SG High Commissioner seeks mercy from new Indian state govt after SG plonks $4B into state
Last month, it was reported that the joint venture project between Singapore and India to build the new Amaravati capital city for the state of Andhra Pradesh has been stalled by the newly elected Indian state government.
The project is a joint development between the Singapore Consortium led by Temasek-linked Ascendas-Singbridge and Sembcorp Development, and Amaravati Development Corporation Limited, a company set up by the previous Andhra Pradesh state government.
Andhra Pradesh was earlier governed by the Telugu Desam Party (TDP) which was aligned with PM Modi’s Bharatiya Janata Party (BJP)....
Unfortunately, the new Chief Minister Reddy is not a keen supporter of the Amaravati capital city joint venture project and has even publicly announced that the project is “not a priority” for him. The new state government is reviewing all ongoing works and cutting finances, triggering uncertainty over the future of the state capital project which Temasek-linked entities Ascendas-Singbridge and Sembcorp Development have invested in.
Work on the capital city, which has been running behind schedule, has come to a standstill. Chief Minister Reddy has set up a team of technical experts to review every aspect of the project, following allegations that the previous Chief Minister was involved in corruption over the way land was acquired, as well as other improprieties including insider trading....
To underscore Reddy’s disdain for the project, it was reported that his new state government has even gone ahead to cancel flight arrangements connecting Amaravati’s Vijaywada Airport and Singapore’s Changi Airport, an agreement signed by the previous state government with Singapore....
On Friday (9 Aug), it was reported in Indian media that Singapore High Commissioner to India Lim Thuan Kuan went to meet Chief Minister Reddy on the sidelines of the Diplomatic Outreach programme. Lim was accompanied by officials from Singapore’s Ministry of Trade and Industry.
Lim told Chief Minister Reddy that Singapore is ready to invest more in thermal, solar, aerospace and related fields, apparently in an attempt to appease the new Chief Minister....
The above is copied from TOC.
Everything is so similar to what Mahathir has done to Chinese projects. But the Chinese were smart enough to build in breach of contract clause and could claim compensation. I dunno if Singapore is smart enough to do that or would be so trusting and did not include such a clause and leaving it to the good nature and mercy of the Indians and now the High Commissioner is begging for mercy in the above report.
I came across an Indian expert saying that to invest in India, it is wise to give the money to a knowledgeable Indian to do the rest and sit back and collect money. India is simply a place not for investment. I dunno how many commando type of businessmen would accept this kind of idiotic advice to put money in other people's pocket and hope for the best. If there is, it must be Singaporeans. Singaporean's idiocy is legendary in doing business overseas. If they can sign a CECA agreement, they can sign anything.
What I like most about the above report is the last sentence. Now with one ball being squeezed, we promised to pump in more money by promising to invest more so that after one ball is being squeezed, put in the other ball to be squeezed also. At the look of it, either we are so desperate to invest in India, so stupid, or they really did not put in a breach of contract clause so got nothing to fall back on to crawl back some losses.
Who are the idiots that were so gungho to invest big big in India?
All I can say is never mind, OPM what, only $4b mah.
This reminds me of DBS India. Can you imagine how much Singaporean's money is being pumped in to build a bank in India? Is there a senior Singaporean there to take charge and control the finances? Or is the whole bank run by Indians and we just have no choice but to trust them, like the Indian expert said, give him the money and he would do the rest. He forgot to add, the risk is yours. Did anyone say stupidity has no cure? I hope I am wrong and the DBS India is in good Singaporean hands and no one can steal the whole bank from under his nose.
23 comments:
@ RB
Alamak, patience lah. You know if you're dealing with local governments in India/ China/ most shitholes there are going to be cockups, delays, corruption, politicking...
BTW, the only people who think CECA is a bad idea are those who "lost" because of it. If you're the boss signing the paychecks (the ONLY PEOPLE whose opinion should matter---money talks, bullshit walks)---reap the benefits of such a deal.
Singapore (Temasek) has a "knowledge city" project in Guangzhou… The project has hit delays, changed CEO numerous times...but is still going forward.
Relax. It's only money. What's more, not your money lah! ๐
Classic Example Of Money Easy Come Easy Go
CPF got lots of money mah.
Can Never run dry one.
Never mind lost a few billions dollars lah.
So what!?
Other people's money mah.
Not my money, why worry so much.
If money not enough, just ask Strokey Ah Heng to inrease tax lah.
Why GST 9% only?
Can increase to 10% mah.
Look nicer and easier to count leh.
Some more who dare to say things behind my back, herh?
You don't know who I am, isit?
You don't know who my hubby is, isit?
Talk some more, I get my hubby sue you until pants drop, then you know ah!
