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PAP Town Councils “recover” some of its investment losses
November 14th, 2010 | Author: Editorial
With the general election around the corner, the PAP regime has been busy doing damage control to cover up some of its less glamorous “achievements” such as the catastrophic losses incurred by its Town Councils during the global financial crisis in 2008.
PAP Town Councils reportedly lost more than $10 million dollars of taxpayers’ monies investing in credit-linked products sparking a massive outcry among Singaporeans angered at the relentless hike in the Service and Conservancy charges over the years, a charge disputed by the PAP MP in charge of th Town Councils Dr Teo Ho Pin who reminded Singaporeans to be “thankful” of the “surpluses” accumulated instead.
Now, it appeared that the PAP Town Councils have clawed back some of the losses, according to a report by Channel News Asia which claimed that they have recouped between 50 to 70 percent of their initial investment.
The article also states that all the Town Councils have recorded healthy surpluses in the last financial year with the exception of Hougang which recorded a shocking $101,820 deficit.
Hougang is currently run by the Workers’ Party and was singled out as one of the worst performers among Town Councils in a recent ranking exercise conducted by the Ministry of National Development.
.
Johnny Chiam
November 14th, 2010 | Author: Editorial
With the general election around the corner, the PAP regime has been busy doing damage control to cover up some of its less glamorous “achievements” such as the catastrophic losses incurred by its Town Councils during the global financial crisis in 2008.
PAP Town Councils reportedly lost more than $10 million dollars of taxpayers’ monies investing in credit-linked products sparking a massive outcry among Singaporeans angered at the relentless hike in the Service and Conservancy charges over the years, a charge disputed by the PAP MP in charge of th Town Councils Dr Teo Ho Pin who reminded Singaporeans to be “thankful” of the “surpluses” accumulated instead.
Now, it appeared that the PAP Town Councils have clawed back some of the losses, according to a report by Channel News Asia which claimed that they have recouped between 50 to 70 percent of their initial investment.
The article also states that all the Town Councils have recorded healthy surpluses in the last financial year with the exception of Hougang which recorded a shocking $101,820 deficit.
Hougang is currently run by the Workers’ Party and was singled out as one of the worst performers among Town Councils in a recent ranking exercise conducted by the Ministry of National Development.
.
Johnny Chiam
