Hot News: MAS Advisory Chairman named inside Panama Papers !!!

It has been reported that the MOF and MAS are reviewing the information being reported in connection with the so-called Panama Papers, and conducting the “necessary checks”.*

In its statement, the government said, “Singapore takes a serious view on tax evasion and will not tolerate its business and financial centre being used to facilitate tax related crimes. We have put in place a strong legal, tax, and regulatory framework, coupled with a rigorous supervisory regime, to tackle cross-border tax evasion and avoidance."

Now, it has been found that one of MAS' own advisory chairman had been identified inside the Panama Papers. The person is none other than Lee Suan Hiang. You can find his name inside the papers:

http://berndpulch.org/2014/05/23/th...nies-persons-and-adresses-part-147-singapore/

According to the MAS website, he is the Chairman of the Singapore Note and Coin Advisory Committee of the MAS. He is currently also the Chief Executive of the Real Estate Developers’ Association of Singapore (REDAS).

Prior to this, he was Chief Executive Officer of the National Arts Council and MICA Fellow (Creative Industries) (2003-2009), Chief Executive of the Singapore Standards, Productivity and Innovation Board (SPRING Singapore) (2002-Oct 2003), Chief Executive of the Productivity and Standards Board (PSB) (1996-2002), Chief Executive of the National Productivity Board (NPB) and Chief Executive of the Singapore Institute of Standards and Industrial Research (SISIR) (1995-1996).

He and his wife Elizabeth have set up an offshore entity called Grace Holding Overseas Limited.

Mr Lee must explain to the people why he is setting up an offshore entity? Why can't he set up a local company here in Singapore? Why must it be outside of Singapore? For what purpose?

MAS must also need to assure the public that Mr Lee, one of its own people, would be investigated to the fullest extend in order to ensure that our laws are upheld.

Nothing wrong with setting up a company offshore. I have two companies registered in the USA and one in the Netherlands.

coryana said:

It has been reported that the MOF and MAS are reviewing the information being reported in connection with the so-called Panama Papers, and conducting the “necessary checks”.*

In its statement, the government said, “Singapore takes a serious view on tax evasion and will not tolerate its business and financial centre being used to facilitate tax related crimes. We have put in place a strong legal, tax, and regulatory framework, coupled with a rigorous supervisory regime, to tackle cross-border tax evasion and avoidance."

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Hi @coryana, good first post from you in this forum.

BTW, welcome to this forum

Leongsam said:

Nothing wrong with setting up a company offshore. I have two companies registered in the USA and one in the Netherlands.

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Aiyo boss, there is a big difference between you and Mr Lee Suan Hiang lah!

You, as a private individual, can do whatever you want and nobody cares.

But Mr Lee Suan Hiang holds (and held) several important official positions in our government, and what he does (and did) is everybody's (aka public) business, you know that hah?

Cosmos10 said:

But Mr Lee Suan Hiang holds (and held) several important official positions in our government, and what he does (and did) is everybody's (aka public) business, you know that hah?

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Those who hold public office are entitled to their private lives and business dealings too as long as they don't abuse their public positions to enrich themselves.

Nobody is a public figure forever unless they are members of a royal family. They need nest eggs when they retire and offshore companies can be part of their retirement plans.

This guy is an interesting creature. The world "Public Servant" would be a misnomer. One of Philip Yeo's PLps. All his jobs in the pubic service has no accountability of any importance. Folks were surprised that he got Public Admin Gold. He is not on MAS Advisory Committee which is made up of International luminaries. He is with the MAS advisory committee on Note and Coins with idiots like White Shoes Baey and they are the ones that stuffed up on the First President's name. All they do is agree on the colour and design. Baey was probably selected because he has wanted to show that he is the most fashionable MP with his well known dress sense (not wee regarded)

He was based in Europe for a long while with EDB so he must have created the account. I think this is same chap that cleared all his accounts from an US bank when they sold their retail arm to a local bank. Does indicate that he has something to hide. It will be good if CPIB screens him as his involvement with REDAS and EDP Society ( all heavy duty networking and back scratching) is interesting as he has no background in this area.

Leongsam said:

Those who hold public office are entitled to their private lives and business dealings too as long as they don't abuse their public positions to enrich themselves.

