How much did Lee Kuan Yew left behind in inheritance?

[frenchbriefs]

Does it matter to you ?

It is his money. He has earned it , whatever the amount is.

By the way , the amount of money made doesn't earn you respect. It is what you do for the good of the country that people respect you as a leader.

so why doesnt he give all his money away all billions of it if its the good of the people he cares about?tan kah kee did it.in fact to abolish a tax inheritance law just to save a mere 5 percent on his estate,that speaks volumes about his character.can u imagine someone so greedy they refuse to give away 5 percent of their wealth to society even upon their death?

and i dont know what respect that manipulative cunt has earned,theres a shit ton in history he left out or omitted to let his people know about his doings in the country and his political career and he sure as hell didnt earn his money.it would be like saying suharto and his relatives and cronies earned their money during his 32 year reign of corruption.

 

[Wunderfool]

so why doesnt he give all his money away all billions of it if its the good of the people he cares about?tan kah kee did it.in fact to abolish a tax inheritance law just to save a mere 5 percent on his estate,that speaks volumes about his character.can u imagine someone so greedy they refuse to give away 5 percent of their wealth to society even upon their death?

and i dont know what respect that manipulative cunt has earned,theres a shit ton in history he left out or omitted to let his people know about his doings in the country and his political career and he sure as hell didnt earn his money.it would be like saying suharto and his relatives and cronies earned their money during his 32 year reign of corruption.

No one is perfect. In a swathe of white, a little black dot will magnify the blackness more than the canvass of white. Unfortunately, there is the way our naked eyes see images.

Each time , we point our finger at someone, always remember 3 of our fingers are pointing backward to ourselves.

 

[hofmann]

so why doesnt he give all his money away all billions of it if its the good of the people he cares about?tan kah kee did it.in fact to abolish a tax inheritance law just to save a mere 5 percent on his estate,that speaks volumes about his character.can u imagine someone so greedy they refuse to give away 5 percent of their wealth to society even upon their death?

I doubt it was "greed" that led to the abolition of estate duty.

Without estate duty tax, the deceased does not need to account to IRAS for the value of one's estate.

It was rumored that the family was shocked/ embarrassed by the size of the brother's estate upon his death.

 

[frenchbriefs]

No one is perfect. In a swathe of white, a little black dot will magnify the blackness more than the canvass of white. Unfortunately, there is the way our naked eyes see images.

Each time , we point our finger at someone, always remember 3 of our fingers are pointing backward to ourselves.

precisely no one claims they are perfect and beyond criticism,when u paint urself in a swathe of white,it will only make people more suspicious when black dots shows up or pieces of the white paint starts peeling off,unless u are the daft and stupid sinkies that literally takes things at its face value and the idiots that believes in the bible and jesus and koran and allah that they are perfect and beyond reproach.

each time we point our fingers at someone,whats this?some kind of juvenile buddhist morality class?like i said,i never claimed i was perfect or beyond criticism in the first place.whats the point of a swathe of white if it does not hold up under the power of scrutiny?u believe in the myth of singapore too?a perfect city where there are no imperfections no beggars on the street?the beggars in melbourne reassures me and soothes me actually,it reminds me im living in the world of reality and not of make believe and fantasy.

 

[Papsmearer]

so why doesnt he give all his money away all billions of it if its the good of the people he cares about?tan kah kee did it.in fact to abolish a tax inheritance law just to save a mere 5 percent on his estate,that speaks volumes about his character.can u imagine someone so greedy they refuse to give away 5 percent of their wealth to society even upon their death?

and i dont know what respect that manipulative cunt has earned,theres a shit ton in history he left out or omitted to let his people know about his doings in the country and his political career and he sure as hell didnt earn his money.it would be like saying suharto and his relatives and cronies earned their money during his 32 year reign of corruption.

If Gecko's estate was only $1 billion and Old Fart's estate another $1 billion, then 5% is already $100 million. That is a huge amount. Even worse, when the properties and assets gets listed during the probate hearing for the purposes of determining the estate tax, the country will be shocked at the long list. This is the real reason they did away with the inheritance tax. They would never have won another election if the people knew how much money they amassed during their dictatorship.

 

[Papsmearer]

I doubt it was "greed" that led to the abolition of estate duty.

Without estate duty tax, the deceased does not need to account to IRAS for the value of one's estate.

It was rumored that the family was shocked/ embarrassed by the size of the brother's estate upon his death.

Whatever the brother had, you can easily multiply by 10 times for each of the Gecko and Old Fart's estate.

 

[Papsmearer]

Yes same same the Suhartos and their cronies.
And lky was way more vile and wily than Suharto.
For reference dictators like gaddafi is estimated to be worth usd 200 billion and Putin been estimated at 70 billion.
Though you might argue these countries had oil or were bigger blah blah blah.....dun forget ah gong got head start and 50 years to fine tune his plundering.

