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154th Resorts to Old Tactics to Block Roy Ngerng's Defence Against FAP Traitor PeeM

makapaaa

Alfrescian (Inf)
Asset
[h=1]MAINSTREAM MEDIA NOT INTERESTED IN REPORTING ROY'S DEFENCE TO PM LEE'S LAWSUIT[/h]
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5 Aug 2014 - 5:55pm





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Wow. I filed my affidavit for the defamation suit by Lee Hsien Loong yesterday, with evidence on the discrepancies in how the government and the GIC manages the CPF of Singaporeans.

However, none of the mainstream media reported on it. In this time and age, I cannot believe that the mainstream media in Singapore would sideline such an important piece of news about Singaporeans’ CPF!

My fellow Singaporeans, if you want answers to how your CPF is being used, it is up to you now. If you want something to be done to your CPF and for the government to tell you the truth, then please share this article far and wide. The mainstream media won’t do it. They won’t do what they should do – report the news. It is now up to you – it is your duty and responsibility – to share this article if you want to know the truth of what is really happening to your CPF. Share it via Facebook, Twitter, email, WhatsApp, or any other chat apps that you have. Share it. Only then when the truth come out.

I revealed 5 key evidences in my affidavit. Here is a very quick look at what they are here.
[h=3](1) The Government Claimed in the Past that They Do Not Take Our CPF to Invest in GIC, But Finally Admits to the Truth for the First Time in June This Year[/h]Before June this year, the GIC claimed that they do not know if they use our CPF funds to invest because it is “not made explicit” to them by the government.

In fact, the government also claims that they do not take our CPF to invest in the GIC, and they did this on at least 3 counts over the past 15 years.
In 2007, then-Manpower Minister Ng Eng Hen also claimed that the GIC does not “use money derived from CPF to invest”.

Chart: Worker’s Party Singapore News
In 2006, then-Minister Mentor and Chairman of the GIC also said that, “there is no connection between GIC’s rate of return and the interest paid on CPF accounts”.

In 2001, then-Senior Minister and also GIC Chairman Lee Kuan Yew also said that, “there is no direct link between the GIC and the CPF”.

However, in June this year, for the first time ever in Singapore’s history, the government “volte-faced on their position” and admitted the truth – that they do take our CPF to invest in the GIC.

[h=3](2) The Government Deleted Evidence of How Our CPF is Invested in GIC and Temasek Holdings[/h]In 2012 and 2013, I had written two articles that traced specifically on the government websites, which showed how the government indeed takes our CPF to invest in the GIC and Temasek Holdings.

However, by May this year, the government deleted all traces of the evidence. They deleted information on how our CPF (via the SSGS) is invested “in reserves”.

They also deleted evidence on how our CPF (via the reserves) is managed by the Monetary Authority of Singapore (MAS), GIC and Temasek Holdings.

But by June this year, the government admitted to everything, and admitted that they do take our CPF to invest in the GIC. They deleted everything to cover their tracks, but by June this year, they had no choice but to admit to the truth.

[h=3](3) Temasek Holdings Claim that It Does Not Use Our CPF to Invest but It Did – Were Our Monies Returned?[/h]In June this year, for the first time ever, Temasek Holdings claim that they do not “invest or manage CPF savings”.

Temasek Holdings also makes this claim on their website.

The Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam also claims that Temasek Holdings, “has never managed CPF funds”.

Mr Tharman said that, “Temasek started off with a set of assets which were transferred by the Government at time of inception… (of) about $400 million dollars worth of assets in the form of a set of companies.”

However, it is revealed in a speech given by the Minister for Labour and Communications in 1982 that, “CPF savings form a large portion of Singapore’s savings. These savings are used for capital formation which means the construction of new factories, installation of new plant and equipment, expansion of infrastructure such as roads,’ ports and telecommunications, the building of houses and so on.”

Which means that our CPF was indeed transferred into Temasek Holdings, but did the government return to Singaporeans our CPF returned when these companies were privatised and returns were earned?

[h=3](4) Today, GIC and Temasek Holdings are the 8th and 10th Richest Sovereign Wealth Funds in the World, But Singaporeans Have One of The Poorest Retirement Funds in the World[/h]Today, GIC and Temasek Holdings are the 8th and 10th largest sovereign wealth funds in the world.

