In the face of real competition, PAP scholars at GLCs prove they are jiak liow bee

PAP has a system which is based on academic achievements instead of merit.  As such, we see mostly scholars – who belong in the classroom – appointed to senior management of GLCs.

When faced with real world competition,  these senior-management scholars have consistently underperformed.  Their performance, resulting in billions in investment losses, has of course been covered up by an opaque government.

If Temasek’s return claims are factual, it would have to make hundreds of billions in profits to offset tens of billions in losses.  This is of course impossible as Temasek’s portfolio is currently valued at only $275 billion and transferred state assets account for more than $100 billion.

Examples of multi-billion losses and submerged investments by our scholars, including Ho Ching, who know nuts about business:

1   In 2009, Temasek decided to give up on Chartered Semiconductor and cut  more than S$10 billion in losses on behalf of taxpayers, after 22 years of competition with Taiwanese and US chipmakers.  This was partly due to high business costs, especially land cost, inflated by PAP.  (In 2008, Temasek sold 3 power generation plants for S$12.  Whether this amount was used to cover up for Chartered’s losses, nobody knows because nobody asked in Parliament.)

2   A more recent case is NOL: a classic example of how to create negative value over 4 decades (below).  NOL could have possibly lost more than $10 billion but then again, how will anyone know when MPs act dumb most of the time? 😦
nol1

3  A few years after listing Tiger Airways, PAP-approved CEO turned it into Kitten Airways.  Privatised with SIA taking over the loser.
4   After sleeping at the wheel since 2014, ComfortDelgro management recently woke up after experiencing some discomfort; its share price began to tumble since 2 years ago.  The top-heavy PAP-approved management has belatedly decided to mimic other cab operators with a Uber tie up.  But since the terms are no longer dictated by Comfort, its earnings are likely to take a further dip.
comfort

5   Faced with competition, Keppel O & M was awarded contracts by engaging in corrupt acts.  😦
keppel27Doesn’t this go to show that our scholars are jiak liow bee?  Doesn’t any Ahmad or Ah Kow know how to offer bribes?
etc.

The biggest joke is of course SPH: With no competition, the jiak liow bee CEO had somehow managed to destroy shareholder value.  🙂

Who’s next?  SIA?  PSA?

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Liu Thai Ker talking cock (2)

According to this CNA article, urban planner Liu Thai Ker has even tried to help PAP justify million-dollar resale HDB flats as affordable because they are “largely the result of market forces, not government intervention“.

Liu somehow imagined “market forces” exist despite the fact that PAP government is the landowner, banker and developer for public housing.  It also controls all legislations.

In short, PAP controls both supply and demand.

Taking Singaporeans for fools, Liu went on to state this half truth: ” … the Government doesn’t rig the second-hand market.”

But how could this be possible when the total amount of resale flat housing grants is up to $110,000 for “first-timer families”? HDB
liu1If such grants had not been given, wouldn’t HDB resale flat prices have
fallen?

PAP did rig the market to support exorbitant HDB flat prices, albeit legally.

While Liu is still respected by many Singaporeans, he should seriously consider not talking so much cock like other PAP ministers. 😉

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PAP dinosaur Liu Thai Ker talking cock about Singapore’s growth and train breakdowns

Too much credit has been given to Liu Thai Ker, former housing chief planner, so much so that he has continued talking cock at 79.

In CNA’s “Singapore cannot stop growing because of train breakdowns, says former chief planner“, Liu refused to accept the fact that MRT breakdown has a lot to do with bad planning.  Instead, like PAP, Liu claimed it “has everything to do with administration (and) management”.
ura6It is common sense that long-term planning must take into account the projected population. The PAP government of course did just that except that the projected population was way off the mark. And this is the root cause of massive MRT disruptions, worsened by poor maintenance and incompetent leadership.

According to NLB, Singapore’s MRT system was “based on a 1967 study conducted by the United Nations Development Programme (UNDP) and the Singapore State and City Planning Department”.  Then, the projected population in 1992 was only 3.4 million.

In the 1991 URA Concept Plan, PAP was still projecting a population of only 4 million in 40 to 50 years’ time.  No thanks to Lao Goh, we hit URA’s 4-million projected population in 2000, 9-years’ time instead of 40 to 50 years.  URA’s Concept Plan:
ura4The construction of our MRT system never took into account the current population.  This is a fact which Liu should not suka suka ignore as if URA is a useless organization.  Don’t try to pull a fast one on Singaporeans as if MSM is the only source of information and citizens are dumb.

In 2014, Liu “said he thought Singapore’s population could comfortably be even larger than it is today, and that planners should prepare for a population of 10 million“.

Liu was being silly because Singapore did not even plan for a MRT system for a 5-million population!

If Liu were a good planner, he would have first highlighted the need to revamp the broken MRT system because it is the backbone of our public transport system.

But while our public transport system clearly has suffered a “slipped disk” and recently warded in ICU during weekends, Liu has continued to bury his head in the sand.

Pushing the limits of absurdity further, Liu “revealed that as a planner, he had planned for Singapore’s growth 100 years into the future“.
ura5If 100-year plans existed, PAP should disclose them.  Or this may constitute fake news by MSM.

The glory days of propaganda are over and Liu would be a fool to assume that Singaporeans are so stupid as to be unable to recognize his ‘straw man’.

The former chief housing planner appears to be another PAP dinosaur with a mindset stuck in the stone age.

