Is The GIC Jumping Through Too Many Hoops?

The GIC released its annual report today. The Straits Times reported that, “Various layers of checks and balances are built into the governance of GIC”. Let’s take a look at how these checks and balances work and whether they are enough.

2014-08-02 12.20.24

In the GIC’s annual report, it is stated that:

Screenshot (61)

Screenshot (62)

So, this is the GIC’s Board:

Screenshot (50)

Screenshot (51)

And this is the government, which apparently “neither directs nor influences the GIC’s decisions”, but which happens to be on the GIC’s Board:

Screenshot (69)

Screenshot (71)

Screenshot (74)

So, apparently, “Once a year, the GIC Management formally meets the Minister for Finance”:

Screenshot (63)

And this is the Minister of Finance, who happens to also be on the GIC’s Board:

Screenshot (66)

The GIC also says that:

Screenshot (58)

And that:

Screenshot (60)

So, this is Singapore’s President Tony Tan:

Screenshot (67)

Who actually used to be the Deputy Prime Minister of Singapore, under the banner of the People’s Action Party:

Screenshot (68)

And in spite of how the President “must not be a member of any political party”, the current Singapore President Tony Tan used to be the Chairman of the People’s Action Party:

Screenshot (64)

In fact, he was even once the Deputy Chairman of the GIC!, whom he is supposed to check on now:

U41e

So, the GIC might say that:

Screenshot (59)

But once, when a certain President Ong Teng Cheong had the integrity to question the government about the reserves in 1996, they told him:

President Ong Teng Cheong 56 man years

And so, this is what the GIC say they stand for:

Screenshot (73)

So, here you go, your checks and balances in the GIC, which by the way, uses Singaporeans’ CPF to invest but is now a private limited company and does not need to fully report to Singaporeans.

Is this enough? Any conflict of interests?

As Teo Chee Hean had once infamously said, “What do you think?”

3rd Edition Of The #ReturnOurCPF Event: Why Singaporeans Cannot Retire Because Of The HDB

On 23 August, there will be a third edition of the #ReturnOurCPF event. In the first edition on June 7, we revealed to you the truths that the government has finally admitted to how they are using our CPF to invest in the GIC. In the second edition on 12 July, we exposed further truths about the exact number of Singaporeans who were not able to meet the CPF Minimum Sum.

Join us at the third edition and take a stand. The government cannot take Singaporeans’ CPF to invest and not be fully accountable with us on what they are using our CPF for.

On 23 August, we will see you at Hong Lim Park. Let’s come together, be united and speak for change, for the better for our lives, and our children’s.

You can join the Facebook event page here.

Also, my first court case will be held on 18 September 2014, at 10.00am. It will be a full-day hearing.

Return Our CPF 3 Poster Template with Text edited with Title

Return Our CPF 3 Poster Template with Text edited with Title@Chinese

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43 comments

  1. sabina

    The key questions are:
    1) WHY is there a need for GIC and Temasek Holdings to become PRIVATE limited when it is managing PUBLIC funds?
    2) What are they trying to hide from the public?
    3) When auditors have to add disclaimers in their audit report because they cannot access part of the data, do you think this audit can still be counted or is it part of a wayang?

  2. makati city

    An intriguing discussion is definitely worth comment.
    I think that you ought to publish more on this issue, it may not be
    a taboo subject but generally people don’t talk about these subjects.

    To the next! All the best!!

  3. Ivan Ho

    Why is GIC not publicly opening their books when CPF trust fund is being used for their long term investments? Since CPF fund is used by GIC and for that matter by TH, they can always publish their full reports detailing the movements of our CPF fund so utilised and investments portfolio and ROI breakdown and summary status?
    Why is it that GIC doesn’t allow CPF members to individually allow them to invest directly with GIC for better ROI instead of using SSGS bonds which roll out our CPF money thru’ CPFB – trustee of our CPF money – to GIC and only have a guaranteed nominal risk-free rate?
    Let’s continue to pursue the CPF issue till the GIC/TH/HDB books are open to all concerned because why should we put the retirees at risk of not being able to retire adequately

  4. Ivan Ho

    “Why is GIC not publicly opening their books when CPF trust fund is being used for their long term investments? Since CPF fund is used by GIC and for that matter by TH, they can always publish their full reports detailing the movements of our CPF fund so utilised and investments portfolio and ROI breakdown and summary status?” should read as “………………and summary status at the CPF website.”

    FYI.