But Singaporeans have one of the least adequate retirement funds in Asia, according to the Asian Development Bank Institute.

We also have the least adequate retirement funds among the highest-income countries, according to the Melbourne Mercer Global Pension Index 2013.

Singaporeans also have the least adequate retirement funds in the world, according to the OECD.

If so, I had said in my affidavit that, “My point was that something was not adding up. Why was it that GIC and Temasek Holdings were amongst the biggest sovereign wealth funds in the world and yet Singaporeans had one of the least adequate retirement funds in the world? Especially so when GIC and Temasek Holdings (according to the GIC at that time) were managing CPF monies?”
[h=3](5) The Government Claims that the Government Does Not Interfere in the GIC, But the Government is the GIC[/h]Finally, the GIC claims that, “The government holds the GIC board accountable for portfolio performance, but does not interfere in the company’s investment decisions.”

The government also claims that, “The Government plays no role in decisions on individual investments that are made by GIC, MAS and Temasek. At the GIC and MAS, whose boards include Ministers, these investment decisions are entirely the responsibility of their respective management teams.”



However, I said in my affidavit that, “this is implausible as the head of the Government, the Prime Minister, the two deputy prime ministers and the ministers for Trade and Industry and Education also head GIC as its Board of Directors. It is clearly impossible that the Government “neither directs nor influences the company’s decisions”.
Indeed, these are who are on the Board of Directors of GIC:


And these are the people in the government Cabinet. These are the same people.



GIC also says that, “Once a year, the GIC Management formally meets the Minister for Finance”

But the Finance Minister is also on the GIC Board of Directors so “such a claim is counterintuitive”.

Finally, the GIC says that, “GIC is a private limited company wholly owned by the government. The Ministry of Finance, representing the government, ensures that a competent board of directors is in place; GIC helps by suggesting qualified candidates.”

However, I make clear in my affidavit that, “There is a clear conflict of interest in how the Government and GIC continues to present itself in a mischievous way and to mislead Singaporeans… When the Government appoints itself onto the Board of Directors, and where the selection process is not transparent or made known to Singaporeans, the selection process and the quality of the candidates become doubtful.”

For the government to claim that the GIC “pays no regard to what the source of funds is”, “is clearly impossible, unbelievable and absurd since the Government, and the Prime Minister and Finance Minister no less, who are tasked to be in charge of the overall financial matters of Singapore, is also on the GIC Board of Directors. It is illogical and impossible that the GIC Board of Directors “invests the assets … without regard to the sources of the Government’s funds” when the GIC Board of Directors, by virtue of their positions in Government, would know exactly what the sources of the Government’s funds are,” I said in my affidavit.
[h=3]The Government is Putting Singaporeans’ Lives at Risk and How the Government Manages Our CPF is a Threat to Our Security[/h]Finally, I said that, “I make clear here that if there has been any allegation of misappropriation by me (which is denied) that certain entities might profit from the peoples’ funds that that allegation is against the Government, GIC and Temasek Holdings, as they do not return to Singaporeans the full amount of investment gains made from investing Singaporeans CPF monies. Neither were they at the time I wrote the Article transparent as to who was managing CPF monies. There is absolutely no basis whatsoever to say that I have accused the Plaintiff of Criminal Misappropriation of Singaporeans CPF monies. I have never accused him of taking a cent of Singaporeans CPF monies and I have no intention to do so as well. It is only persons who are avid for scandal who would say I meant this in the Article.”

In summary, I had said:
Evidently, it is clear that GIC knew where the funds were coming from and that the funds used by them are public funds, but after their knowledge of this was highlighted, GIC changed this information. Thus since it is evident that GIC and Temasek Holdings use public funds and Singaporeans’ CPF monies to invest, it is absurd that GIC and Temasek Holdings are made private limited entities which are not required to disclose full information. GIC and Temasek Holdings use public funds and should not be made private limited companies. Also, a significant pool of GIC’s funds actually do come from Singaporeans’ CPF and it is disingenuous for the Government to delink the two. They and their Board of Directors and the Government have to be fully transparent and accountable to the citizens of Singapore. The lack of transparency and accountability at this level at GIC and Temasek Holdings and by the government is completely unacceptable and disingenuous, and puts the lives of the citizens of Singapore at risk.