Nobody is a public figure forever unless they are members of a royal family. They need nest eggs when they retire and offshore companies can be part of their retirement plans.

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Yeah, its called corruption stupid. That's what Marcos and Suharto and Najib say to justify all the money they took. Its concerning their private lives, so no one can pry into it.

scroobal said:

This guy is an interesting creature. The world "Public Servant" would be a misnomer. One of Philip Yeo's PLps. All his jobs in the pubic service has no accountability of any importance. Folks were surprised that he got Public Admin Gold. He is not on MAS Advisory Committee which is made up of International luminaries. He is with the MAS advisory committee on Note and Coins with idiots like White Shoes Baey and they are the ones that stuffed up on the First President's name. All they do is agree on the colour and design. Baey was probably selected because he has wanted to show that he is the most fashionable MP with his well known dress sense (not wee regarded)

He was based in Europe for a long while with EDB so he must have created the account. I think this is same chap that cleared all his accounts from an US bank when they sold their retail arm to a local bank. Does indicate that he has something to hide. It will be good if CPIB screens him as his involvement with REDAS and EDP Society ( all heavy duty networking and back scratching) is interesting as he has no background in this area.

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This has long been an inner secret in the PAP elite. Many scions of wealthy families and scions of PAP elites work in the EDB. They like to call themselves public servants by virtue of them working for a stat board. I know some of these people. They work in the EDB not because its their chosen career path. rather they have been planted there by the inner sanctum. This way, they can continue to conduct family business under the cover of their EDB job. Lets say you are an American MNC looking to open a factory in Singapore. You contact the EDB and the case worker suggests that you can get all these tax credits if you JV with a local company. Guess what. That local company is going to be one that is coincidentally owned by the case worker's family or some other PAP elite. That's how they enrich themselves further. You have to ask youself why the PAP continually give hundreds of millions of $ in tax holidays to a single company. it does not benefit the country at all. It only benefits the elites doing JV business with the MNCs.

Thats right Bro. And EDB guys can arrange meeting with senior ministers and PM at the drop of the hat. How else the grandson got the job with Google. Contact was made with Larry Paige which was attended by LHL and HC.

Their stock however went down after Suzhou - spectacular failure. We had to hand over everything that we paid for to them. The EDB conveniently sidestepped any association with Suzhou and claim that their initiative was not Suzhou but Wuxi.

Papsmearer said:

This has long been an inner secret in the PAP elite. Many scions of wealthy families and scions of PAP elites work in the EDB. They like to call themselves public servants by virtue of them working for a stat board. I know some of these people. They work in the EDB not because its their chosen career path. rather they have been planted there by the inner sanctum. This way, they can continue to conduct family business under the cover of their EDB job. Lets say you are an American MNC looking to open a factory in Singapore. You contact the EDB and the case worker suggests that you can get all these tax credits if you JV with a local company. Guess what. That local company is going to be one that is coincidentally owned by the case worker's family or some other PAP elite. That's how they enrich themselves further. You have to ask youself why the PAP continually give hundreds of millions of $ in tax holidays to a single company. it does not benefit the country at all. It only benefits the elites doing JV business with the MNCs.

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Papsmearer said:

Yeah, its called corruption stupid. That's what Marcos and Suharto and Najib say to justify all the money they took. Its concerning their private lives, so no one can pry into it.

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It's not corruption if the money was obtained by honest means which is certainly the case in squeaky clean Singapore.

Papsmearer said:

This has long been an inner secret in the PAP elite. Many scions of wealthy families and scions of PAP elites work in the EDB. They like to call themselves public servants by virtue of them working for a stat board. I know some of these people. They work in the EDB not because its their chosen career path. rather they have been planted there by the inner sanctum. This way, they can continue to conduct family business under the cover of their EDB job. Lets say you are an American MNC looking to open a factory in Singapore. You contact the EDB and the case worker suggests that you can get all these tax credits if you JV with a local company. Guess what. That local company is going to be one that is coincidentally owned by the case worker's family or some other PAP elite. That's how they enrich themselves further. You have to ask youself why the PAP continually give hundreds of millions of $ in tax holidays to a single company. it does not benefit the country at all. It only benefits the elites doing JV business with the MNCs.

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I received lots of help from the EDB and in no way am I connected with any pappy elite. You're tilting at windmills as usual.

Tax evasion is a crime!