Someday when I am not so busy, I will spend a few days trying to figure out the Lee/Kwa fortune.

Unfortunately, you have to approach it from the best guess way. The only people who know approximately how much are in IRAS and they are not talking. There is a dearth of information and public filings, unlike in the US where all high ranking govt officials have to put their assets in blind trusts after publicly revealing how much there is, as well, their tax filings are made public. If some brothers want to help me, that would be great. Its long overdue for such a compilation of their assets anyway, and I have already been threatened on this thread to shut my mouth.

From my experience, the approach is as follows:

1) Determine the major areas of initial income from the Kwa/Lee side. E.g. we already know that Kwa family has money, they send their daughter to school in the UK where she met Old Fart. Old Fart was the poorer of the 2, and supported himself with funds earned during the Jap Occupation with his treachery. Consideration: How much did Kwa inherit after the death of her parents. Clue: They had enough money to buy a big piece of land at Oxley with a bungalow on it. At a time when Old Fart's and her own law practice was in the fledgling state. What other cash, stocks and assets were inherited by Gecko?

2) Determine approximate income earned by Kwa from Lee and Lee at the beginning of her husband's career to present. Recall Lee and Lee was a small no name firm. Then it earned billions in HDB conveyancing contracts. Assume they did the conveyancing on 70% of new HDB flats, and there are 1 million of them, and assume they did another 400,000 resale conveyancing at a inflation adjusted rate of $1000 per flat. Assume they were awarded hundreds of millions of dollars in Govt and GLC related legal contracts. Recall she was a senior partner, along with Old Fart's brother. How much is the law firm worth today and what is their share worth? if you told me the law firm was worth $300 million, and they are owners of more then 50%, I believe it. Also Gecko earned bonus and salary through the decades. If you say the inflation adjusted earnings for Gecko were an average $3 million dollars a year for 40 years, you just pick a discount rate and do a present value of all her earnings, made possible only due to her Husband's connections. This might be well over $200 million. Considerations: Did Old Fart retain his shares in Lee and Lee? Consideration: How much did co-founder Lee Kim Yew also earn?

3) Asset Class: Securities and shares.
Old Fart was heavily invested in shares during his time in office. Did he use insider info? How heavily was Kwa investing? Did they make shadow trades with GLCs? i.e. if GLCs buy this company did they buy before hand? This could be in the hundreds of millions $ at the time of his death. Consideration: what about his overseas stock portfolios?

4) Asset Class: Real Estate
We know they are major buyers of luxury condos and demand a discount from developers not available to the public. eg HPL and Nassim jade. They also own entire rows of terrace houses in tanglin. If they buy only 10 properties a year, that is 500 high end properties they own. Consideration: Did they get into development? Joint Ventures? Did they invest in commercial properties eg shopping malls, office buildings, etc. What about their foreign holdings. I know thet Old Fart has been buying overseas for a long time. He owns property in Vancouver BC, as well as in London. How big is the foreign property portfolio? This portfolio alone with all the Lee family and kwas added in could be in the billions $.

Asset Class : Fixed income

Bonds, CDs, etc. Who knows

Money and assets from Income stream calculations: For example what is the present value of Gay Loong and Whore Jinx's income to date, again using a discounted cash flow method, as well as present value of all the cash streams "earned" by Whore Jinx's brothers and sisters, kwas' siblings, and Lee siblings. Should be in the hundreds of millions $ annually.

So bros, as you can see, a lot of work, and PAPsmearer is too busy nowadays.

 

[CoffeeAhSoh]

Wahh. Swiss and Numbers accounts have or not ?

 

[Wunderfool]

precisely no one claims they are perfect and beyond criticism,when u paint urself in a swathe of white,it will only make people more suspicious when black dots shows up or pieces of the white paint starts peeling off,unless u are the daft and stupid sinkies that literally takes things at its face value and the idiots that believes in the bible and jesus and koran and allah that they are perfect and beyond reproach.

each time we point our fingers at someone,whats this?some kind of juvenile buddhist morality class?like i said,i never claimed i was perfect or beyond criticism in the first place.whats the point of a swathe of white if it does not hold up under the power of scrutiny?u believe in the myth of singapore too?a perfect city where there are no imperfections no beggars on the street?the beggars in melbourne reassures me and soothes me actually,it reminds me im living in the world of reality and not of make believe and fantasy.

No one is saying that there are no poor people in Singapore. In every country even in developed nations, there will always be the poor and downtrodden. But the question is are these the majority? Are these poor being helped by the government?
Has majority of Singaporeans have improved standard of living over the decades?