Lawrence Wong & Desmond Lee should also ask for PAP TCs to be probed!

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An honorable member of the Coffee Shop Has Just Posted the Following:

The past weeks have seen relentless ‘assaults’ on the so-called ‘mismanagement’ of the WP-run town councils (AHPETC) through the mainstream media by PAP Ministers and MPs alike. A recent one was by an ex-Minister Mr Lim Boon Heng, whilst attending a People’s Association (PA) grassroots event celebrating senior citizens in the Aljunied cluster. Then we have Minister of State for National Development Desmond Lee accusing the discourse in social media by concerned Singaporeans, as “friends, sympathisers and proxies of Workers Party (WP)” that are spreading falsehoods and half-truths online.

Much has been debated on the above issues and most of the pertinent issues have been covered by the many more learned writers from social media, and I will not expound on it. Rather I would like to bring readers back to the saga of PAP-run town councils that were left red-faced in their encounters with Lehman Brothers.

A total of 8 PAP-run Town Councils had invested in Lehman Brothers-related products. Besides the two key players, Holland-Bukit Panjang Town Council and Pasir Ris-Punggol Town Council, with $8 millions and $4 millions losses respectively, the other 6 TCs were: Aljunied, Ang Mo Kio-Yio Chu Kang, Hong Kah, Marine Parade, Tampines and Tanjong Pagar, which have an estimated combined loss of $4 millions.

At that time, none of the PAP MPs or mainstream media showed the same vigour and enthusiasm to pursue the cause of the losses of PAP Town Council’s fund during the Lehman Brothers saga. The affected Town Councils were able to wriggle out with so-called explanations in the form of letter addressed to its residents.

Nonetheless, comparing the letters issued by the Bishan-Toa Payoh Town Council that was unscathed in the saga and the two other main players namely, Pasir Ris-Punggol and Holland-Bt Panjang Town Councils that were ravaged by Lehman-linked financial products, some interesting facts are revealed as follows.....http://www.tremeritus.com/2014/12/11...s-investments/


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