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12/12/2008

Club, club, club, how many kena clubbed?

It is in the news today that Seletar Golf Club is the latest victim to the minibond fiasco. $5m was reported to be invested in similar product and probably nothing much will be left. Fortunately Seletar had made $5m of profits over 5/6 years to offset this loss. Otherwise the members may have to cough out some money to patch the hole. Maybe because of this that the members are reported to be quiet and not kicking a fuss. The members are very understanding. With this first revelation, perhaps more clubs will also stand up to admit that they too were clubbed. Now, the members of other clubs may not be as easy going as Seletar members, or if the losses are much more, then temperature will rise.

1 comment:

Anonymous said...

> Fortunately Seletar had made $5m of
> profits over 5/6 years to offset
> this loss

In good times, people would have complained about obscene profits.