  5. Leong wen hing

    我們人民不會覺得驕傲只會覺得丟臉,只有我們的政府覺得光榮尤其是我們的總統和總理.每次有甚麼國際的運動會一定會看到我們總統,你們有看到別國的總統這樣有空嗎?還有我們的總理每次拿到金牌他就在他的Facebook馬上發表好像怕全世界不知道,在他的選區有些單身老人家死在家裡幾天又不見他發表。我看會回來是因為小孩子是時侯上學才會回來。昨天在小販中心看到一個70多歲的老婆婆在吃別人吃剩的食物覺得心很酸。其实我们国家自杀破产患精神病人数排名世界第一,但报纸不敢公布,我覺得政府情愿自己拿大筆錢而不幫助一些弱勢族群真的是他媽的不是人。骗得了全世界,也骗不了自己。

      • 很反感李总理

        人家领袖看世界杯,是把人民照顾好先, 才跑去看, 你们呢 , 只顾自己先. 希望李总理自己上网看一看。同样是做总理的,德国总理对各个方面都进行了很好的保障 。比如

        生第一个小孩,第一年,每月可拿儿童金184欧元,听说明年选了总理会涨到210欧元。儿童金是从出生到18岁工作为止。然后每月可拿父母金300欧元,拿三年,直至到小孩上幼儿园为止。在小孩1岁开始,每月增加带小孩钱,每月是100欧元,小孩2岁到3岁每月拿150欧元。

        简单来说,小孩从出生到3岁的时候,基本福利金是第一年拿到5808欧元,第二年拿到3408欧元,第三年拿到4008欧元,第四年开始直至到18岁每年拿到2208欧元。

        如果生第二个小孩也是一样重复的拿以上,生第三个小孩就增加每月儿童金,每人200欧元以上。

        小孩父亲方面可以享受二天陪产假,生小孩第一年内可以有二个月的有薪假期是原工资的65%,医疗方面,小孩从出生开始到12岁,就算去药房拿药,只要有医生药方也是免费的,成年人拿药有医生处方就一律收5欧元的药品钱。

         如果是无收入或低收入家庭,医疗卡全免费,租房杂费,政府全包,一个家庭成年人每人每月拿250欧元的生活费,儿童金每月184欧元,还有在读的小孩参加的业余课和补习班都不用钱。新生儿还可以除了以上列举的父母金,儿童金,带小孩钱,还额外一次性给700欧元给新生儿购买用品,如需搬家和买家具,政府也会补贴一大半的钱。打官司不用钱请律师等。政府的队伍帮助人民解决法律问题。

         一个小孩从出生到18岁成人,读书教育都不用花大钱。而且当地生活消费比新加坡低和便宜。也没有把人民的血汗钱拿去CPF口袋。除了拿我们CPF去你太太那里投资,你到底为人民做了什么事 !如果没有做事,还要害到人家, 搞到新加坡人连小孩都生不起,做戏50年,缺德 ! 无耻 !下台吧 !

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  7. Das

    It saddens and angers me that this “lee” family can think they rule the whole of Singapore and think they are above the law.

    As the old saying goes, “Power corrupts, and absolute power corrupts absolutely.”

    You should know by now that the rule of law does not apply to the Lee family.

  8. seaman

    The problem here is their constant denial of wrongdoing and the manipulation of the legal system and its entities to suit their situation.

  9. Datok

    Very old story … actually, there’s nothing quite wrong on the Lees’ side, he has many grandchildren, and they all need the finest life, so he making money for his grandson.

    one day when the lee is no longer in power. Singapore will be better , the real justice will be back Singapore.

    • 老人家不会笑

      什么old story ,难道我们的孙儿就活该吃草么,储蓄他都拿去了啦, 还有脸告人家, 笑 !!!!

  10. eyes watch

    Any bargain between society and PAP on the ‘social contract’ is likely to be heavily biased towards the PAP. That is, When people thirsty , he gave people a drop of eye drops, and give himself entire reservoir.
    He was very satisfied with the way this distribution, Once someone yearning for the reservoir, he is not willing to share, and began to develop a plan must be silenced..

    当人们口渴的时候, 他给人们一滴眼药水,而给自己整个蓄水池. 他很满意这种分配方式. 一旦有人向往那块蓄水池, 他很不愿意分享,于是开始制定一个一定要灭口的方案..

      • The Wall Street Journal

        Jackfruit,
        ” give people eye drops when they are thirsty ?” ————- it means the capacity as tiny as a drop of eye drops, it means our Prime Minister is very stingy.

    • Jack

      hello Jackfruit, people hates the threaten, You threatened him in the wrong time. you only can do, Temasek’s profit back to the people

  11. The Wall Street Journal

    Temasek Capital Key Developments

    Investors Reportedly Eyes Stake In Intas

    Jan 29 14

    Temasek Capital, GIC Pte. Ltd., and Capital International, Inc. are in independent talks to purchase ChrysCapital’s 10% stake in Intas Pharmaceuticals Ltd. for about $150 million, three people with direct knowledge of the development said. An investment banker said, “Chrys-Capital is looking to sell part of its 16.5% stake after Intas Pharma postponed its initial public offering due to muted market conditions.” “Yes, ChrysCapital is looking for partial exit from the company and the IPO plan was also formulated with the objective of providing exit,” Jayesh Shah, Chief Financial Officer of Intas Pharma said in an email response. “However, Intas is still evaluating various options to provide meaningful exit to ChrysCapital and nothing has been concretised so far.” Another person familiar with the matter said, “Along with the partial exit of the existing investor, the promoters could look at raising fresh funds for the company.” “No valuation number has been frozen,” said Shah of Intas.

