12/01/2007

End of NKF saga

Matilda Chua was fined $10k for falsifying accounts unrelated to the NKF saga. And this marks the closing of an ugly and amusing chapter of corporate governance and how public donations to charities were simply money under the bridge. On record, former chairman Richard Yong and ex treasurer Loo Say San were fined $5k each for their parts in the saga. The CEO Durai was jailed for 3 months for deceiving the NKF. He is appealing and has yet to serve his sentence, I think. He is probably employed by a big company working in the Middle East as a CEO or something like that. Justice has been done. What happened to all the missing loot? Were they recovered and how much were recovered? God knows. Waiting for a summation of the case in the msm to mark the official conclusion of the case. And nothing more was heard of the infamous Aboobacker. Lucky fellow. How would the ending and punishment affect future corporate governance? Would people be encouraged to repeat the saga, after all it is only a few thousand dollars to pay and the rewards and perks were more than one can bargain for? All in all, the story has a happy ending.

9 comments:

Anonymous said...

yup, and some bugger who gave false evidence for a friend involved in a handbag theft, was given a jail sentence of 8 months...!

(see The Electric New Papaer article 'steals a bag,gets pal to lie, both jailed dd 1 Dec 07)

I wonder which offence is more severe....

Anonymous said...

Enough, lets move on!!

Anonymous said...

ok, let's move on .....to Ren Ci....

redbean said...

we must take good care of our limited talent pool. don't be too harsh.

for stupid small time criminals, we should let justice do its work. don't ever cheat on your bus fare or taxi fare.

Anonymous said...

Justice truly works in mysterious ways.

Anonymous said...

why should we move on? for the record Durai has never apologised for the entire epoisode. The punishment for all the crimes committed amount to barely a small fine relative to the peanuts he was getting all these year. What lessons are we teaching our future generations? It is okay to cheat and lie. If you have money and powerful backing, you can get away with almost anything.

Anonymous said...

Was it because she is related to one of the Ministers ?

redbean said...

relations is not important in singapore. it is such a small place and any relations people will be sure to know.

also, we believe in the rule of law and the transparency of law. we can be sure that all are equal in the eyes of the law.

Anonymous said...

These are the few that are in the limelight. There are others that have queitly faded into the background. And we may not be able to recall any of these "faded" people.

The shit is seriously very smelly.