[h=2]Hougang MP-Elect rebuts SPH’s allegation that he closed down 8 companies in 12 years[/h]
June 4th, 2012 |
Author: Editorial
Mr Png Eng Huat
During the run-up to Polling Day for Hougang by-election, SPH’s newspapers, ZaoBao and My Paper, have published the following headlines and sub-headlines, insinuating that MP-Elect Mr Png Eng Huat of the Workers’ Party is not only an incapable businessman but also an opportunistic person:
“I regret that these papers deem it necessary not only to dig up my business records in the run-up to Polling Day, but also did not even get their facts right.”
In fact, Mr Png worked with NTUC Income from 1998 to 2001. By virtue of his work with NTUC Income, he was appointed as a Director in four of NTUC companies and 1 co-op.
When Mr Png left NTUC Income, those 4 companies were still operational. The 4 entities were part of the 8 companies the newspapers alleged that Mr Png had closed.
Mr Png added, “I do not own these companies and had no role in their operations long after I left NTUC Income in 2001.”
“Of the remaining 4 companies I was alleged to have shut down, I am in control of only 3. The 3 companies were shut down in an orderly manner and they have no outstanding debt. No one suffered any financial loss as a result of the voluntary winding up action. One of the companies was dormant.”
The 8 companies that the mainstream media were referring to are:
1. i-MAP Pte Ltd (NTUC Income)
2. E-Lifestyle (S) Ltd (NTUC Income)
3. Juzclickcar.com Pte Ltd (JV between NTUC Income and ST Automotive)
4. ID Connect.com Pte Ltd (JV between NTUC Income and Cartel Design)
5. Trancosi Singapore Pte Ltd (Not my company)
6. Flora De Paradis (Closed – Sole-Proprietorship)
7. Crenner International Pte Ltd (Closed – Dormant company)
8. i Productions Pte Ltd (Closed – Software/Multimedia (CD-i) company)
Hence, in actual fact, Mr Png only had 3 companies he controlled with 1 being dormant all the while. One has to question SPH’s intention of running those headlines in the run-up to Polling Day.
Commenting on SPH’s underhand tactic, Mr Png said, “The Pen is mightier than the sword and the media has a duty to wield the pen responsibly and not present untruths or half-truths.”
Despite the onslaught by the “powerful” State media against Mr Png and the Workers’ Party in this by-election, it did not cause any dent in Mr Png’s reputation and he went on to win the Hougang by-election, beating his opponent PAP’s Desmond Choo decisively.
It looks like Singapore’s “powerful” State media is slowly beginning to lose its power of influence…
During the run-up to Polling Day for Hougang by-election, SPH’s newspapers, ZaoBao and My Paper, have published the following headlines and sub-headlines, insinuating that MP-Elect Mr Png Eng Huat of the Workers’ Party is not only an incapable businessman but also an opportunistic person:
Headlines:
“12 Years close down 8 companies”
“The scoreboard of Png Eng Huat as a businessman – 12 years close down 8 company”
Sub-Headlines
“Is Png Eng Huat very secretive?”
“Png Eng Huat: Will do it when opportunity comes”
Mr Png said, “These headlines not only gave readers an impression that I am an incapable businessman but also an opportunistic person who would not hesitate to set up and wind down companies to maximize profits.”“12 Years close down 8 companies”
“The scoreboard of Png Eng Huat as a businessman – 12 years close down 8 company”
Sub-Headlines
“Is Png Eng Huat very secretive?”
“Png Eng Huat: Will do it when opportunity comes”
“I regret that these papers deem it necessary not only to dig up my business records in the run-up to Polling Day, but also did not even get their facts right.”
In fact, Mr Png worked with NTUC Income from 1998 to 2001. By virtue of his work with NTUC Income, he was appointed as a Director in four of NTUC companies and 1 co-op.
When Mr Png left NTUC Income, those 4 companies were still operational. The 4 entities were part of the 8 companies the newspapers alleged that Mr Png had closed.
Mr Png added, “I do not own these companies and had no role in their operations long after I left NTUC Income in 2001.”
“Of the remaining 4 companies I was alleged to have shut down, I am in control of only 3. The 3 companies were shut down in an orderly manner and they have no outstanding debt. No one suffered any financial loss as a result of the voluntary winding up action. One of the companies was dormant.”
The 8 companies that the mainstream media were referring to are:
1. i-MAP Pte Ltd (NTUC Income)
2. E-Lifestyle (S) Ltd (NTUC Income)
3. Juzclickcar.com Pte Ltd (JV between NTUC Income and ST Automotive)
4. ID Connect.com Pte Ltd (JV between NTUC Income and Cartel Design)
5. Trancosi Singapore Pte Ltd (Not my company)
6. Flora De Paradis (Closed – Sole-Proprietorship)
7. Crenner International Pte Ltd (Closed – Dormant company)
8. i Productions Pte Ltd (Closed – Software/Multimedia (CD-i) company)
Hence, in actual fact, Mr Png only had 3 companies he controlled with 1 being dormant all the while. One has to question SPH’s intention of running those headlines in the run-up to Polling Day.
Commenting on SPH’s underhand tactic, Mr Png said, “The Pen is mightier than the sword and the media has a duty to wield the pen responsibly and not present untruths or half-truths.”
Despite the onslaught by the “powerful” State media against Mr Png and the Workers’ Party in this by-election, it did not cause any dent in Mr Png’s reputation and he went on to win the Hougang by-election, beating his opponent PAP’s Desmond Choo decisively.
It looks like Singapore’s “powerful” State media is slowly beginning to lose its power of influence…
