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. 😦
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.