Or I ask my hubby's obedient running dog in the AGC to charge you for contempt ah.
Shut up and don't complain!
Win or lose money, it's my business, not your business.
Mind your own business.
Or else ..... Watch your steps.
You may fall down from escalators or get sodomized by Africa tua kee, in Changi prison, then you know.
STUPIDITY cannot CURE!
Got so many top scholars for what?
Book worms.
No experience.
Sure kena cheated by vipers, crocodiles and foxes in the wild forests lah.
Little Red Dot produces many Little Red Riding Hoods (riding on the laurels of the Old Guards lah.
Also produced many Hood Robins reverse generosity - robbing the poor in own country to enrich the rich in other countries.
You asked for it mah.
You get the government you deserve mah.
69.9% voted for STUPIDITY NO CURE mah.
What to say some more?
You tell me lah.
Matilah, please don't talk cock, "It's not your money." But it is the country's money, the tax payers' money. So you are one with the crooks and scoundrels and your attitude is tax payers money is OPM - Other People's Money , so who cares and what does it matter. Your attitude is losses can always be replenished from perennial schemes like CPF, COEs, ERPS and GSTs and other harmful taxes. Don't you think these type of schemes will eventually impoverish and destroy the country but only to the benefit of the selfish and self-aggrandizement schemers. Matilah, search your conscience if you have any. Or are you like those self-interest schemers with no conscience whatsoever.
Eagles Eyes
India's car market just crashed. It has been declining in the past 18 months steadily at the rate of between 3 to 4% every month, reaching more than 54% decline at the end of July 2019.
India's automobiles industries contribute to at least 50% of her exports.
This is a blow to PM Modi's government.
Hope Temasek of any of its subsidiaries is not involved.
Everybody here by now, after so many years, should know who Matilah Singapura is.
He is an unscrupulous incestuous infectious foul-mouth mother-tucker who always wants to have the last day. He will say anything in order to win, so much so he frequently contradicts his own foul-mouth sexually depraved and loser-mentality, with no moral, ethics and conscience whatsoever. He is the Beast, the Devil and the Satan in this blog. Period.
No matter how many times he got sodomized, he still ask for more.
That is, in brief, the MATILAH SINGAPURA WHO EXPOSED HIMSELF AS THE MOST FAMOUS MOTHER-FUCKER IN AUSTRALIA AND SINGAPORE.
Hi 948am
U are 108% correct! The 69.9%!
Sg is like that liao long long long long ago!
The masses will DIE-DIE DIE-DIE vote for pap!
Toooooooo BIG toooooooo fail?
GE is a waste of time in Sg!
Correct?
Yes, GE is a sheer waste of time. Everything is predestined. Why do you think they put the Elections Department under the Prime Minister's Office for? To ensure fair play? Or to manipulate the odds in favour of the ruling party? What happens behind closed doors cannot be seen by the public. Everything is dependent upon honesty, trust and integrity.
Who check who?
Why every time PAP win?
Why alternatives cannot win?
Still sleeping
@All,
Don't worry lah --- S'pore lost more money in Suzhou yet it is now a "success" and always highlighted in documentaries & speeches.
Tianjin Eco City also required & still requiring lots of freebies & kickbacks from S'pore (both private money as well as public monies) --- but hey, the project still ongoing & lots of boasting to the world as well!! LOL!!!
Ahneh investments no different lah. Anyway it's not your money --- it's Singapore's money. THERE'S A BIG DIFFERENCE.
This is also the reason why people on this blog can't invest --- you don't have the fortitude & the wisdom for the big bucks & the longterm.
What is long term?
You will have given up 10,000 times along the way.
WSG
All the rich countries should just invest in each other and forget all the poor countries and let them all mati of diseases and then takeover easily. Why invest them and then they compete with us? stupid right?
@ Eagle Eyes,
Nah mate. You are misaken. It is not your money. What you cannot control, ain't yours to claim. I hope that is easy enough to understand.
@ Matilah "fan club" 1041:
>> He will say anything in order to win, so much so he frequently contradicts his own foul-mouth sexually depraved and loser-mentality, with no moral, ethics and conscience whatsoever. <<
Yup, I wear all your claims as a Badge Of Honour lah. Please, bestow me more praise...I lurrrve it! ๐คฃ
>> the MATILAH SINGAPURA WHO EXPOSED HIMSELF AS THE MOST FAMOUS MOTHER-FUCKER IN AUSTRALIA AND SINGAPORE. <<
And yet...here I am, not still standing, still winning. SIN-PER-SIN-PER-SIN-PER...nearly 45 years. You got a better deal? ๐
CECA is good for India and ALSO good for Singapore. Singapore benefits from the talents from India to manage the banks and the IT experts from India are here to teach Singaporeans. It is a win-win scenario for both countries. Redbean has this negative view on the CECA deal, always casting doubts on this excellent co-operation.