  12. The Wall Street Journal

    Company Overview

    Temasek Capital is the wholly owned direct investment arm of the Singapore Government’s Temasek Holdings, an investment holding company in Singapore. Temasek Capital seeks investment opportunities around the world and particularly focuses on traditional private equity opportunities, as well as mid-stage technology and life sciences related investments. In addition, the company aims to be the investor of choice for companies in Singapore and overseas. Founded in 1974, the company is headquartered in Singapore.

  13. The Wall Street Journal

    BEGIN PRIVACY-ENHANCED MESSAGE—–
    The Securities may also be deemed to be beneficially owned by Temasek Holdings (Private) Limited ("Temasek Holdings") and Temasek Capital …

    0001181431-11-016354.txt : 20110308
    0001181431-11-016354.hdr.sgml : 20110308
    20110308114558
    ACCESSION NUMBER: 0001181431-11-016354
    CONFORMED SUBMISSION TYPE: 4
    PUBLIC DOCUMENT COUNT: 2
    CONFORMED PERIOD OF REPORT: 20110304
    FILED AS OF DATE: 20110308
    DATE AS OF CHANGE: 20110308

    ISSUER:

    COMPANY DATA:
    COMPANY CONFORMED NAME: Avago Technologies LTD
    CENTRAL INDEX KEY: 0001441634
    STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674]
    IRS NUMBER: 000000000
    STATE OF INCORPORATION: U0
    FISCAL YEAR END: 1031

    BUSINESS ADDRESS:
    STREET 1: 1 YISHUN AVENUE 7
    CITY: SINGAPORE
    STATE: U0
    ZIP: 768923
    BUSINESS PHONE: (65) 6755-7888

    MAIL ADDRESS:
    STREET 1: 1 YISHUN AVENUE 7
    CITY: SINGAPORE
    STATE: U0
    ZIP: 768923

    REPORTING-OWNER:

    OWNER DATA:
    COMPANY CONFORMED NAME: TEMASEK HOLDINGS (PRIVATE) LTD
    CENTRAL INDEX KEY: 0001021944
    FISCAL YEAR END: 0331

    FILING VALUES:
    FORM TYPE: 4
    SEC ACT: 1934 Act
    SEC FILE NUMBER: 001-34428
    FILM NUMBER: 11671006

    BUSINESS ADDRESS:
    STREET 1: 60B ORCHARD ROAD #06-18 TOWER 2
    STREET 2: THE ATRIUM @ ORCHARD
    CITY: SINGAPORE
    STATE: U0
    ZIP: 238891
    BUSINESS PHONE: (65) 6828 6828

    MAIL ADDRESS:
    STREET 1: 60B ORCHARD ROAD #06-18 TOWER 2
    STREET 2: THE ATRIUM @ ORCHARD
    CITY: SINGAPORE
    STATE: U0
    ZIP: 238891

    FORMER NAME:
    FORMER CONFORMED NAME: TEMASEK HOLDINGS LTD
    DATE OF NAME CHANGE: 19960829

    REPORTING-OWNER:

    OWNER DATA:
    COMPANY CONFORMED NAME: Temasek Capital (Private) LTD
    CENTRAL INDEX KEY: 0001434866

    FILING VALUES:
    FORM TYPE: 4
    SEC ACT: 1934 Act
    SEC FILE NUMBER: 001-34428
    FILM NUMBER: 11671005

    BUSINESS ADDRESS:
    STREET 1: 60B ORCHARD ROAD, #06-18, TOWER 2
    CITY: THE ATRIUM@ORCHARD
    STATE: U0
    ZIP: 238891
    BUSINESS PHONE: 65 6828 6828

    MAIL ADDRESS:
    STREET 1: 60B ORCHARD ROAD, #06-18, TOWER 2
    CITY: THE ATRIUM@ORCHARD
    STATE: U0
    ZIP: 238891

    REPORTING-OWNER:

    OWNER DATA:
    COMPANY CONFORMED NAME: Seletar Investments Pte Ltd
    CENTRAL INDEX KEY: 0001434867

    FILING VALUES:
    FORM TYPE: 4
    SEC ACT: 1934 Act
    SEC FILE NUMBER: 001-34428
    FILM NUMBER: 11671007

    BUSINESS ADDRESS:
    STREET 1: 60B ORCHARD ROAD, #06-18, TOWER 2
    CITY: THE ATRIUM@ORCHARD
    STATE: U0
    ZIP: 238891
    BUSINESS PHONE: 65 6828 6828

    MAIL ADDRESS:
    STREET 1: 60B ORCHARD ROAD, #06-18, TOWER 2
    CITY: THE ATRIUM@ORCHARD
    STATE: U0
    ZIP: 238891

    TEMASEK HOLDINGS (PRIVATE) LTD
    60B ORCHARD ROAD, #06-18 TOWER 2
    THE ATRIUM@ORCHARD

    U0
    238891
    SINGAPORE

    0
    0
    1
    0

    Ordinary Shares

    2011-03-04

    4
    J
    0

    2675121

    31.95

    D

    7090433

    I

    By Seletar Investments Pte Ltd, Temasek Holdings (Pvt) Limited, and Temasek Capital (Pvt) Ltd

