Chitchat Desmond says handing over ageing assets for Taxpayers to fix is better for SMRT

frenchbriefs · Jul 16, 2016

anyone know what kind of bullshit talk is this?

"the rail operator’s head honcho Desmond Kuek said the declining trend in profitability would have hampered the company’s ability to perform its core role of delivering quality service to commuters."

i think desmond quek has learned well from his days in SAF,he make it sound like transporting civilians in train carriages is like a sacred duty of defending a country and protecting its freedom and liberty no matter the cost.everything else is a hindrance and hampering the SAF's role.....i mean SMRT's role in carrying out these duties of national importance.mass rapid transportation is now a matter of national security and must be given full authority no questions asked.you want the truth????you cant handle the truth!!!!!

scroobal · Jul 16, 2016

Yes, its bail-out. The obvious answer is nationalisation as it worked when MRTC which was a stat board then ran the MRT before handing over to SMRT.

If they nationalise, it will be political disaster for Ho Ching. It means they failed to deliver. Thought the contract ends in Aug 2016, the notice period for termination has not been disclosed and the penalty for short notice has also not been revealed.

I can only think that performance details and penalties for failing to meet standards in the terms of agreements or contract was not robust enough to make the necessary claims.

nayr69sg said:
In essence the previous CEOs of SMRT and the incumbent have mismanaged SMRT to the point of insolvency.

The Singapore government and the people have bailed out SMRT shareholders.

So....why not nationalize the MRT system?

Oh well. I am no General. What do I know about business right????

frenchbriefs · Jul 16, 2016

nayr69sg said:
In essence the previous CEOs of SMRT and the incumbent have mismanaged SMRT to the point of insolvency.

The Singapore government and the people have bailed out SMRT shareholders.

So....why not nationalize the MRT system?

Oh well. I am no General. What do I know about business right????

Singapore government owns SMRT,so technically they are just bailing themselves out.where the funds come from?PAP practises a policy of Dont ask Dont tell like the united states army.they claim that GIC doesnt not use CPF monies to invest,the funds are exchanged for SGS bonds which are guaranteed by the government.

soikee · Jul 16, 2016

Brightkid said:
I have not read a single article on the topic.

However, I will bet my last dollar that ultimately, it's the taxpayers, through the govt, and the commuters, will be paying for this merry go round of money.

PAP govt has the enviable history of selling money making assets (eg power stations) and buying back money loosing investments as in this rail/train case. Else, it will be selling off once-upon-a-time golden goose killed by some no-business-experience scholar generals.

http://theindependent.sg/temaseks-declared-losses-problematic/

In 2009 had to sell 3 power stations to cover huge losses in Merrill Lynch purchase and now sell rail lines to patch up Temasek 24b loss.

lifeafter41 · Jul 16, 2016

Mark my words....when this latest round of merry go round is done with, some smart aleck will propose the SMRT to be privatize again........and there you go again.

frenchbriefs · Jul 16, 2016

lifeafter41 said:
Mark my words....when this latest round of merry go round is done with, some smart aleck will propose the SMRT to be privatize again........and there you go again.

I would call you up every Saturday night
And we both stayed out 'til the morning light
And we sang, "Here we go again"
And though time goes by
I will always be
In a club with you
In 1973
Singing "Here we go again"

[video=youtube;uWeqeQkjLto]https://www.youtube.com/watch?v=uWeqeQkjLto[/video]

Asterix · Jul 16, 2016

As for the SMRT, there's nothing wrong with the assets, many subway systems are way way older and work much much better, that can only mean that there's something wrong with the people running Sinkieland's assets .........

[video=youtube;N8b3963VRW4]https://www.youtube.com/watch?v=N8b3963VRW4[/video]

dr.wailing · Jul 16, 2016

frenchbriefs said:
I would call you up every Saturday night
And we both stayed out 'til the morning light
And we sang, "Here we go again"
And though time goes by
I will always be
In a club with you
In 1973
Singing "Here we go again"

Did you pick it up from some gay album?

JohnTan · Jul 16, 2016

Time to buy more SMRT shares. Desmond is a canny CEO who got the better of the PAP government. Who else would buy aging infrastructure for so much money?

virus · Jul 17, 2016

in the last days before the japanese invasion, the brits trained the locals to fend for themselves arming them with stick mimicing Mk I. as the Japs pressed closer to sinkieland, the brits decided to vacate and send their own kind sailing away, whilst others who remain would dump their arsenals into the sea.

when the local pressed for arms, they were given deprecated weapons that were either too old or defective.

the FAP follows this formula, dump good money after bad in foreign investments. giving shits to the local and when push comes to shove, they were certainly not shy to follow the imperialist Brits in making the locals pay for their mistake.

the history will repeat themselves.

frenchbriefs · Jul 17, 2016

virus said:
in the last days before the japanese invasion, the brits trained the locals to fend for themselves arming them with stick mimicing Mk I. as the Japs pressed closer to sinkieland, the brits decided to vacate and send their own kind sailing away, whilst others who remain would dump their arsenals into the sea.

when the local pressed for arms, they were given deprecated weapons that were either too old or defective.

the FAP follows this formula, dump good money after bad in foreign investments. giving shits to the local and when push comes to shove, they were certainly not shy to follow the imperialist Brits in making the locals pay for their mistake.

the history will repeat themselves.

doesnt matter,sinkies are balless and humji,even if u give them browning machine guns with unlimited ammo and bazookas,the outcome will still be the same, surrender in two weeks.

Papsmearer · Jul 18, 2016

frenchbriefs said:
Singapore government owns SMRT,so technically they are just bailing themselves out.where the funds come from?PAP practises a policy of Dont ask Dont tell like the united states army.they claim that GIC doesnt not use CPF monies to invest,the funds are exchanged for SGS bonds which are guaranteed by the government.

