$0.9B SMRT scandal?

[Leongsam]

not apple to apple to compare SMRT & SIA.

I wasn't comparing the two. All I said was that SIA was funded in a similar way.

 

[Kinana]

You do know what conflicts of interests mean, don't you?

Anyway, what is clear is that SMRT is in a bad shape. As a subway operator, it has failed miserably over the last one two years. If Singaporeans have to accept frequent, sometimes massive, breakdowns as part and parcel of life in Singapore, then the situation is really pathetic. What happen to our well-known effectiveness and efficiency?

We should really stop all these internal bickerings among ourselves and different political parties, rally behind Singapore, and weather the storms ahead.

If we think SMRT is ineffective, the only way out is to change management which is what is happening now. Nothing else to bicker about already.

 

[Leongsam]

If we think SMRT is ineffective, the only way out is to change management which is what is happening now. Nothing else to bicker about already.

Well said. You're very wise. More points for you.

 

[deepblue0911]

If we think SMRT is ineffective, the only way out is to change management which is what is happening now. Nothing else to bicker about already.

Long live King Kinana, the wise one.

 

[sherrry]

not long ago, 1.1B written off to SBS/ Trans-Island, now, another 0.9B written off to SMRT.

whichever pink IC holder doesnt know who owns SBS, Trans-Island & SMRT... please surrender you pink IC.

 

[Kinana]

The govt shld not be subsidising public transport anymore. Neither shld it restrict fare increases.

 

[Fook Seng]

The govt shld not be subsidising public transport anymore. Neither shld it restrict fare increases.

Actually whether the govt subsidises anything or not doesn't matter because it is all taxpayers' money. Subsidies only have the PR effect of the Govt giving away something. More important is to have the people in the lower end have sufficient earnings and not send the bulk of the money to top earners and the elites. But I believe this is just a dream.

 

[Fook Seng]

If we think SMRT is ineffective, the only way out is to change management which is what is happening now. Nothing else to bicker about already.

If changing the Management the Govt also wants to claim credit, it is scrapping the bottom isn't it?

 

[mojito]

The govt shld not be subsidising public transport anymore. Neither shld it restrict fare increases.

It is fine to voice your opinions, but I am not convinced.

Why do you think public transportation should not be subsidized?

 

[ckmpd]

It is fine to voice your opinions, but I am not convinced.

Why do you think public transportation should not be subsidized?

good point!

 

[Kinana]

If changing the Management the Govt also wants to claim credit, it is scrapping the bottom isn't it?

Did the govt ever claim any credit for that?

 

[Kinana]

It is fine to voice your opinions, but I am not convinced.

Why do you think public transportation should not be subsidized?

Not everybody takes public transport. Its unfair for them.

 

[mojito]

Not everybody takes public transport. Its unfair for them.

Not everyone have children. Perhaps public schools should not be subsidized for the same reason?

 

[Kinana]

Not everyone have children. Perhaps public schools should not be subsidized for the same reason?

Great idea.

 

[Unrepented]

What the big hooha now All the while train run smooth smooth got grant one what Now because of breakdown just double only what, reasonable mah

http://www.smrt.com.sg/investors/documents/annual_reports/2010/pdf/SMRT_A_R_2010_Low_Res.pdf

Go to page 166

Grants

Financial year 2009.................................................................sgd480,000,000.00 (received by SMRT Trains Ltd from LTA to defray part of the purchase cost of the operating assets
of the MRT system)

Financial year 2010.................................................................sgd98,000.00 (received by the Company from a government agency for project sponsorship)



Total grant used as at end of financial year 2010.........................sgd389,644,000.00 (asset related grant and non asset related grants (expense in nature, assumption))

Also, in FY2009, grant used was sgd353,240,00 (non asset related, most probably off-set against current year's expense) + sgd18,597,000 (asset related amortised as per asset useful life) + sgd22,000.00 (used this grant to buy asset and dispose in the same year!!!)

Total comprehensive income for financial year 2009 ish sgd160,840,000.00. But if did not utilize grant of sdg353,240,000.00 to offset expenses? Then what is the result?

:pCaution: My analysis is guess guess one, may not be correct. You see the annual report and analyze for yourself:p

 

[Unrepented]

This one I donch know; Smrtee run the trains which they own, on tracks owned by LTA. Does smrtee pay LTA for the usage of these tracks to generate Smrtee revenue Please share share with sauce for reference Thank you.

Taxpayers per se don't benefit but consumers who are also tax payers do.
The rationale of tax payers footing the maintenance or upgrading is clear. the track belongs to the nation, not SMRT. SMRT is a contractor that runs the system.

.......................

 

[Unrepented]

Of interest...........

http://www.smrt.com.sg/investors/documents/annual_reports/2010/pdf/SMRT_A_R_2010_Low_Res.pdf

Go page 72

"Impairment of goodwill on bus operations of
$6.6 million was provided in the third quarter of FY2010.
This arose as the long term bus ridership growth trend is
expected to decline."


If the over plan is to reduce bus ridership, and encourage bus trips with short distances...........aim is to reduces traffic congestion caused by buses right?

But now, increase what?..........800 buses on the road and subsidized?..............what does this means to the transportation and budget plan?

 

[Kinana]

This one I donch know; Smrtee run the trains which they own, on tracks owned by LTA. Does smrtee pay LTA for the usage of these tracks to generate Smrtee revenue Please share share with sauce for reference Thank you.

pay LTA, own the track and pass the cost on to consumer?
What do you want?

 

[deepblue0911]

Great idea.

Public subsidy must be for a worthy cause/necessity, for a majority of the people. Basic education should be subsidised. Basic healthcare must be subsidised. Public transportation must be subsidised.

 

[ckmpd]

Public subsidy must be for a worthy cause/necessity, for a majority of the people. Basic education should be subsidised. Basic healthcare must be subsidised. Public transportation must be subsidised.

Good point.

An important role of the govt is to re-distribute wealth through taxes of the rich and help the poor. Subsidy shd be given to the poor based on cost and not on market rate.

The pap has hookwinked Singaporeans by using market rate rather than cost when it calculates subsidies. That shd not be the way how a govt cheats its poor. Cheating and making money from its poor and sick citizens is immoral