    The securities ("Securities") are ordinary shares ("Ordinary Shares") of Avago Technologies Limited ("Avago") disposed of in connection with the registered secondary offering of Ordinary Shares of Avago reported in Avago’s prospectus supplement (File No. 333-168621) (as amended) filed with the Securities and Exchange Commission ("SEC") on February 28, 2011.
    The Securities are held directly by Seletar Investments Pte Ltd, a Singapore company ("Seletar"). The Securities may also be deemed to be beneficially owned by Temasek Holdings (Private) Limited ("Temasek Holdings") and Temasek Capital (Private) Limited ("Temasek Capital") because (i) Seletar is directly and wholly owned by Temasek Capital and (ii) Temasek Capital is directly and wholly owned by Temasek Holdings. Each of the reporting persons disclaim beneficial ownership of the Securities, except to the extent of their pecuniary interest therein. Temasek Holdings and Temasek Capital are Singapore companies.
    Seletar, Bali Investments S.??.r.l., certain affiliates of Kohlberg Kravis Roberts & Co., certain affiliates of Silver Lake Partners, and Geyser Investment Pte. Ltd. are parties to a shareholders agreement with respect to the Ordinary Shares, and solely as a result of which each such person may be deemed to be a member of a group with respect to the Ordinary Shares of Avago held directly or indirectly by such persons. However, each such person disclaims beneficial ownership of the Ordinary Shares, except to the extent of its pecuniary interest therein.

    EXHIBIT LIST
    ————
    Exhibit 99.1 – Joint Filer Information

    /s/ Lena Chia Yue Joo, Managing Director, Legal & Regulations, Temasek Holdings (Private) Limited
    Exhibit 99.1

    Form 4 Continuous Sheet – Joint Filer Information

    This Statement on Form 4 is filed by Temasek Holdings (Private) Limited,
    Temasek Capital (Private) Limited and Seletar Investments Pte Ltd. The principal
    business address of each of the Reporting Persons is 60B Orchard Road, #06-18
    Tower 2, The Atrium@Orchard, Singapore 238891.

    Name of the Designated Filer: Temasek Holdings (Private) Limited
    Date of Event Requiring Statement: March 4, 2011
    Issuer Name and Ticker or Trading Symbol: Avago Technologies Limited (AVGO)

    Dated as of March 8, 2011

    TEMASEK HOLDINGS (PRIVATE) LIMITED

    By:/s/ Lena Chia Yue Joo
    ———————————-
    Name: Lena Chia Yue Joo
    Title: Managing Director, Legal &
    Regulations

    TEMASEK CAPITAL (PRIVATE) LIMITED

    By:/s/ Lena Chia Yue Joo
    ———————————-
    Name: Lena Chia Yue Joo
    Title: Director

    SELETAR INVESTMENTS PTE LTD.

    By:/s/ Syn Yi Ming
    ———————————-
    Name: Syn Yi Ming
    Title: Director

  14. 全世界在协助年轻人寻找淡马锡偷梁换柱的的一切证据

    SELETAR INVESTMENTS PTE LTD.团将逐步把其投资性地产转换为现金,再将此资金重新投入到三大核心业务内 …. 来了另一个大股东—淡马锡控股私人有限公司全资拥有的子公司实里达投资公司。

    新加坡股票聚焦(11月份工厂产值,星狮集团,逢来发)- 27/12/13

    文: translation.team 27/12/13 3:12 下午

    11月份工厂产值年比增长4%
    •新加坡的11月份工厂产值年比增长了4%,比10月份的8.3%经调整增幅及私人界经济师的5.3%增长预测都来得低。
    •生物医药及化学制造业分别下降2.1%和2.7%,是产值欠佳的主要原因。电子及交通运输工程领域持续增长。
    •若不包括生物医药在内,11月份的工厂产值则是增长5.5%。

    启示:大华银行(United Overseas Bank)及华侨银行(Oversea-Chinese Banking Corp)的经济师均依旧认为,新加坡的2013年国内生产总值增长会在3.5-4%之间。

    星狮集团建议派息6亿零690万元
    •星狮集团(Fraser & Neave)建议通过减资活动派发每股0.42元的股息(总值约6亿零690万元)给股东们。
    •截至2013年9月30日,公司持有一笔7亿3,740万元的资金。这是它在2007年1月向淡马锡控股(Temasek Holdings)的子公司实里达投资(Seletar Investments)发行股票而筹得的资金,但一直仍未使用。
    •管理层认为,公司的资本有余,所以减资将使公司的资本结构更有效率。

    启示:公司管理层强调,减资活动将不会取消任何股票或改变公司的股数。

  15. 全世界在协助年轻人寻找淡马锡偷梁换柱的的一切证据

    淡马锡售手中F&N股份

    27/07/10

    作者/来源:网易财经 http://money.163.com

    据彭博社报道,日本最大的啤酒制造商— 麒麟控股有限公司(Kirin Holdings Co.)26日宣布,同意以13.4亿新元(约合9.78亿美元)的价格从新加坡国有投资公司淡马锡控股(Temasek Holdings Pte) 手中收购新加坡星狮集团 (Fraser & Neave Ltd.)14.7%的股份。

