16-05-2022, 12:40 PM
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Understanding Singapore's Reserves, with Leong Mun Wai
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16-05-2022, 12:45 PM
Honestly speaking, when back to the days when Ong OUR President question in the Parliament about our reserves, and been brush off claim " need LOTS of manpower, resources to check ?? " i already give up , NO BODY actually know how much our Reserves.
EVEN A president? who got the key approve cannot know??
don't mention financial minister Heng, Lawrence W these people know
https://en.wikipedia.org/wiki/Ong_Teng_Cheong
" However, soon after his election to the presidency in 1993, Ong was tangled in a dispute over the access of information regarding Singapore's financial reserves. The government said it would take 56-man-years to produce a dollar-and-cents value of the immovable assets. Ong discussed this with the accountant general and the auditor general and eventually conceded that the government could easily declare all of its properties, a list that took a few months to produce. Even then, the list was not complete; it took the government a total of three years to produce the information that Ong requested "
another
" In the last year of his presidency (1998) Ong found out, through the newspapers, that the government aimed to submit a bill to Parliament to sell the Post Office Savings Bank (POSB) to the Development Bank of Singapore. The POSB was a government statutory board whose reserves were under the president's protection; the move according to Ong, was procedurally inappropriate and did not regard Ong's significance as the guardian of the reserves; he had to call and inform the government of this oversight. Still, the sale proceeded, and the Development Bank of Singapore still owns POSBank "
EVEN A president? who got the key approve cannot know??
don't mention financial minister Heng, Lawrence W these people know
https://en.wikipedia.org/wiki/Ong_Teng_Cheong
" However, soon after his election to the presidency in 1993, Ong was tangled in a dispute over the access of information regarding Singapore's financial reserves. The government said it would take 56-man-years to produce a dollar-and-cents value of the immovable assets. Ong discussed this with the accountant general and the auditor general and eventually conceded that the government could easily declare all of its properties, a list that took a few months to produce. Even then, the list was not complete; it took the government a total of three years to produce the information that Ong requested "
another
" In the last year of his presidency (1998) Ong found out, through the newspapers, that the government aimed to submit a bill to Parliament to sell the Post Office Savings Bank (POSB) to the Development Bank of Singapore. The POSB was a government statutory board whose reserves were under the president's protection; the move according to Ong, was procedurally inappropriate and did not regard Ong's significance as the guardian of the reserves; he had to call and inform the government of this oversight. Still, the sale proceeded, and the Development Bank of Singapore still owns POSBank "
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