Chitchat Temasek to privatise SMRT thru buy-out to shield its financials

scroobal · Jul 19, 2016

Bloomberg and Reuters have mentioned this in the last 12 hrs or so. I think one of our forummers also mentioned this possibility yesterday.

After its impressive ROE was revealed in 2011, the damning COI report on its gross inadequate failure to maintain its engineering infrastructure and its continued poor service performance SMRT has now become a political hot potato. Once its privatised, the public will have no clue what goes on in SMRT.

nayr69sg · Jul 19, 2016

scroobal said:
Bloomberg and Reuters have mentioned this in the last 12 hrs or so. I think one of our forummers also mentioned this possibility yesterday.

After its impressive ROE was revealed in 2011, the damning COI report on its gross inadequate failure to maintain its engineering infrastructure and its continued poor service performance SMRT has now become a political hot potato. Once its privatised, the public will have no clue what goes on in SMRT.

"privatised" Temasek belongs to the government and the people of Singapore. No? So actually it should be Nationalized.

But Temasek while owned by the people of Singapore is non transparent like a private company.

Geez. It is absolute rubbish. Why don't they just start some kind of stat board that manages the SAF also. Then no need to answer in parliament questions about SAF also. Just like what they do with govt hospitals and fees. "privatised" so increase hospital fees no need to debate in parliament.

What is parliament for really? Waste of time.

scroobal · Jul 19, 2016

This approach provides the Govt 2 options - one is to completely nationalise and the fastest way and to depoliticise it is to use SMRT to do the buy-out thru the usual commercial way and then back to MRTC days. Though politically it will score brownie points with the voters it is against their 1996 and 2013 Land Transport Master Plans. The second option is to hide the financials from the public gaze. As the Govt has total control because it is 100% owned by Temasek, they can force Temasek to do their bidding as opposed to facing shareholders and independent board directors in SMRT. They spent 4 years to get an agreement with SMRT so I am sure they are trying to avoid it.

Anyway it shows clearly that SMRT and it'd management by Temasek was an error on the part of Govt. Its redemption time.

nayr69sg said:
"privatised" Temasek belongs to the government and the people of Singapore. No? So actually it should be Nationalized.

But Temasek while owned by the people of Singapore is non transparent like a private company.

Geez. It is absolute rubbish. Why don't they just start some kind of stat board that manages the SAF also. Then no need to answer in parliament questions about SAF also. Just like what they do with govt hospitals and fees. "privatised" so increase hospital fees no need to debate in parliament.

What is parliament for really? Waste of time.

frenchbriefs · Jul 19, 2016

should be nationalised cause its already using taxpayers monies to subsidize it,any other way is fraud.

shittypore · Jul 19, 2016

Anyway it goes, Sinkies get screwed by PAP and the Familee end of the day.

dr.wailing · Jul 19, 2016

nayr69sg said:
"privatised" Temasek belongs to the government and the people of Singapore. No? So actually it should be Nationalized.

But Temasek while owned by the people of Singapore is non transparent like a private company.

Where did you get the information that Teamasick belongs to and is owned by the people of Sinkieland?

Does 1MDB belong to the people of Malaysia or to Najib and his cronies?

mojito · Jul 19, 2016

nayr69sg said:
"privatised" Temasek belongs to the government and the people of Singapore. No? So actually it should be Nationalized.

But Temasek while owned by the people of Singapore is non transparent like a private company.

Geez. It is absolute rubbish. Why don't they just start some kind of stat board that manages the SAF also. Then no need to answer in parliament questions about SAF also. Just like what they do with govt hospitals and fees. "privatised" so increase hospital fees no need to debate in parliament.

What is parliament for really? Waste of time.

Of course it cannot be transparent. What if other countries learn the secrets to our success? We would be at a disadvantage! :eek:

shittypore · Jul 19, 2016

mojito said:
Of course it cannot be transparent. What if other countries learn the secrets to our success? We would be at a disadvantage!

More impt if Sinkies learn abt the failures in Termasick! The PAP and Familee has to pack and run road.

Bigfuck · Jul 19, 2016

Full nationalization will give all countries overseas the excuse to attack our investments there. Parking it all under temasek already runs a very big risk of it happening. remember the thai and indon experience?

scroobal · Jul 19, 2016

London Underground, NY Subway, Paris Metro, Moscow Metro are all fully nationalised. There were periods of time when some aspects were given to private enterprise such as in London and Paris but have since come back into state control. People in Singapore who are calling for nationalisation are not clueless. They are aware what is going on around the World. They know that an important transport system that the country and the economy depends on cannot be in private hands. And SMRT proved that beyond a shadow of a doubt.

The reason that they cannot nationalise straight way is that it will make the Prime Minister a proper fool because his wife failed to provide the service that is expected. So they go thru this pretend period of claiming to work out the optimal model to fool the clueless.

Bigfuck said:
Full nationalization will give all countries overseas the excuse to attack our investments there. Parking it all under temasek already runs a very big risk of it happening. remember the thai and indon experience?

Satyr · Jul 19, 2016

scroobal said:
London Underground, NY Subway, Paris Metro, Moscow Metro are all fully nationalised. There were periods of time when some aspects were given to private enterprise such as in London and Paris but have since come back into state control. People in Singapore who are calling for nationalisation are not clueless. They are aware what is going on around the World. They know that an important transport system that the country and the economy depends on cannot be in private hands. And SMRT proved that beyond a shadow of a doubt.

The reason that they cannot nationalise straight way is that it will make the Prime Minister a proper fool because his wife failed to provide the service that is expected. So they go thru this pretend period of claiming to work out the optimal model to fool the clueless.

Singapore can make an industry out of fig leaves.

scroobal · Jul 19, 2016

Singaporeans despite going on annual holidays know about locations where they sell discounted branded goods than anything else in the country they visit. I remember to talking to a chap who was praising newater and how Singapore leads the world. I told him that many countries provide potable drinking water as well recycled water. I told him that newater is recycled water and follows the UN standards. We call it Newater while most prefer to call it recycled water albeit usual used for industrial use.

When I told him that some countries even had dual rate meters for electricity supplies to cover off peak and peak usage with different tariffs, he went all quiet.

Naturally they become gullible to what the authorities throw out.

Satyr said:
Singapore can make an industry out of fig leaves.

Brightkid · Jul 19, 2016

Public transport, one being the MRT, will never be nationalized, even though that will benefit the citizens. Why? Simply because the oppositions had raised it first. PAP will never want to be seen to admit the oppositions are correct even though PAP has the entire civil service at their disposal and their million-dollar salaries.

This issue, together with the PWP, should have a referendum to get wha the people want, and the govt to realize it. However, with almost the entire parliament their people and WP putting the mouse to shame with their quietness, will do what's best for themselves and ignore the people, especially after a landslide 70% from last GE.

The 70% gets the govt their voted for. Do not complaint. The husband and wife team have the entire country's balls at ransom.

halsey02 · Jul 19, 2016

Satyr said:
Singapore can make an industry out of fig leaves.

What fig leaves, that needs grow fig trees, need soil, need.... They can make a huge industry out of FAKE LEAVES, like fake GENERALS....all they need to do, is to mobilise NTUC, SAF & what nots...they have an abundant pool of affordable ( CHEAP) labourers...to manufacture FAKE LEAVES & make an industry of out it.

Taking SMRT private & next time, any oppositions in parliament ask about their accounts books, HDB takes 52 man years to compile & since 50 years mark had crossed...SMRT books will be 102 man years. :rolleyes:

Chitchat Temasek to privatise SMRT thru buy-out to shield its financials

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