PAP: Failed GLC CEO from Pavilion Energy can help MRT commuters, pay to increase

I refer to “Seah Moon Ming’s decision to quit day job laudable”. ST

Hmm … did Seah quit or was he quietly sacked?

The PAP government has kept disseminating propaganda in its attempt to skirt the issue of top management accountability at LTA and SMRT.

Out of the blue, commuters are supposed to have found a hero in GLC CEO Seah Moon Ming.

But who is this chap before he took a Japanese bow and became a household name? Ask commuters to keechiu if anyone had heard of him and there would be no show of hands.

Seah, a failed CEO at GLC Pavilion Energy, has zero experience in public transportation.

Before joining Pavilion Energy, Seah was deputy CEO at Singapore Technologies Engineering.  Again, he also had zero prior experience in energy.

Temasek had set up Pavilion because it was bullish on LNG demand. SWFI But its apparent bullishness somehow translated into Pavilion’s cumulative losses of $358 million. However, unrealised losses are likely many times more.

4 years ago, Temasek had paid US$1.3 billion for 3 gas blocks off the Tanzanian coast from Ophir Energy. 2 years later, global energy prices collapsed and it appears taxpayers are on the hook, again.

How much gas was discovered? From the looks of Ophir Energy share prices (below), it appears the entire investment probably went up in smoke. 😦

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Shouldn’t Seah have already known?

(At this point, Singaporeans should demand the truth and confirm once and for all that PAP has not been raising costs to help cover up investment losses.)

Seah is being removed and replaced by one ang moh because under his stewardship, billions have been lost. Instead of holding him accountable, PAP has launched  a massive propaganda drive to convince commuters that a failure is what MRT commuters need.

Seah is no different from SPH’s Alan Chan or NOL’s paper gerneral Ng Yat Chung.

As per PAP SOP, loyalist like Seah will soon be rewarded and his part-time Chairman’s allowance of about $200,000 will soon be increased many times.

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When the finance minister offers hogwash to perpetually increase reserves, you know something is amiss

I refer to “Reserves help Singapore weather crises and keep economy stable: Heng Swee Keat”.

Although the PAP has all along given Singaporeans the impression that reserves have been saved and would be spent to benefit citizens when the time came, Heng has confirmed this is never gonna happen.

According to Heng, one reason to perpetually increase our reserves is  to prevent a speculative attack on the Singapore dollar during a crisis.

Heng: “My first concern was that the Singapore dollar would come under attack and it would go under,” he said, citing American investor George Soros’s US$10 billion shorting of the pound sterling and walking away with profits of US$1 billion in 1992.”

So clever hor, finance minister dare to engage in half truth and assume Singaporeans are stupid.

Hmm .. why was Heng comparing the strong Sing dollar with the British pound which had inherent weaknesses? Or is Heng hinting to Singaporeans that all is not well with our currency?

Total reserves – including CPF -amount to more than $3/4 trillion. Any currency which requires even a fraction of this amount to defend is really not worth defending.

Currency speculators, like George Soros whom Heng quoted, should not be painted as stupid people who have nothing better to do but anyhow tikam tikam which currency to attack.

The real reason why Soros was able to make a killing: the British pound was too high when UK joined the ERM.

Heng should not compare durians with chikus and assume no one is aware of the real cause of the collapse of the pound.

It is strange for PAP to keep painting our Sing dollar as vulnerable to an impending attack. Is there no limit as to how much reserves is required to deter an attack?   Which fundamentally strong currency has collapsed? Who has attacked a strong currency?

Why is PAP still not spending our reserves despite the rainy day having arrived years ago? Or perhaps the real reason is most of our reserves have gone up in smoke through Temasek and GIC taking excessive investment risks?

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Part-time MPs and Parliament Speaker should not be paid 13-month bonus and AVC, similar to all part-time employees

Although Singapore MPs and Parliament Speaker are only part-time roles, they come with full-time entitlements.

Part-time MPs in Parliament.

The best part about being an MP or Speaker is they are given a 13th-month pay as well as AVC.

It appears the PAP is being too generous with tax dollars when it comes to the ‘right’ people.

Clearly, there is double standard for part-time MPs and Speaker to continue to be paid 13th-month bonus and AVC because no other part-time roles in the private sector enjoy such sweet deals.

Should this double-standard practice stop? I would like to ask DPM Teo what he thinks. 😉

(In 2012, the government finally abolished the double standard practice of paying themselves pension as this had been already abolished for rank and file public servants more than a decade earlier.)​

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PAP must be upfront with CPF members on GIC’s investment losses

​As CPF Board continues to embark on new propaganda measures to channel more funds to GIC, CPF members would do well to think very carefully and demand for more transparency before parting with their cash/topping up parents’ CPF accounts.

According to a trusted source – SWFI – GIC appears to have lost tens of billions during the past 2 years alone.

SWFI

In June 2015, GIC had assets valued at US$344 billion which increased to US$350 billion a year later. This translates into an annual return of only 1.7% which is clearly insufficient to pay even CPF OA rate of 2.5%.

But GIC did not merely earn poor returns: it actually lost money. This is because its assets should have increased by US$19 billion (S$314 bil – S$287 bil) from injection of fresh CPF funds as well as retained interest.

A year later in June 2017, GIC’s assets grew by US$9 billion. As can be see from the table above, its assets should have increased by at least US$22 billion (S$345 bil – S$314 bil) to account for injection of fresh CPF monies and retained interest.

If GIC had made zero return, its portfolio should be at least US$372 billion (US$350 + US$22 billion). That it had only US$359 billion confirms a loss of US$13 billion during the year.

However, GIC’s losses during the past 2 years are much larger because it also manages revenue from land sales which amounted to at least $25 billion.

The government should be upfront and not attempt to put on a brave front by shifting CPF goal posts to conceal investment losses.

Are losses so unmanageable that KFC to be appointed director and special adviser of GIC?

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Vandalism law should not be selectively applied, government double standard

(This post is an email to PM Lee.)

Dear PM Lee

I refer to CNA article, “Activist Jolovan Wham charged with organising public assemblies without a permit”.

Wham, a well-known social worker “was also charged with vandalism for pasting two sheets of A4 paper on an MRT train panel”.

Wham’s ‘crime’.

What is disturbing about Wham’s vandalism charge is the inaction of the police with regard to thousands of other vandalism cases. Examples:
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The issue of vandalism has been highlighted to LTA, Minister Shanmugam, SMOS Indranee Rajah (2014) and other government agencies since about 4 years ago. Till today, the SPF sees fit to look the other way.

We’ve come to such a ridiculous situation where CCTVs – costing millions to install – somehow could not see the vandals at work.

And our men in blue are able to put up ‘Crime Alert’ signboards all over the island but somehow again could not see badly-defaced public property?

Aren’t thousands of such cases worse than pasting 2 A4 paper?

Besides the Law Minister and SMOS for Law, the PMO had also been given feedback on 13 June last year.

It is appalling for so many government agencies and MPs to ignore a chronic vandalism issue. And the PMO has no control over such a simple situation? It’s such a disgrace, isn’t

If Wham is convicted of vandalism, then it will only confirm one thing: the law has been selectively applied and therefore double standard. It doesn’t look good on the government.

Thank you and have a nice day.

Regards

Phillip Ang

PS

I am not related to Jolovan Wham nor do I know him personally.

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