Technically, Singapore govt owns 54% of the shares of SMRT via Temasek holdings. The other 46% of the shares, they got some suckers to buy. This is a new twist on the con job that has been SMRT.

The old state old SMRTC owned all the rail lines and trains. It was decided that they need to pump more money into Stomacksick Holdings for Whore Jinx to play with and claim that the fund was getting good returns. So, these were broken off from government ownership, put into a Pte Ltd company called SMRT and gifted to Stomachsick.

Stomachsick sold the shares and kept a controlling and majority ownership. The money received from the sales of the 46% was injected into more fucked up ventures by Whore Jinx. By spinning of the rail services into Stomachsick, it had the additional benefit of creating a new enterprise that could be populated with PAP sychophants and cronies such as the Ex SAF scholar general type.

Despite returning 15% on average over the last few years and disbursing up to 80% of the profits in dividends (making the shareholders very happy), SMRT is now saying that is not enough. They are saying that they will make less profit down the road and threaten that service quality will fall. So, they want the LTA to take over the fixed costs.

Its all a joke.

frenchbriefs · Jul 18, 2016

Papsmearer said:
Technically, Singapore govt owns 54% of the shares of SMRT via Temasek holdings. The other 46% of the shares, they got some suckers to buy. This is a new twist on the con job that has been SMRT.

The old state old SMRTC owned all the rail lines and trains. It was decided that they need to pump more money into Stomacksick Holdings for Whore Jinx to play with and claim that the fund was getting good returns. So, these were broken off from government ownership, put into a Pte Ltd company called SMRT and gifted to Stomachsick.

Stomachsick sold the shares and kept a controlling and majority ownership. The money received from the sales of the 46% was injected into more fucked up ventures by Whore Jinx. By spinning of the rail services into Stomachsick, it had the additional benefit of creating a new enterprise that could be populated with PAP sychophants and cronies such as the Ex SAF scholar general type.

Despite returning 15% on average over the last few years and disbursing up to 80% of the profits in dividends (making the shareholders very happy), SMRT is now saying that is not enough. They are saying that they will make less profit down the road and threaten that service quality will fall. So, they want the LTA to take over the fixed costs.

Its all a joke.

the purpose of temasek holdings is to be the biggest player in the state run economy of Singapore,or state capitalism as they call it,this ensures that no other entity whether a single person or organization can come close to challenging their power.im still trying to understand the implications of it.PAP's economic influence is no longer constrained within the limits of the various ministries and government agencies,on top of the enormous budgets of the various ministries,the government or PAP now control up to 30 percent of Singapore's economy,combined together both the civil service and the private sector, the PAP government wields enormous economic power and employs a large percentage of the singaporean workforce.the key to PAP's longevity lies in Temasek.

nayr69sg · Jul 18, 2016

frenchbriefs said:
the key to PAP's longevity lies in Temasek.

Yup. So much for the diversified economy nonsense.

Ask any SME (besides food businesses like breadtalk, Sakae Sushi etc) and they will tell you the govt steals all the ideas and patents and does it themselves.

Temasek is finished. Get out while you can. 10 to 20 years later SGD might be worthless.

johnny333 · Jul 18, 2016

nayr69sg said:
...Get out while you can. 10 to 20 years later SGD might be worthless.

Was at the money changer & surprised that the Canadian dollar is almost equal to the Sing$. Currently it's 1.00 CAD = 1.04188 SGD

So if anyone wants to convert, now is a good time.

Brightkid · Jul 18, 2016

How was the $1B price tag for used, and probably depreciated, trains, signaling and other stuff added up to be?

Was this info published in public domain? After all it's taxpayers money.

Of course, in Sinkielalaland, the 70% don't heed to know, I case it cause them to panic.

Seee3 · Jul 18, 2016

frenchbriefs said:
...im still trying to understand the implications of it.PAP's economic influence is no longer constrained within the limits of the various ministries and government agencies,on top of the enormous budgets of the various ministries,the government or PAP now control up to 30 percent of Singapore's economy,combined together both the civil service and the private sector, the PAP government wields enormous economic power and employs a large percentage of the singaporean workforce.the key to PAP's longevity lies in Temasek.

Yes, the implication is disturbing. Imagine the day another party won, formed govt but the GLC are no longer linked to the G? It is an indirect way of holding on to control that can be disruptive.

Papsmearer · Jul 18, 2016

frenchbriefs said:
the purpose of temasek holdings is to be the biggest player in the state run economy of Singapore,or state capitalism as they call it,this ensures that no other entity whether a single person or organization can come close to challenging their power.im still trying to understand the implications of it.PAP's economic influence is no longer constrained within the limits of the various ministries and government agencies,on top of the enormous budgets of the various ministries,the government or PAP now control up to 30 percent of Singapore's economy,combined together both the civil service and the private sector, the PAP government wields enormous economic power and employs a large percentage of the singaporean workforce.the key to PAP's longevity lies in Temasek.

The govt controls at least 50% of the value of the SES. That is thru all the GLCs and partial ownerships in the companies listed on it. Temasek is a hollow shell now. You can see how desperate they are to even sell back assets that were given to them for $1 billion. The past losses, and the investments in China are coming back to bite them in the arse.

FangSinGuek · Jul 18, 2016

iincl scholar who got expired in SAF.............

FangSinGuek · Jul 18, 2016

Bigfuck said:
These people are talking cock when they claim to be CEOs with no real experience. Who would you bet your money to run GIC, Buffet or HC?

HC becos one fuck at nite can solve all...........

Chitchat Desmond says handing over ageing assets for Taxpayers to fix is better for SMRT

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