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AHTC accounts: WP outsources decision to recover monies

In Uncategorized on 23/02/2017 at 7:45 am

AHTC chairman Pritam Singh said in a statement on Friday (Feb 17) that the Workers’ Party-run town council has been studying KPMG’s Past Payments Report since it was issued on Oct 31, 2016 and “while AHTC’s key officials have a different perspective from the audit team on key aspects of the report, AHTC believes that it is in the interests of AHTC and its residents to appoint an independent panel to review the findings and take such action as deemed appropriate to safeguard AHTC’s interests”.

CNA

So what will happen if the independent panel appointed to review the findings of a KPMG report agrees with the findings and recommendations of KPMG? KPMG said the town council had “serious flaws” in governnace and had made improper payments amounting to millions of dollars to third parties. It recommended that the amounts be recovered.


What else the report said

The KPMG report said the town council’s “failed control environment exposed public funds to the potential for misappropriation and civil or criminal breach of trust, and that the Town Council may potentially look to the Town Councillors for the recovery of losses arising from any breaches of their fiduciary duties”.

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The WP TC members would at the very least be shown to be a bunch of cocks who don’t do accounting.

So one assumes that the WP has a plan.

So are the WP TC members that confident they can get the independent committee to see things from the WP’s perspective?

Three professionals were appointed to the panel following consultation with HDB.They are panel chairman Philip Jeyaretnam SC, and members Mr N Sreenivasan SC and Mr Ong Pang Thye (managing partner of KPMG LLP).  The Court of Appeal also approved of the panel.

Interesting a man from KPMG is part of the team reviewing KPMG’s report.

Bit of ownself check ownself ain’t it?

So what weed are the WP TC members smoking? Do they really think the panel will say the findings and recommendations of the report are rubbish?

Maybe they have new information that they think will make the panel say that the report is no longer relevant in the light of the new info? Possible but not probable.

As I see it, the decision to get a “independent” panel to decide on the actions the AHTC has to take as regards the report  shows that the WP TC members have hoisted the white flag. They have no more room for manoeuvre, having run out of road. The TC members have to make the decision to start the recovery process, or explain why they are refusing to attempt recovery.

If the former, there will be unhappy suppliers and service providers who may have tales to tell. If the latter, the stench will get worse at the very least. It is likely that a “concerned” resident (Chen Show Moa?)living in the area would ask the courts to compel the WP TC to recover the monies.

At worse, a grass-root activist will sue the TC members in their personal capacity. The 15k a month each wanking MP gets will be insufficient recompense in such a event.

So better to get others to make the decision to recover monies. Can tell all those suppliers, “Not our decision leh.”

 

 

 

 

Fault of PAP that economy can’t transform

In Economy on 22/02/2017 at 5:10 pm

David Skilling a director at Landfall Strategy Group, a Singapore-based economic research and advisory firm wrote in an article in ST

My assessment is that the more important constraints on Singapore’s transition to a productivity-driven growth model are those associated with the structure of Singapore’s economy. Indeed, I would suggest that it is exactly because the existing growth model has been so successful that the transition process to a productivity-led growth model is so challenging.

One way of thinking about this is a Singapore version of “Dutch Disease”, in which one part of the economy becomes so successful that it weakens the competitive position of other sectors. This is because the successful sector places upward economy-wide pressure on wages, costs and the exchange rate. In Singapore, as with some other FDI (foreign direct investment)-intensive economies, the MNC (multinational corporation)-heavy sectors are highly productive, and have correspondingly higher wage and cost structures. This attracts resources from elsewhere in the economy, and raises the cost structure for other Singapore firms relative to their levels of productivity.

This is felt keenly by Singapore firms in internationally oriented sectors that have lower average levels of productivity than the large MNCs. The high cost structures faced by these firms make scaling up entrepreneurial and innovative activity into international markets more challenging. This has contributed to the observed difficulties with growing new global champions from Singapore.

http://www.straitstimes.com/opinion/on-singapores-economic-pivot?utm_campaign=Echobox&utm_medium=Social&utm_source=Facebook&xtor=CS1-10#link_time=1487662022&utm_source=facebook&utm_medium=social-media&utm_campaign=addtoany

KPMG says SIA is not a global brand

In S'pore Inc on 22/02/2017 at 6:45 am

This was published in the constructive, nation-building freesheet that is MediaCorp last week:

Can Singapore companies be globally competitive?

The United States has Apple. China has Alibaba. Japan has Toyota. Korea has Samsung.

Why doesn’t Singapore have a company or brand that is equally recognisable, globally?

This was written by

Larry Sim and See Wei Hwa are Tax Partner and Senior Tax Manager, respectively, at KPMG in Singapore. These are their own views.

What this piece shows is the ignorance or stupidity, or both, of the people working in KPMG.

In consumer brands, there’s  S’pore Int’l Auntie. Admittedly her bottom and breasts are sagging when compared to her A-Rab counterparts but still SIA is still a global brand* like Alibaba, Apple, Samsung or Toyota. In fact SIA has been around longer as a global brand than Alibaba, Apple or Samsung. Yet the men from KPMG doesn’t know this fact. Stupid.

And taz’s not all.

In the global offshore marine industry, we have Keppel and SembCorp. In commodities, there’s Wilmar and Olam (And there was Noble).

And we don’t have “a company or brand that is equally recognisable, globally?” Stupid KPMG.

Sad that these people working in KPMG doesn’t know S’pore. Or that KPMG employs such stupid people. They FTs where the “T” stands for “Trash” isit? Or are they S’porean products of our education system?

Or is KPMG another nest of anti-PAP cybernut pests, like TRE or TOC? There is nothing good in S’pore worth praising is the attitude of these nuts.

And is KPMG juz another pretentious, shirty company that thinks it is the peer of a company like PwC?


*I was talking to the a retired SIA gal yesterday who still looks glamorous; she’s the mother of a 17-yr gal.