Nov 5 - 1st Email
Nov 13 - Gentle reminder
Dear sir/mdm,
I hope this email was successfully delivered. A reply would be greatly appreciated.
Thanks and best regards,
Shao Qin
Nov 15 - It took him/her 10 days to reply. No sound from Prof Ho.
Dear Shao Qin,
We refer to your email to Assoc Prof Ho Peng Kee, MP for Nee Soon East, concerning Town Coucnil's sinking fund.
We appreciate you concern about the possible loss of our Town Council's sinking fund in the purchase of the structured products. We would like to inform you that our Town Council did not invest in any of the affected credit- linked products such as Lehman Brothers mini bonds, DBS high notes, Merrill Lynch Jubilee series 3, etc.
Sembawang Town Counil has always been prudent with our investments and will continue to be conservative and ensure that all our investments comply with the Town Councils Acts and the Financial Rules as well as guidelines issued by Ministry of National Development. The audited financial statements of our Town Council for FY 06/07 can be found at our web site www.sembawangtc.org.sg. The latest financial statement for FY 07/08 will be uploaded to our web site soon.
Thank you
Best Regards,
Soon Min Sin, General Manager, Sembawang Town Council
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I went through their financial statements and they did pump in millions in investments, but as of last year, it made money. Millions was also pumped in last year for something else... shall wait for new report to be uploaded.. anyway.. whoever can understand.. please assist.. i suck at it... still learning by myself..
By the way.. 2 town-councils bought those worthless shit!!!!!!!
http://www.sgpolitics.net/?p=1243
Updated: make it 8??
http://www.omy.sg/News/Local%2BNews/Story/OMYStory200811171844-48771.html
http://theonlinecitizen.com/2008/11/town-councils-anymore-skeletons-in-the-closet/
6 comments:
Good work, keep on digging to see any hidden skeletons.
Hi good work there bro,
Maybe you can upload on to one of the TOC's link commentary?
There are people there who may be able to decipher.
I think another brother called Jone also discovered something fishy in his TC's annual state of account.
Gilbert Goh
I saw the latest 07/08 accounts. My untrained eye tells me they have huge investments, and that there was increase from the last FY. But as to what these are, they have only general phrases e.g. structured products, bonds etc.
http://www.sembawangtc.org.sg/annual%20report/annualreporta.pdf
Can you upload this account info into the TOC site? Email to theonlinecitizen@gmail.com.
Maybe someone there can help you decipher the accounts or even post it up as an article for all to view.
Have no fear. We are not doing anything wrong here. the accounts are for public scrutiny.
Gilbert Goh
Hello Gilbert, the files are huge. Too colorful. Here's the link instead:
http://www.sembawangtc.org.sg/annualreport.html
07/08 reports are out.
so sembawang was smart enough not to follow the herd? ok i give credit where it is due... good on them.
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