Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds!

I am curious and read the latest Auditor-General's report that was issued last week.

But what I read shocked me because one of the stat board, Temasek Polytechnic had actually invested $62.5 million in bonds! Are those investment monies surplus from their operating expenses?

If TP was able to invest so much, I am curious why Singapore citizens still have to pay school fees. Look at how many Singaporean parents need to use their CPF funds to pay for their children's polytechnic fees, then after graduation, the children had to pay back the CPF monies with interest in cash. It doesn't make sense. You pay using CPF, the monies should be returned via CPF, not cash.

The following are extracts from AGO audit report:

---------------------------------------------------------------------------------
98. AGO found lapses in the Temasek Polytechnic (TP)'s evaluation of and approval for its investment in bonds. TP did not ensure that requisite approval had been obtained before it proceed with its investment in five bonds. In addition, for two of the bond investments, there was no assurance that the evaluation on the investments was robust. As the investments involved a large amount of public funds, it is important for TP to properly evaluate the proposed investments and seek approval before making the investments.

99. As at 31 March 2014, TP had invested $62.50 million in bonds. AGO's test checks of five bonds totalling $61.50 million revealed that for all the five bonds, TP had proceeded to make the investments before obtaining the requisite approval from its Investment Committee.

100. AGO also noted, based on documents provided, that for two of the five bonds (totalling $40 million), the evaluation and subsequently the decision to invest in these two bonds focused only on the bonds' interest rates. There was no documentary evidence that other relevant factors, such as the business nature and performance of the company that issued the bonds were considered. In addition, TP's evaluation relied heavily on inputs sought from a person who had a interest in the company that issued the bond. With these lapses, there was no assurance that the evaluation was robust.

- More at AllSingaporeStuff.com http://www.allsingaporestuff.com/ar...had-invested-625m-bonds-why-no-free-education

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

JohnTan new Thong ??

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

LOL2015 said:

JohnTan new Thong ??

Click to expand...

Nice thong. Opposition sucksuckers and their grassroots can come suck it after they get thrashed in the coming GE. Their MP and candidates will be made to roam the streets for 5 years.

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

If TP was able to invest so much, I am curious why Singapore citizens still have to pay school fees.

Click to expand...

Chicken and egg question.

If they didn't pay school fees, how would the school get the money to invest?

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

JohnTan said:

Nice thong. Opposition sucksuckers and their grassroots can come suck it after they get thrashed in the coming GE. Their MP and candidates will be made to roam the streets for 5 years.

Click to expand...

whoa...u manage to get an erection after seeing so many hunks.

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

JohnTan said:

Nice thong. Opposition sucksuckers and their grassroots can come suck it after they get thrashed in the coming GE. Their MP and candidates will be made to roam the streets for 5 years.

Click to expand...

You got it all WRONG Boy.

It is for you only

Here you go another FOC just for YOU = JohnTan

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

AGO's test checks of five bonds totalling $61.50 million revealed that for all the five bonds, TP had proceeded to make the investments before obtaining the requisite approval from its Investment Committee.

Click to expand...

I got two questions in mind

- What 5 bonds did they buy? Some bonds are bought for national service, some bonds are wise investment decisions, somes are a waste of time.

- What is the total yield that they obtained? I hope they invested wisely and get at least 5%pa (apps $3mio returns) and translate into bursary for local students, i salute the board for making this wise decision. Poly education is not cheap. Many poly students have to tap on their parents' CPF savings or working part-time or giving tuition.

In comparison, NUS has about $900 millionof bonds outstanding which translates to the need to hike school fees to pay off coupons. (NUS is the borrower). Perhaps they can significantly reduce their bond issues by not granting so many scholarships to foreign students.

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

Didn't NUS has over a billion in reserves? I tot I saw media report this years ago. That why I never donate to those NUS flag tin cans.

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

JohnTan said:

In addition, TP's evaluation relied heavily on inputs sought from a person who had a interest in the company that issued the bond. With these lapses, there was no assurance that the evaluation was robust.

Click to expand...

Walau eh ! CPIB, still waiting for what ? Invite the guy for kopi liao. Or could it be a lady?

I suggest CPIB appoint Uncle GoldenDragon as their freelance investigator cum interrogator.

Runifyouhaveto said:

I got two questions in mind

- What 5 bonds did they buy? Some bonds are bought for national service, some bonds are wise investment decisions, somes are a waste of time.

- What is the total yield that they obtained? I hope they invested wisely and get at least 5%pa (apps $3mio returns) and translate into bursary for local students, i salute the board for making this wise decision. Poly education is not cheap. Many poly students have to tap on their parents' CPF savings or working part-time or giving tuition.

