nkf story - intermission

Intermission Yesterday was a good break. It allows everyone to reflect on the facts that were presented by Shanmugam, what had actually happened, and where to go from here. From a purely 'be successful and be admired as a talent' point of view, the two persons, or more persons that should be laughing and having a good time would be Durai, Matilda and the other defendants. They have been there, done it, and enjoyed all the good things that money and power can provide. Travel to all the nice places around the world, flew first class, enjoyed all the fine food, and meeting all the nice people, and have friends in high places. Just look at how they dressed up for their court appearances... oh mine, the cost of each suit would be enough to fill my wardrobe, oops I mean cupboard, for 10 years at least. And the newspapers printed their best smiles and best angles for all to go gaga everyday. This is real showbiz at its best. Now you know why the big smiles and the exaggerated and cultivated way of walking and gesturing. It is all for the catwalk. And the best part, there is no need to feel ashame, remorseful or even a word of apology to anyone cheated in the process. These are feelings associated with the failures and untalented. And what for when the bank accounts are stashed with cash? All they get is admiration for being so talented and so successful, and so clever, so cool, so smart looking... Legal fees, no sweat. So much money to spare. Looking for role models for successful Singaporeans or how to be successful in a modern world?

nkf story - the revelation to come

The startling revelation to come What we are about to see in this show is that all the experienced, highly qualified and worldly wise professionals and experts will now have to prove that they were all ignorant and innocent little children. Their only ground of defence is to plead naivity. 'I don't know what is happening. I was just there for the party, for the tea and cakes.' This will give a stronger case for tightening of corporate governance and nailing responsibility onto directors who otherwise think that being a director is easy money and no responsibility.

nkf story - why the disappointment?

I just read the papers this morning and the impression I get is that people were disappointed by the early concede by Durai. And their reason is that they will miss out on the juicy details when Durai is grilled by the legal counsels. Then came the consolating thought that Durai will not go away but can still be called upon as witness by the other defendants. It is a case of waiting for the Middle Weight and Light Weight rounds after the Heavy Weight round was rudely ended by a technical KO. Poor Durai. He can't avoid being the main star of the show. What is pertinent is that his admission of wrongdoings would seriously compromise the positions of the other defendants. His admission would mean that all the allegations by Shanmugam stays, that they are as what Shanmugam set them out to prove. Now Shanmugam needs not prove them and the fiefdom and the cronies are true. It is now the turn of the cronies to prove that they were not cronies. But to absolve them from blame, they must prove beyond that, that they are worst than cronies. That all decisions were taken by Durai and either they did not know, were not party to it, or were slaves and thus have diminished responsibilities.

nkf story - ko in round one

10 sec into Round One and the World Heavyweight Champion was KO by a barrage of body blows from his challenger. This is as close as it gets to what had happened today of the NKF Showdown in High Court. Yes, Durai had conceded the case and accepted full liability even before he was asked to make his defence. What happens to this formidable and dynamic CEO who had won two fights and took on the SPH and was confident of winning his case and a $20 million damage claim? What could be the reasons for him to throw in the towel without a fight? One possibility is that the plaintiff has all the evidence given their accessibility to all the information available and also those Durai had deleted but knew that they had been recovered from his computers. It is also not far fetched to assume that some of his employees or directors would turn up as witnesses against him. Then there is also a big possibility that one of the key defendants could turn prosecution witness and nail the coffin. Everyone, including all the directors would be fighting to save their own skins, especially those who have not benefitted from all the wrongdoings. Now the ominous remark in Durai's letter, 'I know this will be painful to my wife who has to contend with the little resources I can provide her and the children...' is becoming a reality. Whatever that he got from the NKF may not be enough to pay for all the legal fees and the damages that the new NKF is going to claim against him. Poor chap, and his poor wife and children. But that will not be the end of him in this showdown. He is likely to be called upon as witness by the other defendants to be cross examined. And for those who are waiting for a command performance by this living legend of the old NKF, they will not be disappointed. For the meanwhile the spotlight will now be on Richard Yong, Loo Say San and Matilda Chua and the rest of the board of directors. (end of Chapter One).

nkf story continues

And the story continues. I was very touched and almost moved to tears by Durai's reply to Richard Yong's recommendation to pay Durai 8 months' of bonus. And I can agree that Durai had worked extremely hard to raise $22 million for the NKF. "We cannot commend you enough. We cannot compensate you enough. My colleagues and I want you to know how much we appreciate your painstaking work and sacrifice. As a token of our appreciation, we would like you to accept a bonus of eight months' salary.' It was indeed a small token of appreciation. And it was indeed a sacrifice. Durai replied that he would only accept 5 months. 8 months were too much. And he had good and legitimate reasons. 'I am unable to accept the bonus of 8 months salary as I would not be doing justice to the hundreds of patients whom I have to cajole to pay their fees - which they do grudgingly. I know this will be painful to my wife who has to contend with the little resources I can provide her and the children...' Poor thing. And the last I heard, because of his sacrifice and miserable peanut salary, he was living in a rented property. He could not afford to buy his own property. How mean of NKF to pay him so little. It was not only Durai, but his poor wife and children that had to live with so little that he got from NKF. And he rejected to take more. How about a Noble Peace Prize for self sacrifice to aid other suffering human beings?