    麒麟控股26日在声明当中表示,会以每股6.5新元的价格,从淡马锡旗下实里达投资私人有限公司(Seletar Investments Pte)收购2.055亿股星狮集团的股份。麒麟控股称,交易将在7月29日完成,而公司计划动用手中现金及借款来筹集交易所需的资金。

    麒麟控股总经理Hirotake Kobayashi表示:“完成收购后,我们就能够从容拓展南亚地区的业务机构。尽管此次收购规模不大,但对于公司发展来说意义非凡。”

    截止到今年3月31日,淡马锡资产出售总额已由去年同期160亿加元降至60亿加元。去年9月,该集团曾将其持有的特许半导体(Chartered Semiconductor Manufacturing Ltd.)62%的股份出售给阿联酋阿布扎比先进技术投资公司。

    此外,麒麟控股已聘请美银美林(Bank of America Merrill Lynch)作为其金融顾问,为此次交易提供咨询服务。

    新加坡星狮集团旗下知名品牌包括虎牌啤酒以及软饮料产品,其董事长李显扬是新加坡总理李显龙的弟弟。


    《新加坡文献馆》

  16. Jesper

    Obviously, PAP did a lot homework , CPF issues happened between people and the ruler, based on integrity of the ruler, namely if ruler dishonest , refuse to share. denied, he is simply the Mafia.

  17. landragon123

    Do not worries too much now and in max 7 months when the sick PM steps down or leaves things will be fine when a new able leader come out to lead us to better times.

  18. BBC news

    There is no dining table, so the children eat their otah-otah with rice and chillies crouched on the floor.

    The children share the single bedroom – their only bedding is mattresses and thick blankets.

    “No one can afford to get sick in this house because our finances are too tight. It’s quite tough and a struggle for me to be raising them up,” she said.

    “I have to look after this house 24/7… so for me if I were to find a job, it would have to be a night job, so that once they are in bed, I can go out and the older kids can watch the young ones.”

    What is surprising about Nurhaida’s story is that she lives in Singapore, one of the wealthiest countries in the world. But it is also one of the most costly.

    Singapore recently ranked as the world’s sixth most expensive city according to the Economist Intelligence Unit, and its property market is among the top 10, according to PricewaterhouseCoopers.

    The city-state’s efficient infrastructure, relative safety and low taxes have attracted many of the world’s wealthy. It now boasts more millionaires per capita than any other country.

    Singapore has a hidden poverty problem.

    Its gross domestic output per individual is among the highest too, at over $51,000 (£30,600), outranking that of developed economies like Germany and even the US in some measures. But the wealth gap is the second-widest among advanced economies in Asia, next to Hong Kong.

    So it comes as no surprise that the less well-off would struggle to pay for daily necessities. There is no minimum wage or poverty line set and no welfare provision along the lines of many developed Western economies.

    It has become such a problem that anti-poverty campaigners are now posing a challenge – can you make ends meet on S$5 dollars a day?

    According to the campaigners, S$5 a day is what nearly 400,000 Singaporeans are left with after paying for utilities, school, rent, loan instalments and healthcare.

    But despite the wealth, there is increasing discontent. The ruling People’s Action Party, which has held power for more than half a century, suffered its worst election result in 2011. It has since lost two more by-elections, and some analysts say that they are now seeking to placate a more demanding electorate.

  19. BBC news

    The British wealth fund manager who referred to public transport commuters in Singapore as “poor people” in his Facebook post has grabbed headlines in his home country.

    British newspapers, including The Guardian, The Independent, The Telegraph and the London Evening Standard, have picked up the story of how Mr Anton Casey’s comments had caused a furore in Singapore.

    The Guardian led off its piece with how the Briton had been forced to apologise to the people of Singapore.

    Both The Guardian and the Evening Standard also highlighted the derogatory remarks he had posted on Facebook about a taxi driver in Singapore having a towel on his lap and wearing gloves while driving.

    The Evening Standard went on to also say that “hundreds of angry locals have called for him to leave the country in comments on news and social media websites…”

    Some British papers also carried a statement from Mr Casey’s firm, Crossinvest Asia, which said that the company is investigating his comments and is set to take “appropriate action” once the review is completed.

    The firm’s managing director, Mr Christophe Audergon, was quoted as saying: “Crossinvest does not condone the comments. We believe they were made in poor taste.”

    On Tuesday, Mr Casey, 39, who is married to former Miss Singapore Universe Bernice Wong, apologised in a statement for having “offended and disrespected the people of Singapore”.

    “I wish for nothing more than to be forgiven for my poor judgment and given a second chance to rebuild the trust people have had in me as a resident of this wonderful country,” said the permanent resident.

    This came after two of his Facebook posts began circulating on the Internet. In one, a picture of his five-year-old son on an MRT train was accompanied by the caption: “Daddy where is your car & who are all these poor people?”