I believe that I have a defence to these proceedings as the Article does not in law, bear out the meaning which the Plaintiff solicitors claim it does. Also, as the above clearly bears out, there is a clear case of a lack of transparency and accountability on how GIC, Temasek Holdings and the Government manages public funds and Singaporeans’ CPF monies, and in order for this case to be adequately argued, an open enquiry on this issue is of utmost importance. The Government and the GIC has made numerous changes and flip-flops in their stance, which has been shown to conceal important facts about how the Government and the GIC manages Singaporeans’ CPF. This is disingenuous and remains a threat to the security of how Singaporeans’ CPF are being managed. The Government’s and the GIC’s inconsistencies in their statements and answers pose real risk to the lives of Singaporeans, whom lack of knowledge of how the CPF is being managed, due to the “private limited” nature of the GIC and Temasek Holdings, due to the lack of full annual records of these companies since inception, and due to the conflict of interest posed by the Government also being on the GIC and questions the integrity of how Singaporeans’ CPF is being managed and whether Singaporeans can trust the Government and the GIC to continue to perform in such an unilaterally-non-transparent and accountable manner. These are legal matters for my lawyers to argue in Court and I will leave it to my lawyers to make the legal arguments and for the Court to decide on the legal meaning of the words.”

My conscience is clear and I have always believed in working towards the greater good of our country and for Singapore and Singaporeans. It has always been my wish that when we have a Government which is honest and transparent and estates of governance (i.e. civil service, civil society, think tanks, media, educational institutions etc) are independent of the Government and of one another, will there be clear and strong checks and balances which will prevent such a lack of transparency and accountability from happening, and where the lives of Singaporeans will improve and be protected. The current situation where Singaporeans have been placed at a disservice, due to the lack of information from the Government, MAS, GIC and Temasek Holdings, is due to a lack of checks and balances within the Government and among the estates of governance. Such disservice is dishonourable and requires a thorough examination of the issues at hand. Only when these issues are dealt with rigourously and held accountable to Singaporeans where where the lives of Singaporeans will be truly safeguarded. This is where I have written in good faith from, and which I maintain, towards a just and equal Singaporean society.
If you want justice done, please share this article far and wide. They won’t let us know, but only when we let more people know, will we be able to fight back and let the truth be known. Please share this article.
To read the full affidavit, you can refer to the link below. You can read the affidavit in the first 18 pages. The rest of the pages are annexes.
Roy Ngerng Affidavit to Lee Hsien Loong 4 August 2014
 

makapaaa

Alfrescian (Inf)
Asset
Re: 154th Resorts to Old Tactics to Block Roy Ngerng's Defence Against FAP Traitor Pe

[h=1]ROY FILES DEFENCE TO HIGH COURT: I DID NOT DEFAME PM LEE AS I BACKED UP MY POINTS WITH FACTS[/h]
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4 Aug 2014 - 6:50pm





