atans1

Indons speaking with fork tongues again

In Environment, Internet on 25/07/2016 at 1:14 pm

Indon VP asking for neighbours’ help in fighting the fires. But he seems to have forgotten that Indon officials have said they don’t need help.

Worse, while complaining that S’pore was trying to punish Indon cos for the fires, it has stopped investigating them

Indonesia’s efforts in tackling forest fires came into question when 15 out of 18 companies suspected of being responsible for the forest fires last year got off the hook with the law.

On Thursday, detik.com reported that the district police in Riau will be stopping investigations on the 15 companies due to the lack of evidence.

“It does not fulfil the elements of intent nor negligence, so we decide to stop investigating the cases,” said Senior Commissioner Rivai Sinambela, Director for Special Criminal Investigation, Riau police district.

Commissioner Rival said that the fires happened on land which have conflicting ownership with the community, and not on areas belonging to the companies.

In 2015, police began investigations on 18 companies suspected of causing forest fires, but only three went to the courts. The three companies PT Langgam Inti Hibrindo, PT Palm Lestari Makmur and PT Wahana Subur Sawit were eventually acquitted.

http://www.channelnewsasia.com/news/asiapacific/indonesia-calls-on/2980490.html

SMRT: Taxpayers get screwed

In Financial competency, Temasek on 25/07/2016 at 6:08 am

Temasek is offering $1.68 per share or $1.18bn to buy out the minority shareholders of SMRT, a 9% premium over the last traded share price of $1.545.

Usually an acquirer pays a premium of up to 30% to gain full control of the target. So the question is why just a 9% premium, shareholders and anti-PAP paper warriors are screaming? “Temasek trying screw minority shareholder isit?” screams Philip Ang financial guru to the cybernuts in TRELand, and Terry’s Online Channel (TOC). Shareholders are saying their shares are worth $2, a 30% premium to $1,545.

Good luck to these greedy people if the takeover is blocked by their greed. In few yrs time, they’ll be complaining of oppression of minorities if SMRT remains listed.

DBS put a value of $1,28 per SMRT share (albeit before the LTA deal but which value it later reiterated after the deal). So at $1.68 (31% premium), it would seem taxpayers are being screwed for the benefit of non-Temasek shareholders. And the greedy sods think they should screw more from us, the taxpayer. Who they think they are? PAP ministers isit?

It would have been better (not necessarily ethically or morally though and it may be illegal) if Temasek had let the market react to the deal before making a bid. As it is one can only look forward to the documents that will be sent to shareholders to see if the price of 1.68 makes sense from taxpayers’ point of view.

At the moment, this doesn’t seem to be the case. The greedy renters are getting 0,40 cents above $1.28, a 31% premium. $280m will be shelled out unnecessarily by Temasek to people who have enjoyed good dividends in times past. Taxpayers’ money is being wasted while the greedy shareholders scream for even more.

And note that the TRE cybernuts want $280m of taxpayers’ money to be wasted on greedy people? In fact they want even more money to be squandered who think they are more entitled than PAP ministers.

 

Brexiters and Aljunied residents

In Accounting on 24/07/2016 at 11:07 am

Brexiters (52% of Britons) and 51% of Aljunied GRC voters vote against their own economic interests.

On Friday, I read in the Economist that

58% of the North East voted for Brexit, the second-highest share of any region.

… places like Sunderland struggle. Unemployment there is the highest in Britain. And despite north-easterners’ enthusiasm for Brexit, it will do their economy little good: 60% of their exports go to the EU, a higher proportion than that of any other region. It also benefits from EU funds—soon to dry up—that have built much local infrastructure.

On Sunday I read

Home Affairs and Law Minister K Shanmugam on Saturday (Jul 23) said accounting firm KPMG’s fourth monthly report on the Aljunied-Hougang Town Council (AHTC) paints “a devastating account of the Workers’ Party’s mismanagement of its town council”.

In a Facebook post, Mr Shanmugam described the findings as “a damning litany of highly irregular and suspicious financial practices, poor governance structures and extensive leadership failures”.

http://www.channelnewsasia.com/news/singapore/kpmg-report-on-ahtc/2981454.html?cid=FBcna

 

The voters in Aljunied already had the AGO’s report that the the WP couldn’t keep proper records. Yet 51% still wanted them to continue the town council.

 

 

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