To date, he has yet to offer any solution to infrastructure issues created by PAP but only knows how to keep talking cock.

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Minister Shanmugam repeats PAP’s BS about shortage of Singaporean auxiliary police officers

I refer to CNA’s “Taiwanese auxiliary police officers to be deployed at land checkpoints: Shanmugam”.
Singaporeans have been repeatedly told this PAP BS: “There are not enough Singaporean APOs to meet projected demand over the next few years”.   Unbelievably, this has been repeated by Law Minister Shanmugam.
The real reason, as most thinking Singaporeans would have known by now, has always been APO officers are overworked and underpaid.   Try offering a realistic monthly starting pay of $5000 for graduates and there will be overnight queues forming outside Certis Cisco (CC) headquarter.
There appears to be a hidden agenda for PAP to insist on hiring foreigner APOs from Taiwan, and elsewhere.
CC need not go all the way to Taiwan because thousands of Malaysians are more than willing to do the same job at the same pay (breakdown below).

Which Malaysian graduate doesn’t want to earn a monthly pay of about RM 8400 (S$2800) – including bonus but excluding accommodation allowance?
loudhailer3
But $2800 a month is of course low for Singaporean graduates after taking into account CPF contribution, overtime hours and our high living costs.
It is only after depressing APO salary that PAP is able to falsely claim the shortage of Singaporean manpower.
Why has PAP been able to depress salaries of APOs?  This is because dominant players – CC and AETOS – are both owned by PAP-controlled Temasek.
Since the PAP-controlled parliament also legislates the use of APO services, PAP therefore controls both the demand and supply of APOs.
(Which idiot doesn’t know that Temasek has again been given another pow chiak business by PAP, keechiu.)
PAP has always been keen on hiring foreigners because this helps to generate government revenue (free money, no need to work one) through levy collection.
Assuming there are 4000 foreigner APOs out of a total strength of 7000, the government collects $2.6 million every month for …. doing nothing.
Another important reason for PAP to prefer foreigners is their rented accommodation helps to support property prices.
To sum up, the 3 reasons for hiring Taiwanese (foreigner) APOs at depressed local wages are:
1 – Lower wages = Lower expenditure for Temasek = Higher profit
2 – To increase government revenue through levy collection, ie more than $20 million in foreigner APO levy annually (billion$ in total levy for all foreign workers)
3 – Support property prices via rental.
Singaporeans not stupid one, OK, Shanmugam, so please stop wasting public resources on all this BS. 🙂
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Keppel O & M corrupt executives will likely be given another slap on the wrist

Singaporeans waiting for justice to be done in the Keppel corruption case will have to wait long long.  😦

All one needs to do is look at the precedent in 1997 to understand there exists a different set of laws for PAP affiliates/elites.  Seriously.

One of the corrupt executives is Tong Chong Heong, former KOM CEO (2009 to 2014) .  As a Keppel director in the 1990s, Tong had authorized $8.53 million in bribes to Mr Cornelius van der Horst, a manager of Petroleum Shipping.

This took place between 1992 and 1995 and helped Keppel win 17 contracts to repair Exxon’s tanks.

Although Keppel must have made multiple times the $8.53 million bribe in profits, it was fined only $300,000 after pleading guilty.  Hmm … cannot recall any non-PAP affiliate with a such a lenient sentence.

Why was Keppel allowed to retain almost all the ill-gotten gains?

Questions:
Why did Keppel – a GLC – retain a corrupt employee who continue to earn tens of million$?
Do GLCs have a policy of retaining corrupt employees?

According to media reports, bribe receiver Cornelius was imprisoned for 3 years.  Tong, on the other hand, was rewarded for generating ill-gotten revenue for Keppel.

Since the government had already shown its reluctance to take appropriate action against Tong 2 decades ago, it will likely not do so again in KOM’s US$55 million bribery scandal.

During his 5-year stint as KOM CEO, Tong had earned more than $30 million. Breakdown:

In 2009, Tong was paid up to $7 million. (Former minister Lee Boon Yang paid than $250000)keppel23In 2010, Tong was paid between $5.25 million and $5.5 million.  His pay stayed at about the same level before he was removed in 2014. (LBY still paid less than $250000 in 2010)
keppel24
After removing Tong from his CEO post, he was retained by Keppel as Senior Advisor at KOM till today. Bloomberg

As Special Advisor, the government-linked company has continued to pay Tong about $400,000 annually.
keppel26

(Notice that LBY’s remuneration had increased 300% from less than $250,000 in 2009 to $750,000 in 2014 despite his zero knowledge of the massive corruption which went on under his nose?)

In other democratic countries, Tong would have been fired and imprisoned in the 1997 corruption case.  But under PAP’s unique system, Tong was not only retained and promoted by a government-linked company but also conferred the PBM medal for his ‘services’.

Tong was conferred the Public Service Medal (PBM) in August 1999 (image below), 2 years after Keppel had pleaded guilty to corruption.  It pays to be corrupt at the right place?
keppel21

When the PAP government says it is dead serious on corruption, doesn’t it sound more like a joke?

All said, the 17 Keppel senior executives will likely be let off the hook, as the PAP did in Tong’s corruption case 2 decades ago.
To not, again, slap the 17 Keppel executives on the wrist would be a slap in PAP’s face.
This is because holding such a large number of PAP affiliates accountable for corruption is akin to telling the world that PAP is no longer whiter than white.

This must not happen.  😦

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