In comparison, NUS has about $900 millionof bonds outstanding which translates to the need to hike school fees to pay off coupons. (NUS is the borrower). Perhaps they can significantly reduce their bond issues by not granting so many scholarships to foreign students.

Click to expand...

Wah. Poly course fees around 5k. Like that every year, 600 students study for free?

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

Runifyouhaveto said:

I got two questions in mind

- What 5 bonds did they buy? Some bonds are bought for national service, some bonds are wise investment decisions, somes are a waste of time.

- What is the total yield that they obtained? I hope they invested wisely and get at least 5%pa (apps $3mio returns) and translate into bursary for local students, i salute the board for making this wise decision. Poly education is not cheap. Many poly students have to tap on their parents' CPF savings or working part-time or giving tuition.

In comparison, NUS has about $900 millionof bonds outstanding which translates to the need to hike school fees to pay off coupons. (NUS is the borrower). Perhaps they can significantly reduce their bond issues by not granting so many scholarships to foreign students.

Click to expand...

NUS is a ivy league school and also the pet treasure of PAP how can it be 900 million in debt?Usually elite schools have huge endowments thanks to the generous donations from their elite alumni.usually ivy league schools like harvard and stanford have reserve funds in the 20 to 30 billion dollar range,enough to feed a small country.

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

frenchbriefs said:

NUS is a ivy league school and also the pet treasure of PAP how can it be 900 million in debt?Usually elite schools have huge endowments thanks to the generous donations from their elite alumni.usually ivy league schools like harvard and stanford have reserve funds in the 20 to 30 billion dollar range,enough to feed a small country.

Click to expand...

So in a way, Temasek Poly is better managed if they are able to obtain some respectable income with their excess funds (eg. 5%pa). It is a brave decision because the board will face a lot of pressure if the bonds default (extremely unlikely for low-5% yield). Many useless board directors in other organizations will rather hide these funds in fixed deposits earning medicore 1%+ each because they refuse to be responsible for the smallest investment loss-possible.

On the other extreme, I do not know why NUS needs $900mio. Maybe it is for expansion, investment or scholarship. They will be crazy super heroes if they issued bonds to invest in equities. If it is for foreign-student scholarships, then they are like men who got themselves in credit card debts to buy gifts for their glamour mistresses.



All the 3 outstanding NUS bonds that i know are currently trading between below par at 98-99 (Par:100). This means that if the money is loss in investments or scholarships, they will have to pay a little more when they refinance upon maturity.

Quantum:
S$250mio due Jan-2018
S$250mio due Feb-2019
S$400mio due May-2020

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

Cerebral said:

Wah. Poly course fees around 5k. Like that every year, 600 students study for free?

Click to expand...

According to their website

Full-Time fees for a local is about S$2500 per year
http://www.tp.edu.sg/fees-and-financial-matters/courses-fees#tab2

Hi bro, maybe you think that it is S$2500 per semester. so u arrived at 5K

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

NanoSpeed said:

Walau eh ! CPIB, still waiting for what ? Invite the guy for kopi liao. Or could it be a lady?

I suggest CPIB appoint Uncle GoldenDragon as their freelance investigator cum interrogator.

Click to expand...

Small case to handle. Anytime. But that may upset their Director Investigation.

Runifyouhaveto said:

According to their website

Full-Time fees for a local is about S$2500 per year
http://www.tp.edu.sg/fees-and-financial-matters/courses-fees#tab2

Hi bro, maybe you think that it is S$2500 per semester. so u arrived at 5K

Click to expand...

Paisei. My mistake then

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

Cerebral said:

Paisei. My mistake then

Click to expand...

no lah brother, just trying to say that your beneficiaries can be 2x more than what u project
Have a good weekend

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

We give lots of foreigners scholarships hoping that one day, they would win nobel prizes, found a billion-dollar tech company or become an important political figure back in their own country. They would remember Singapore with fondness and be more willing to invest in Singapore and be friends with us.

Try to think further than just your next meal please.

Re: Sinkie Wants Free Lunch From Temasek Poly! Angry That TP Invested $62.5M In Bonds

JohnTan said:

We give lots of foreigners scholarships hoping that one day, they would win nobel prizes, found a billion-dollar tech company or become an important political figure back in their own country. They would remember Singapore with fondness and be more willing to invest in Singapore and be friends with us.

Try to think further than just your next meal please.

Click to expand...

Exactly! Singaporeans are too useless.

Foreigners can be trained within 2 weeks to draw arms and protect our infrastructures while useless Singaporeans need to be trained for 3-months to do the same things. Foreigners are prequalified superb drivers on singapore roads as they clear their driving tests in first attempt back home for a few hundred dollars while most Singaporeans can't even pass their first driving test after spending $2k.

We should bill locals more for going to NUS for being such useless burdens and issue more NUS bonds to give scholarships for foreigners.