Indian FTrash Cheated MDA of $27.5M!

[makapaaa]

http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_785495.html
[h=1]MDA sues media groups for $27.5m[/h][h=2]2 Singapore subsidiaries of Australia-listed firm allegedly failed to deliver on projects, repay loan[/h]Published on Apr 5, 2012
Mr Devesh Chetty's cheque to repay the loan is said to have bounced. --ST PHOTO: SHAHIRA YAHAYA


By Irene Tham, Technology Correspondent
The Media Development Authority (MDA) has sued two Singapore subsidiaries of an Australia-listed company for $27.5 million over undelivered projects and an unpaid loan.
RGM Entertainment was set up here in 2005 with a loan of $2.5 million from MDA that same year. RGM Group, a subsidiary of RGM Entertainment, was founded later, in 2009. Their parent is Australian firm One North Entertainment, formerly known as RGM Media.
Sources told The Straits Times that a cheque issued by Mr Devesh Chetty, RGM Group's former managing director, had bounced when the $2.5 million debt was due late last year.
The media regulator is also suing for $25 million in seed funding given to RGM Entertainment and RGM Group in three separate deals from 2008 to 2010.

 

[scroobal]

How can a stat board get taken for such a ride?

 

[Unrepented]

1. Paid rapist transportation
2. Book room for rapist
3. Paid rapist for condom
4. Undress for rapist
5. Open leg
6. Then cry rape.

 

[scroobal]

Could not have said it any better.

1. Paid rapist transportation
2. Book room for rapist
3. Paid rapist for condom
4. Undress for rapist
5. Open leg
6. Then cry rape.

 

[Force 136]

Failure to do due diligence, resulting in lost of public funds.....

Should take back the Performance Bonus of those involved in this venture.....

Sack those who approved the deal.

 

[Bigfuck]

How can a stat board get taken for such a ride?

You of all people should know. 2 other howlian statboard with a lot taxpayer money with their buffoon idiots counting basic finance stuff thinking they techno-guru have been bamboozled in China by multinational project tagteams that suck millions into people's pockets. Our 2 howlian statboard stil tink the lumber one and smarter than everyone in the world. Buy farming land that is industrial waste toxic and kenna malu. But no problem. KPI for AOs is to spend money not save or maximize returns on the board. Grand Chor Kong give a lot Singapore money for them to burn and not learn but grow arrogant.

 

[Bigfuck]

BTW, who will sue statboards and SOEs for negligence of taxpayer monies? I do not blame the guy. I blame the one who provided our monies.

 

[Sabun]

Yindians are creating alot of problems these days. Go back to your country lah FTs!

 

[Narong Wongwan]

When you are busy raiding the kitchen, you overlook the rats that are there for the crumbs.

 

[streetsmart73]

hi there


1. sub-standard due diligence or what!
2. daft sheep again.
3. no eye see!

 

[Unrepented]

Doubt there is any performance bond for the contract, otherwise MDA would have executed it and may have kept quite. Because this company needs even a sgd2.5 million loan, where they got credit line from banks to issue performance bond for sgd27 million, collectively or in parts Unless bank ah neh is also their uncle or grandfather.:o

Funny thing is, give loan to supplier (not parent in oz) to setup in sinkieland, and then give million dollars project to this supplier (not parent in oz).:*:

What is the capital of this local supplier that they can be assigned to handle sgd20++ million dollar projects, while this supplier in question needs a sgd2.5 million loan from the customer (MDA)

Which station at the ministry has the authorization limits to approve of sgd27million dollar procurement contracts collectively

Can Opposition party ask in parliament

Can AG office check check

Public funds leh, but sgd27 million from Ah Gong is peanuts, peanuts!!!!!

Failure to do due diligence, resulting in lost of public funds.....

Should take back the Performance Bonus of those involved in this venture.....

Sack those who approved the deal.

 

[Unrepented]

One FT IBM can just do as much and self masterbate, unless someone else offer their asshole. This one got codliver oil smell

Yindians are creating alot of problems these days. Go back to your country lah FTs!

 

[oldgoat]

Let's see the Keling Kia forum administrator and moderator will shift this discussion into rubbish heap.

 

[Unrepented]

Pig farm leh? Went in wide eyes shut (not PG version, but the hardcore XXX version where they really get fucked)

And yes, spending money for overseas investment is one of the KPIs, and policies and execution to control this area seems to be really fucked up. Inflate sales forecast, get investment approved by arm chair scholars in ivory tower acting like they are yoda who think that their intercourse with higher beings at the higher level in the target countries is assurance enough. In the end they get fucked all the same.

If dont spend, first year career kaput. So spend lor. At least first year can say biz setup, second year say market penetration, third year blame the economy, four say customers weary in spending, fifth year say foreign govt policy restrictions ect. See, like that can survive many many years of wayang and get bonus one:o

Just ask for breakdown of each entity in the foreign investment portfolio and their historical trend.......... but they prefer to show the consolidated one

You of all people should know. 2 other howlian statboard with a lot taxpayer money with their buffoon idiots counting basic finance stuff thinking they techno-guru have been bamboozled in China by multinational project tagteams that suck millions into people's pockets. Our 2 howlian statboard stil tink the lumber one and smarter than everyone in the world. Buy farming land that is industrial waste toxic and kenna malu. But no problem. KPI for AOs is to spend money not save or maximize returns on the board. Grand Chor Kong give a lot Singapore money for them to burn and not learn but grow arrogant.

 

[Leongsam]

The cheque was issued by an Indian so what do you expect?

 

[Froggy]

1. Paid rapist transportation
2. Book room for rapist
3. Paid rapist for condom
4. Undress for rapist
5. Open leg
6. Then cry rape.

Wanted to upz you well said but cannot leh. Cannot be any better.

 

[scroobal]

This one better still, he actually got a loan from MDA as part of the deal.

You of all people should know. 2 other howlian statboard with a lot taxpayer money with their buffoon idiots counting basic finance stuff thinking they techno-guru have been bamboozled in China by multinational project tagteams that suck millions into people's pockets. Our 2 howlian statboard stil tink the lumber one and smarter than everyone in the world. Buy farming land that is industrial waste toxic and kenna malu. But no problem. KPI for AOs is to spend money not save or maximize returns on the board. Grand Chor Kong give a lot Singapore money for them to burn and not learn but grow arrogant.

 

[Unrepented]

Got what smell

Donch know got what other grants and subsidies, tax incentives and concessions granted to this supplier or not

Is MDA under ah luck ministry?

This one better still, he actually got a loan from MDA as part of the deal.

 

[SinghSons]

Snakes everywhere, remember to buy sulphur before they get any closer to you.

 

[laksaboy]

Taking MDA for a ride - that's talent.