Roy Ngerng using Boon Wan and Shanmugam’s templates

Below are a few paragraphs extracted from Roy Ngerng’s latest post in his blog http://thehearttruths.com.

 ‘… I replaced what the PAP ministers and members of parliament had said about the AHPETC with what can also be said about the PAP’s management of our CPF. The hypocrisy of what the PAP has said will then be revealed. (The change of words are in italics.)

GIC and Temasek Holding receive large sums of CPF monies from Singaporeans. These are all public monies. As stewards of public funds, GIC and Temasek Holdings must keep proper accounts and records, and maintain adequate control over their assets. Who has paid and who has not? How is the money spent? Is it properly used? Is anybody doing anything wrong? … These and many other questions directly affect the interests and safety of the Singaporeans. They are not trivial technical issues raised merely to satisfy the accountants or the auditors, or to meet financial regulations. Unfortunately, …(there are) serious questions about the reliability and accuracy of their financial and accounting systems.

There is always the temptation, when the GIC and Temasek Holdings are financially strapped, to postpone saving, and say it will make up the shortfall later, or worse, to put its hand into the cookie jar, to draw from the savings to satisfy immediate needs. Just spend, use the savings first. Sounds appealing, but the GIC and Temasek Holdings will then be simply running down the reserves and mortgaging the future of Singaporeans away.

“GIC and Temasek Holdings did not adequately manage the conflicts of interests of related parties arising from ownership interests of their key officers”.”….

The Chairman of GIC and CEO of Temasek Holdings are, by the way, husband and wife….

 “Taken in totality, the PAP government cannot possibly adequately manage the conflicts of interest involved in related party transactions”. This means that the PAP government may not have obtained the best value for the moneys paid to these related parties. Or worse, there could be opportunities of wrong-doing or unethical practices which the PAP government may not be able to detect or prevent.

Singaporeans and taxpayers need to know that their monies are properly spent and they are getting best value for money. When these contracts are awarded to parties related to the PAP government, the PAP government needs to be upfront withSingaporeans as well as with taxpayers at large, so that there is transparency and proper scrutiny….

We do not know the exact state of the GIC and Temasek Holding’s financial position.

Something is seriously wrong with the PAP government. They paint a picture of financial mismanagement, incompetence and negligence in corporate governance….

Unfortunately, throughout this saga, we have found the PAP MPs running the PAP government to be evasive, unresponsive and misleading. In response to legitimate queries from Singaporeans, they stone-walled, deflected the queries, made false or dishonest claims, raised irrelevant excuses and sought to confuse the public with a flurry of red-herrings.

First, their lack of transparency – they failed to disclose things on time; they failed to submit reports they should be submitting. Every time we reminded them, again and again, they came up with yet another excuse.

The government  need competent, honest people and proper systems to serve Singaporeans well. Good intentions and bland assurances alone are not sufficient. Elected MPs need to supervise the work of the government, GIC and Temasek Holdings. While they enjoy wide autonomy, they also have huge responsibility. And they are accountable to Singaporeans. They have statutory duties but they are also subject to national laws….

What concerns me is that the PAP government’s actions are clearly unlawful….

The rhetoric from the PAP is always about helping the poor man, the reality is that the PAP took CPF money from the man in the street to give to their friends in the GIC and Temasek Holdings.

The PAP keep saying there’s been no loss (of CPF monies from the more than $100 billion that the GIC and Temasek Holdings lost in 2008). Maybe there was no one taking money through the back door in the dark of the night, there was no need because the money was taken from the front door in broad daylight through all this overcharging.

The second major problem arising from the facts is lack of transparency, lack of disclosure. First, the facts do not seem to have been fully disclosed to all Singaporeans. And second, there seems to have been no proper discussion of the conflicts at all.

Active, persistent non-disclosure. Obviously, deliberate. And the consequence of all of this? Of the billions that were paid tothe GIC and Temasek Holdings, who knows how much was justifiable?

The PAP have been quick to say that despite all the problems, no CPF monies have been lost. Can the PAP honestly say that no CPF monies have been lost? When the PAP ministers and members of parliament act in breach of their fiduciary duties; and pay the GIC and Temasek Holdings billions of dollars? Overpayment to a related party is not a loss?....

You can read the full article in Roy’s blog. I assure you it is pretty long as normal of Roy’s writing and with charts as well to show.