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11-06-2014, 06:40 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
This will also happen to you if the PAP didnt take care of your CPF and your money
$1m gone in a year: Widow of Changi Airport worker killed in accident now broke
Posted on 10 June 2014 | 34,910 views | 82 comments
ST PHOTO: NG SOR LUAN
http://singaporeseen.stomp.com.sg/si...g-1-million-in (http://singaporeseen.stomp.com.sg/singaporeseen/this-urban-jungle/widow-of-changi-airport-worker-killed-in-2012-now-broke-after-losing-1-million-in)
After her husband was killed in a freak accident while working at Changi Airport’s Budget Terminal, Madam Pusparani Mohan, 34, received nearly $1 million in insurance payouts and donations from the public.
Today, the money is all gone in just one year.
Madam Pusparani is now looking for work in Singapore to support her four young children in Johor Bahru, reports The Straits Times.
Speaking to The Sunday Times from her home in Skudai, she says, “I made a mistake. People knew I had so much money and they all came to me. I am so stupid. I never buy house and finished all the money meant for my children.”
Madam Pusparani had given a portion of the money to relatives when she returned to her hometown in Kedah, then spent some of it on a holiday in Genting Highlands with her family. She also lost money to a bad business investment.
She admits that she does not have enough for her children’s future now. Madam Pusparani has four children aged two, seven, 10 and 11. The youngest was barely three months old when the accident occurred in 2012.
Her husband, Mr Chandra Mogan Panjanathan, 34, was operating a floor-scrubbing machine outside the terminal on March 17, 2012 when he was hit by a taxi hijacked by a Chinese national.
The driver is now serving his jail sentence of two years and one month for voluntarily causing hurt in committing robbery.
Changi Airport Group (CAG) helped to collect donations which poured in after the tragic accident was reported in the media, after it received calls from members of the public wanting to help.
Madam Pusparani said she is not clear how much was collected, but thinks it could be about $800,000. She also received over $100,000 in insurance payouts.
She mentioned that a CAG financial adviser had advised her to divide the money between herself and her four children. After allocating $200,000 to each of her four children, she was left with $150,000.
She had taken the $150,000 home to Johor Bahru after quitting her job in Singapore to take care of her children.
A CAG spokesman told The Sunday Times the CAG had arranged for a family counsellor for Madam Pusparani and had also engaged a financial services adviser to help her with the money she received, including setting up an annuity plan for her children.
"I was told not to touch my children's money as it was meant for their future," she said, adding that the financial adviser also suggested she could use the remaining money to set up a small business in Malaysia.
But the money proved too much for Madam Pusparani to manage on her own.
She said she first had to pay off debts of $50,000 - the couple, who made $2,000 a month jointly, had borrowed money from friends to make ends meet.
Then, she decided to invest the remaining $100,000 in her brother's transport business in Kuala Lumpur, thinking it would give her a stable income.
"But I was told the money was only enough to buy one lorry and we needed three lorries. So, I withdrew half of my children's money, which was about $400,000, to buy two more lorries."
Madam Pusparani said CAG was unaware of the withdrawal as the money was kept in an account under her name.
"I was thinking I could put the money back later," said Madam Pusparani, her voice shaking.
The business did make money in the first three months, said Madam Pusparani, who has a Sijil Pelajaran Malaysia, the equivalent of an O-level certificate, and who took up accounting as she wanted to manage the business herself.
But in the fourth month, the widow was told that the company was losing money. She said she fell out with her brother eventually and did not recover any of her investment.
Her younger brother, Mr Magan Mohan, 32, a technician, said she blamed the family for encouraging her to invest in the business. Mr Magan said his elder brother's business has since folded.
"Some people think my sister gambled away the money, but she never gambles or drinks. She just got into the wrong business."
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?183848-MR-Leong-is-Right-This-is-what-happen-without-the-PAP&goto=newpost).
This will also happen to you if the PAP didnt take care of your CPF and your money
$1m gone in a year: Widow of Changi Airport worker killed in accident now broke
Posted on 10 June 2014 | 34,910 views | 82 comments
ST PHOTO: NG SOR LUAN
http://singaporeseen.stomp.com.sg/si...g-1-million-in (http://singaporeseen.stomp.com.sg/singaporeseen/this-urban-jungle/widow-of-changi-airport-worker-killed-in-2012-now-broke-after-losing-1-million-in)
After her husband was killed in a freak accident while working at Changi Airport’s Budget Terminal, Madam Pusparani Mohan, 34, received nearly $1 million in insurance payouts and donations from the public.
Today, the money is all gone in just one year.
Madam Pusparani is now looking for work in Singapore to support her four young children in Johor Bahru, reports The Straits Times.
Speaking to The Sunday Times from her home in Skudai, she says, “I made a mistake. People knew I had so much money and they all came to me. I am so stupid. I never buy house and finished all the money meant for my children.”
Madam Pusparani had given a portion of the money to relatives when she returned to her hometown in Kedah, then spent some of it on a holiday in Genting Highlands with her family. She also lost money to a bad business investment.
She admits that she does not have enough for her children’s future now. Madam Pusparani has four children aged two, seven, 10 and 11. The youngest was barely three months old when the accident occurred in 2012.
Her husband, Mr Chandra Mogan Panjanathan, 34, was operating a floor-scrubbing machine outside the terminal on March 17, 2012 when he was hit by a taxi hijacked by a Chinese national.
The driver is now serving his jail sentence of two years and one month for voluntarily causing hurt in committing robbery.
Changi Airport Group (CAG) helped to collect donations which poured in after the tragic accident was reported in the media, after it received calls from members of the public wanting to help.
Madam Pusparani said she is not clear how much was collected, but thinks it could be about $800,000. She also received over $100,000 in insurance payouts.
She mentioned that a CAG financial adviser had advised her to divide the money between herself and her four children. After allocating $200,000 to each of her four children, she was left with $150,000.
She had taken the $150,000 home to Johor Bahru after quitting her job in Singapore to take care of her children.
A CAG spokesman told The Sunday Times the CAG had arranged for a family counsellor for Madam Pusparani and had also engaged a financial services adviser to help her with the money she received, including setting up an annuity plan for her children.
"I was told not to touch my children's money as it was meant for their future," she said, adding that the financial adviser also suggested she could use the remaining money to set up a small business in Malaysia.
But the money proved too much for Madam Pusparani to manage on her own.
She said she first had to pay off debts of $50,000 - the couple, who made $2,000 a month jointly, had borrowed money from friends to make ends meet.
Then, she decided to invest the remaining $100,000 in her brother's transport business in Kuala Lumpur, thinking it would give her a stable income.
"But I was told the money was only enough to buy one lorry and we needed three lorries. So, I withdrew half of my children's money, which was about $400,000, to buy two more lorries."
Madam Pusparani said CAG was unaware of the withdrawal as the money was kept in an account under her name.
"I was thinking I could put the money back later," said Madam Pusparani, her voice shaking.
The business did make money in the first three months, said Madam Pusparani, who has a Sijil Pelajaran Malaysia, the equivalent of an O-level certificate, and who took up accounting as she wanted to manage the business herself.
But in the fourth month, the widow was told that the company was losing money. She said she fell out with her brother eventually and did not recover any of her investment.
Her younger brother, Mr Magan Mohan, 32, a technician, said she blamed the family for encouraging her to invest in the business. Mr Magan said his elder brother's business has since folded.
"Some people think my sister gambled away the money, but she never gambles or drinks. She just got into the wrong business."
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?183848-MR-Leong-is-Right-This-is-what-happen-without-the-PAP&goto=newpost).