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Blogger Roy Ngerng submitted his defence to the High Court on Monday evening disputing the claims made by PM Lee.
PM Lee is alleging that Roy had defamed him in an article posted to his blog on 15 May titled" Where your CPF Money is Going: Learning from the City Harvest Trial".
PM Lee is claiming that the Roy had used pictures and words that implied that PM Lee was criminally misappropriating CPF funds in his role as GIC chairman.
Roy had earlier posted a public apology to say that he apologized to PM Lee for implying that he was criminally misappropriating CPF funds.
Based on this, PM Lee's lawyers had applied for a summary judgement saying that Roy has already admitted to the wrong and so there is no point going for a full trial. PM Lee's lawyers claimed that the only thing to be determined was how much Roy should pay PM Lee in damages.
A summary judgement means that the case would not go to a full trial.
However, Roy has always maintained that he had not intended to imply that PM Lee was misappropriating funds, instead he explained that he was pointing out the lack of transparency and accountability in the way CPF money is managed.
In his legal defence, Roy Ngerng has laid out that the article in question does not lead readers to believe that PM Lee had criminally misappropriated funds. He further claims that this interpretation of the article by PM Lee and his lawyers is a "twisted meaning".
Roy, represented by M Ravi, is fighting the application for a summary judgement and wants the case to go to a full trial. They are insisting that PM Lee's interpretation of the article in question is mistaken and in fact, Roy had never defamed PM Lee as he never implied that Mr Lee was criminally misappropriating CPF funds.
In his submission to the court, Roy highlighted that the main points that had been conveyed in the article were to do with the lack of transparency in where CPF is invested and also the fact that Singaporeans are short changed by the fact that CPF returns are lower than investment returns enjoyed by GIC and Temasek.
Defamation means that someone has made false claims that tarnish the reputation of another. For a case in defamation to be successful, the plaintiff (in this case PM Lee) needs to prove that the allegations made by Roy were both false and also damaging to his reputation.
Mr Ngerng pointed out several facts to do with CPF and the lack of transparency to show that he had backed up his claims about these issues with facts so that they were not false.
Mr Ngerng also stresses that there is no basis for PM Lee to claim that the article had accused him of criminal misappropriation. This "twisted meaning" was derived from a picture which was only done in a style similar to one earlier used to show the flow of money in the City Harvest trial.
He had never explicitly mentioned or written that PM Lee had criminally misappropriated CPF funds. “It is only persons who are avid for scandal who would say I meant this in the article.” he wrote.
However, Mr Ngerng says that his apology to Mr Lee, and his statement that there is no basis to say that Mr Lee is guilty of “criminal misappropriation” of the CPF monies, still stands, “regardless of the Judgment reached by the Courts on the legal meaning of the words complained of by the Plaintiff.”
Raising these points, Roy Ngerng is arguing that there are many factual points in contention so it would not be appropriate to grant a summary judgement which would stop him from being able to argue these points in court.
A hearing will be held in the High Court on September 18 to determine whether or not the court will grant a summary judgement.

Read the full court submission here: Roy Submits Affidavit to Lee Hsien Loong on Defamation Suit
 

escher

Alfrescian (Inf)
Asset
Re: 154th Resorts to Old Tactics to Block Roy Ngerng's Defence Against FAP Traitor Pe

Plotzensee_nooses.jpg


Hang those PAP maggots cockroaches with piano wires from lamp posts to make them dance before it is too late and we have no more CPF to get back.
BBQ those PAP maggots cockroaches before it is too late and we have no more CPF to get back.
Cut a few more arseholes into those PAP maggots cockroaches to let out their shit before it is too late and we have no more CPF to get back.
Make those PAP maggots cockroaches eat joss sticks and candle wax before it is too late and we have no more CPF to get back.


PAP is finished.
The stinking glue and terror that hold PAP together is that old fart smear of shit on sole of shoe LKY. LKY is about to die in days or weeks.
LKY will never allow good decent people into the PAP and good decent people will not want to get into the PAP. Those in PAP are the most corrupt and moral degenerates and moral bankrupts and moral filths that are being presented to stinkaporeans as moral compasses.
None of those in PAP work for anyone but that smear of shit on sole of shoe LKY, to help him hold down Singaporeans to screw and fuck hundreds of BILLIONs from us all into smear of shit on sole of shoe LKY stinkapore sovereign funds.
They are there in PAP because LKY know that they are a bunch of self serving greedy bastards and scrapings of scums of society. To call them maggots cockroaches will be to insult real maggots and real cockroaches.


WE ALL ARE NOW WAITING FOR THE DEATH OF LKY IN COMING DAYS OR WEEKS.
WE ALL WILL YUM SENG AND YUM SENG AND YUM SENG AGAIN AND AGAIN DANCING SINGING ON TABLE TOPS AND STREETS
WE THEN WILL SEE THOSE IN PAP WITH SHARPENED KNIVES HOOTING ARSEHLOON A DOZEN NEW ARSEHOLES AND THE DEATH OF THE ENTIRE LEE KWA CLAN
WE THEN WILL PICK UP PIANO WIRES AND HANG ALL THOSE REMAINING PAP AND THEIR COLLABORATORS FROM LAMP POSTS AND SEE THOSE BASTARDS AND BITCHES DANCE.
AND HAPPINESS WILL RETURN TO OUR LAND.
AND STINKAPORE WILL BECOME SINGAPORE ONCE MORE.
https://www.torproject.org/about/overview.html.en
 
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