Pro India Action Party (PiAP) @ 12.48pm
------------------------
If Indians are super talents, why is India a shit-hole country?
"IT experts from India are here to teach Singaporeans." @ 12.48pm
- I call bull-shit
- IT experts from India are in Singapore to import even more Indian IT "experts" into Singapore ... because they say Singapore has no IT talents.
These PAP fuckers are so lazy.
Even the training of Singaporean IT talents, PAP wants to out-source to India.
I wonder what work these PAP fuckers do besides outsourcing all their work ... and sitting on their fat backsides collecting million dollar salaries.
According To World Bank And Others
In a statement, World Bank said:
“On July 15 the Government of India (GoI) withdrew its request to the World Bank for financing the proposed Amaravati Sustainable Infrastructure and Institutional Development Project. The World Bank’s Board of Executive Directors has been informed that the proposed project is no longer under preparation following the government’s decision.”
The World Bank website had also showed the status of Amaravati Project as “DROPPED”!
"The total project cost was US$715 million and the State Government in 2016 had sought funding from the World Bank. However, it had committed US$300 million. But now, even this US$300 million has been withdrawn, thanks to the request from Modi’s central government."
“For a change, good sense has prevailed upon the bank to withdraw from the disastrous programme,” Sreedhar R., the Director of the Environics Trust, one of the activist groups that has been critical of the project, said in a statement.
But according to SOMEBOLEE in Temasick:
"It’s a great project. Good foresight (but go screwed in the backside never mind, no pain at all because not my money what). Must throw in more money to entice (bribe) the new Chief Minister.....???"
Relac lah bruddar!!!
PAPies will launch their secret weapon soon --- Woody Wood Pecker.
Heard that ahnehs all kaotao when he do the bangrah!!
At most they will build a retirement village at Amaravati --- cheap & good. Confirm your CPF Life more than enough to pay for the retirement that all Sinkies deserve == > Like this and this.
ARRRMMAAARRR!!!
It has been reported that India has fallen from 5th position to 7th in global GDP rankings for 2018. This could only mean that India's development is stalling. India is not that safe a place for investment because any change of government can derail investment projects.
Many multi nationals have met with the same fate of pulling out after objections from small enterprises and thereby suffering massive losses. India, although being the data crunching outsourcing station for many US multinationals, much of rural India is still stuck in the old thinking that multi nationals investments in India will take away business from small enterprises that can only thrive without global competition. These establishments are the political backbone of any Government in India, hence India is not an easy place to do business. Investment projects have to be carefully calibrated to take in all these factors.
India's economy had been projected to take off over the last couple of years, like China, and overtake the US eventually. But the Indian Government cannot decide national economic policies without having to cater to voter's interest for support, unlike China. That is one main reason why India may not be able to grow in the mould of China, even though it is the largest democracy in the world.
Investing in that cantry is really risky.
If the money has gone down into the shit hole, it may reappear to buy armaments for a war with Pakistan on Kashmir.
See how brilliant it is?
Oh never mind, we have all the scholar brains. Must be super duper good one.
Not to worry lah. We not only have scholars, we have OPMs and we have Indians to invest for us. If $100m not enough, pour in another $1b to save the $100m. If still got stuck, pour in another $10b. If one keeps pouring money into a shit hole, sure one day the shit will float to the top.
Anonymous said...
According To World Bank And Others
In a statement, World Bank said:
“On July 15 the Government of India (GoI) withdrew its request to the World Bank for financing the proposed Amaravati Sustainable Infrastructure and Institutional Development Project. The World Bank’s Board of Executive Directors has been informed that the proposed project is no longer under preparation following the government’s decision.”
The World Bank website had also showed the status of Amaravati Project as “DROPPED”!
"The total project cost was US$715 million and the State Government in 2016 had sought funding from the World Bank. However, it had committed US$300 million. But now, even this US$300 million has been withdrawn, thanks to the request from Modi’s central government."
Maybe some silly cuntry promised to fund the whole project, so no need to borrow from World Bank.
"If they (PAP Government) can sign a CECA, they can sign anything."
Singaporeans are just as stupid.
If Singaporeans (70%) can vote for PAP, then we definitely deserve to suffer under PAP rule.
Invest in ahnehs for what? they will kill your wives, kids and you and take away all your assets like what they did to british. Never learn isit? stupidity is doing the same thing again and expecting different results. stupid right?
How come ambassador can deal so much
Money business deal?no use business
Expert?
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