Pasir Ris Punggol MP tells town council manager not to reveal investments info!!

Well done, TOC! You have exposed our slimy MPs!!

TOC recently published a template request for information that Singaporeans could send to their MPs to ask their Town Councils (TCs) specific questions on TC investments.

TOC reader Roland Soh sent an email to his MP, Dr Ahmad Magad of Pasir-Ris Punggol GRC. He was shocked with the reply: instead of giving him a comprehensive answer, the reply contained an email to a person called Wei Kin. This, we believe, is the General Manager/Secretary of the Pasir-Ris Punggol Town Council, Ms Kwok Wei Kin ( See here and here.)

In the email, Dr Magad seems to tell his Town Council General Manager not to reveal any more information “beyond what we have already uploaded on-line…”

The email is reproduced here:

Wei Kin

Further to this, at the meeting with Minister yesterday it was decided that we will NOT disclose any further details beyond what we have already uploaded on-line and will be publishing in our Vibes newsletter.

Additional follow up queries should be replied with politeness, indicating that our disclosures are and will be consistent with Corporate Governance Standards. Pls follow up accordingly.

Thanks.

Best Regards,
Ahmad Magad

Could it be that Ministers are giving different instructions in private than they are in public? Which minister was Dr Magad speaking to?

If it was Mr Mah, this will be a disturbing about-turn considering he told The Sunday Times on November 23: ‘Each town council has the duty to explain to its residents how it invests its funds, what is its philosophy, what are the risks it takes’.

http://theonlinecitizen.com/2008/12...sclose-any-further-details-on-tc-investments/

Definitely, a reasonable guess is that losses to the point of embarassment had been made.

If not, they would have shout it to the mountains.

town councils' investments and their strategies like our temasick and gahment investments wing are all classified. we cannot reveal to the lay public everything about our world class strategy and plans.

trust us and we'll deliver all of you from this recession and depression.majulah singapura!!!!

From Hardhitting
Thursday, December 4, 2008
A question for all the MPs in the Singapore Parliament While reading Mr. Tan Kin Lian’s blog (http://www.tankinlian.blogspot.com) yesterday, I came across an article that state that the Lehman Brothers minibonds saga is more widespread than anyone in Singapore originally expected.

A former lawyer from Singapore now residing in Brussels says that the Lehman Brothers saga has even affected parts of Europe. Angry clients of Citibank and Deutsche Bank held demonstrations in Brussels by marching to the HQ of Deutsche Bank, and then to Citibank.

The demonstrators say they were sold investments to their clients that were managed by Lehman Brothers, but were not informed that they will lose the money if Lehman Brothers went bust. Now they are demanding compensation for the money they lost and want Deutsche Bank and Citibank to reimburse their loss in full.

Nothing special there; it’s almost a carbon copy of what is happening in Singapore as well. Two things stand out however; one is that a number of other banks such as Fortis and Swiss Life who had also sold Lehman Brothers investments have guaranteed the capital of their clients. Another is that the demonstrators were received by Economy Minister Vincent Van Quickenborne.

Demonstrators that were received by a Minister of the Cabinet, not just a member of parliament but a Minister of the Cabinet! Compare that to the no sound response of our MPs, it’s night and day.

Like I’ve said in an earlier post, I feel that our MPs need to let Singaporeans know their position on this Lehman Brothers fiasco. If you agree with the protestors that are gathered every week at Hong Lim Park, say so. If you don’t believe the protestors has a case, say so. Singaporeans like me want to know your views! It’s been almost 2 months since this problem started, surely all of you have reviewed the problem already. Add to the fact that the Lehman Brothers minibond holders are now told that they will not be getting a swift resolution for their investments, maybe for years, what their views on this latest development as well?

So a question for all the MPs in the Singapore Parliament; what is your position on the situation?

Dec 5, 2008
PAP TOWN COUNCILS
Investment types, returns open to public

I REFER to Monday's letter by Mr David Lam, 'Key issues not addressed'.
We thank Mr Lam for his letter and would like to address his queries on town councils' investments.

The PAP town councils exercise prudence when making investment decisions. We take a long-term view on investment of town council funds. Our investment decisions are guided by approved financial advisers and banks. We also adhere to investment guidelines set by the Ministry of National Development.

The current financial crisis has had an unprecedented impact on financial markets around the world. If not for this financial crisis, some institutions and investments that have failed or are now deemed high risk, would have been considered very safe by most. However, as a result of our prudent and diversified investments, our sinking fund has grown and earned positive returns.

So is Teo now saying that the failed Lehman Minibobd product that the TCs invested in were "low risk"? If so, what is his concrete substantive basis?

Information on investment returns and sinking funds is disclosed in the town councils' audited financial statements, and annual reports which are presented to Parliament for public scrutiny. Residents can access the audited financial statements and annual reports via the town councils' websites or from the town council offices.

As our investments and circumstances differ, the town councils will reach out to their residents directly to address their queries and receive feedback through various channels such as newsletters, websites and dialogues. We will continue to explore ways to keep residents informed of our finances.

Looking ahead, we would like to assure residents that we will continue to be prudent, and will keep reviewing our investment approach so as to grow our sinking fund in a sustainable manner to meet the long-term needs of our estates.

Dr Teo Ho Pin
Coordinating Chairman for PAP Town Councils

kakowi said:

Definitely, a reasonable guess is that losses to the point of embarassment had been made.

If not, they would have shout it to the mountains.

Click to expand...

This would be a good topic to be used during the next GE.

Hope someone in the opposition would be able to maximise this.