    In the other post, his son is pictured in a silver Porsche with the comment: “…Normal service can resume, once I have washed the stench of public transport off me…”

    A YouTube video of Mr Casey was later posted in what seemed like a taunting response to his detractors, but he said in his statement that this was a “misuse of an old video by unknown sources”.

    Mr Casey also said his family had suffered “extreme emotional and verbal abuse online” and had even received death threats.

    Many readers of The Guardian’s left comments on its site condemning Mr Casey’s actions. “There are a number of these British prats in Singapore working in the financial sector. They think they are God’s chosen few but in reality despised by the many. Remember Nick Leeson?” wrote reader ThaiPete.

    One defended the cleanliness of Singapore’s public transport.

    Happy Valley wrote: “Singapore actually has the cleanest public transport system I have ever used. In fact Singapore is clean all round. I believe that it is the only country in the world that bans chewing gum. This guy is a total and utter git. Biting the hand that feeds him. He deserves to be kicked out.”

    In its report, The Telegraph quoted an unnamed male expatriate who supposedly knows Mr Casey and his family. The expatriate said that Mr Casey “has a very British sense of humour, which can be very scathing”.

    “It can cross lines and it did cross lines. I had to defriend him on Facebook because I couldn’t stand the rubbish he was writing about all sorts of people. However, his wife and son were sweet,” he was quoted as saying.

  20. BBC news

    Mr Ang* and his wife, both in their 40s, live in a four-room HDB flat with five children. Their ages range from eight to 23 years old. Mr Ang works as a driver, earning $800 a month, while Mrs Ang is a homemaker.

    Four of their children are visually-impaired.

    Two of the oldest children attend daycare at the Singapore Association for the Visually Handicapped. While their fourth child is studying in polytechnic, the third and youngest children have behavioural issues, and are unable to pursue further education.

    Some concerns Mr and Mrs Ang have are paying their bills, caregiving and long-term planning for their children’s future.

    The above is a true story. And there are more families faced with similar (or worse) situations in Singapore. While most Singaporeans are able to benefit from Singapore’s success as a fast growing economy, there is a segment that gets left behind, living from hand to mouth, struggling to stay afloat.

    What exactly is “poverty” in Singapore?

    In Singapore, it is highly unlikely that you will find beggars lining the streets or see starving children walking the pavements, scrounging for food. The poor and needy in our society struggle with “relative poverty” —simply defined as that their financial resources fall substantially below what is needed to pay for the necessities of living in Singapore.

    Due to various factors like health issues and family circumstances, they struggle to survive on a day-to-day basis. Moreover, they are caught in a vicious poverty cycle, with little or no means to make a better life for themselves. Their children are often not able to do better than their parents due to lack of access to knowledge and educational support. For example, the child would quit school to work and supplement the family’s income, simply trying to put food on the table.

    Is it possible to break this cycle?

    While the factors impacting the poor’s plight are complex and often involve systemic issues like housing and employment, and it may take many generations to overcome, some concrete things can be done. One way is to focus on our younger generation. Programmes like money-management workshops allow children to grasp the concept of money and how to use it wisely. Upgrading of work skills also allow adults to gain a more competitive edge in the job market, while better coping with economic challenges.

    It is critical that the young remain in the education system, and that they receive the best support they can to gain the knowledge and skills for a better future.

  21. Gopalan Nair

    Saturday, February 15, 2014
    Singapore’s angry poor. Hopelessness, despair and misery with no way out.

    Ladies and Gentlemen,
    Among the midst of opulence and plenty with modern roads, classy hotels inhabited by the recently arrived Chinese millionaires who embezzled state owned China corporations and Indonesian millionaire bank thieves, a large percentage of ordinary Singapore can only afford to drool in envy.

    As for them it is a daily struggle just to make ends meet.

    The Guardian newspaper report of Feb 13, 2014 titled “Unaffordable Cities: Singapore workers tread on millionaire island” tells the story which is by no means uncommon, talks of a young woman Patricia who has to pay the bulk of her monthly income for rent for her tiny room where she lives with her partner Sam. Please see http://www.theguardian.com/cities/2014/feb/13/unaffordable-cities-singapore-workers-millionaire-island

    Because she is unmarried, she is unable to receive a state owned one room apartment leaving her to rely on unscrupulous private landlords who take advantage of the property shortage in the overcrowded island by charging sky high rent for tiny cubicles.

    Even a tiny 2 room apartment will require a rent of as much as S$5,000.00! Patricia left with no choice has to rent a tiny room in an apartment for S$850.00 which is more than 2/3 of her salary of just $1250.00 per month as a nurses assistant.

    One reason why nurses assistants are paid so low is because huge numbers of mainly Filipinas, known around the work for their work in the medical industry, are brought in and paid minimum wage to maximize profits for the hospitals. Although the Filipinas are happy since it is far more than they get in the Philippines, the miserably low wages are simply insufficient to survive for Singaporeans in a country which is said to have the fourth highest cost of living in the world!

