gallery to run it. LOL. I don't think she can tell the diff beween a Picasso and a Rembrandt. This kind of people just after the money. If she was any good, she could have been hired by so many big property companies. I guess she did not get a better offer.
 

bigboss

Alfrescian
Loyal
The timing of this (near the year end) and the way it was played out is ridiculous. Will some oppo ask the PAP for an explanation?

LTK had already said in one of his election rallies ... whenever the oppo party asked a question, the pappies in Parliament would either mumbo-jumbo an answer with no tail or tail, or they would become super deaf to the question asked. There you have it ... a mouse trying to speak to an elephant.
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
LTK had already said in one of his election rallies ... whenever the oppo party asked a question, the pappies in Parliament would either mumbo-jumbo an answer with no tail or tail, or they would become super deaf to the question asked. There you have it ... a mouse trying to speak to an elephant.

The questions were asked too nicely and in a friendly way. I have read the transcripts, its a lot of praising the PAP first, then beat around the bush, and then eventually ask the question in a veiled toned. Just come straight out and and ask them. Word the questions in a way that would make them black and white. A good example was the question ask about the HDB flats. what happens when the 99 years lease is up? Do the flats go to the HDB or do the flat dwellers have to give it back? This kind of question is a yes or no answer and reveals a very important information. Why can't the WP keep asking this sort of questions?
 
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