    The government justifies these miserable wages by claiming the need to be globally competitive, never mind if people like Patricia, citizens of Singapore, have to eat grass.

    Lee and Son, the rulers of Singapore, using this reason as an excuse, refuse to even enact a minimum wage law, something any self respecting country should have, while allowing the “free market” to fleece unfortunate citizens such as Patricia, turning the island into a paradise for profiteers, racketeers and speculators and a nightmare for the ordinary Singaporean.

    As a result, thanks to lee Kuan Yew’s free market, prices in Singapore have gone way way ahead while wages, thanks to the government’s determination to be “competitive”, like a horse in blinkers, is simply making life a nightmare for the ordinary folk .

    And the hopelessness and despair that you see in the eyes of Singaporeans such as Patricia is because they have no chance to better themselves, once they have missed the boat.

    What Singapore literally tells their citizens in lower paid jobs, as in Patricia’s case is simply “It’s your own fault if you don’t have an education” while they refuse to those who ask.

    Everyone is given one chance at getting an education when young. And education in Singapore’s Asian context means becoming a doctor, a lawyer or an engineer; in other words safe professions where one can making a living all your life.

    Those unable to get into these safe professions, are destined to a life of misery, because unlike the developed world, manual work is mainly done by imported cheap labor from other Asian countries and like them you too will get pittance.

    In the case of Patricia her crime was not to have achieved good grades in school. Now she is older and it is too late to make amends. The island does not provide any meaningful opportunity for adult education. In fact this lack of educational opportunity is deliberate because firstly, the island needs these manual workers and secondly, in an island where almost every child yearns for an education, greater numbers of educated people may threaten the power base of the island dictatorship.

    Most dictators of the world preferred dumb peasants. Remember Pol Pot. He murdered even people who wore spectacles. In Lee Kuan Yew’s case it may not be possible to murder Singaporeans. But at least it helps if too many are not highly educated.

    For instance, I, Gopalan Nair would not have been a constant irritant to the regime had I not received an education. I would probably be happily running around the island arresting innocent citizens at the orders of the Lee family as an ignorant low level policeman, God forbid.

    The lower ranks of the Singapore Police Force has a disproportionally large number of Malays, who are the least educated among the races. Their lack of an education or an awareness of their rights makes them excellent goons for the Lee dictatorship, who willingly run around like obedient dogs, to arrest and imprison citizens whom the regime does not like. Had they had more education they would probably be less willing to do the dirty work.

    For Patricia who, sadly did not do well in school, there are no government assistance or scholarships to train to be a doctor, an engineer or a biologist.

    For her, alas, it is simply too late. There is no such thing as a second chance. She has missed the boat. She could if she wanted to, train for another manual job with equally poor wages. But if she is thinking of something big, like being a doctor, it is not possible. There is no hope for people like Patricia in Singapore and that sadly is the long and short of it.

    Patricia’s sense of hopelessness becomes unbearable especially in an island where huge numbers of the tiny population are millionaires, the largest number in any city the size of Singapore, mostly recently arrived Chinese who go around flaunting their wealth in their Porches and Ferraris.

    This unbearable sense of hopelessness among a large segment of the island population, I fear, will probably result in some catastrophe, not experienced in the island before.

    This is the sort of people the Russian peasants were in 1917 who overthrew the Czar since according to Marx, “they had nothing to lose but their chains”.

    Or even if it does not result in a revolution, it is already manifesting itself in other ways, as for instance, the recent riots in Little India, a locality in Singapore; many instances of poorly paid maids attacking their bosses; serious gang violence; beheadings and serious crime at a level unheard of before.

    In the US where I live, on the other hand, people are not reduced to this life of misery and hopelessness. People in any station in life, no matter how low, can still dream, and if you work hard enough, you may even make it work.

    Even if you missed the chance at school, there are always limitless opportunities to advance. There are adult courses, fully funded by the state where at any age you can study further. And it is this realization and hope, that you can if you want, makes the life of anyone, no matter in what station you may be, far more hopeful and worthwhile. Life itself becomes worth living.

    In life one has to have hope. Without hope there is no point in living. In America you have hope. In America, the 40 year old housewife one day can suddenly say she has decided to go to college and become the President. And why not. She may not become the President but at least she can still get her college degree in astronomy.

    But Singapore’s Patricia has no chance. She has no chance not because Lee Kuan Yew’s Singapore can’t afford it (they have billions, and each minister is paid millions) but because they deliberately want to make sure that Patricia does not climb the ladder, because she is needed to do that low paid low level job to satisfy the Lee family’s social and economic plan to keep everyone in their right places.

    They don’t want Patricia turning out to be another troublesome Gopalan Nair and pointing out to them why they are violating their Constitution. If she did, just imagine all the time and effort they would have to spend in charging her in court for writing a blog about their judges and disbarring her from practicing law in their island.

    Oh no, it is far better for Patricia to remain a nurse’s assistant with N level certificate, the slightly lower qualification school certificate than an O Level.

    Caveat: By the way if anyone is wondering how despite the dangers inherent in criticizing the Lees, I can do it, it is only because I am physically in the USA while I write this. Had I been in Singapore now, I would, as you know be mincemeat.

    Gopalan Nair
    Attorney at Law
    A Singaporean in Exile
    Fremont, California, USA
    Tel: 510 491 8525

  22. Anonymous

    The trouble for the poor is that Singapore is run like a giant corporation – “Singapore Inc.” Over half the population work for government related entities. To maximize corporation profit, the government has to suppress wages. As a result, real wages of the bottom wage earners have declined over a decade even as the country’s GDP grew by leaps and bounds. Singapore “public” transportation, being owned by the government, is the only public transportation in the world to make a profit! Singaporeans are doomed as long as the government interests are not aligned with the people. And the government will never act against its own interest in making money.

  23. Narayanan

    “In life one has to have hope.” That is the universal truth. Even false hope or fat hope is enough for Singaporeans it seems. They wait patiently every 5 years and in the meantime swallow the rubbish PAP rams down their throats while making empty threats to throw them out in the next elections. Not realising of course that elections in SG are stage managed just like an opera and PAP predictably wins. No surprise there. Then the poor sobs rant online about 2021 and 2026 thereafter. No wonder those who can string 2 or more reasoned thoughts in sequence are leaving the country in droves. SG as the late Devan Nair once said, has long past the point of no return.

    The millionaire ministers who keep their wealth and assets a state secret while lining their pockets on the backs of working Singaporeans, have already made their exit plans. When it hits the fan they will buy themselves and their loved ones a one way ticket to an exotic paradise where there are no extradiction treaty.

  24. Anonymous said

    The Lee family has a habit of breaking rules to serve themselves. LKY is a spoilt brat, when he face water rationing during his trip to study in the UK, he would wake up earlier to steal someone’s else water to brush his teeth.

    It is the same all his life, always trying to get his way, that is why Malaysia kicked him out. The Brits called him a ruffian.

    But he will not let others have the same go, that is why he shut the doors of his political enemies, he refused to introduce welfare policies for the needy and aged because he himself abuse these – including helping himself to newspapers in the UK without paying.

    History is written by the victors and the Old Fart gets to paint himself as a great leader without flaws. He learnt from Chinaman Mao not to let his legacy be damaged by his later years and promptly handover PMship to Goh, while he is at the top. He was manipulating from behind the scene. Because he did too much bad things. As a frail old man, he still retain as MP not to serve the people, but to serve himself and preserve his legacy.

    • landragon123

      If LKY did not shut out the Gangsters with 55, will you be able to control them? Politics is dirty and it is shutting out opponents to survive and rules with his IRON hand to give us the peace and wealth he built for us during his ruling days.
      Now his sick son start Casinos to be RICH and lost so much of our money in other countries specially Dragon Land which a PAP member start and lost his pants and Capital Land takes over and lost even more money. That is why he racked the CPF for the money to finance it. If Capital does lost so much monies why it needed 4 cash calls for the last 2 years and now need OBS to co-develop it properties whereas as in it hay days it co-developed for others. Now if I AM wrong, correct me as when I named my company Land Dragon P. L. a friends commented why not Dragon Land and few 3 years later DRAGON LAND was registered by a CHEAP MP who cheated lots of old ladies of their coffin monies. They went to the MP’s office and get nothing so the PAP supported this CHEAT and take over to made SINGAPORE Bankrupt. Sorry if I AM wrong as emotions take care of ME.

  25. David

    LKY and his family have so much Money. And money in our Society means power. Yes. But how did they get this money?

    It is widely believed that much of the CPF funds are used to prop up these two beleaguered organisations [GIC and Temasek], an issue that is a sore point with the working class.

    Well written article that raises disturbing questions.

    • landragon123

      I believe you are wrong about LEE KUAN YEW, he did not buys any property in his lifetime and stays at the old ran down HOME his grandfather left him. Tear it down when I am GONE that what he have said. Most of their families properties are bought his wife and our sick PM bought 4 in 1996 at the peak of the property circle and thereafter cause the collapse of property prices from 1997 to 2007 when our minister from Hainam sold few thousand of our NEW HDB to the Chinese PR but went scot free. IF that is not POWER corruption, the me what is it???

  26. Pingback: Is The GIC Jumping Through Too Many Hoops? | landragon123
  27. facebook Games engine

    Unfortunately, even though the graphics aren’t all that advanced, there are a number of Android
    devices that the app will not work with, but with millions of downloads
    already, hopefully the developers are working on a fix for that issue.
    But what about the rest of the world and us anti-Apple folk.
    The open platform allows freelance developers to churn out captivating apps
    and construct a name for them.

  28. landragon123

    The only man in town to give us answers now is none other than our President Elected TONY TAN. He was the boss at OCBC when he became active in the PAP and the positions were mentioned by ROY.
    But until today, he is still hiding in at the Istana? or have he already when for a holiday outstation? The rules to be elected President have to be FREE, like Wee Kim Wee our best President till today.
    Tony Tan have not make a single statement since he became President when there is so much HoHaa and Boo boos, about CPF? Why, ask HIM or him our sick PM?

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