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27-11-2015, 04:10 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
How do PAP scholars (whether SAF, PSC, President, etc) help each other achieve their bonus objectives? They do so through a scheme call Ownself buy Ownself otherwise also known as Ownself sell to Ownself. How does this work?
Very simple. One day, as the year end is coming up and fourth quarter numbers start to flow in, one scholar will look at the enterprise he is in charge of, and say Kanesai, this kind of fuck result, how I can make my fat bonus this year?"
"Wait, I will call some of my fellow scholars and arrange to sell them something so I can report windfall profit for the year and attain my full bonus. I don't need to sell this asset, and in fact, this asset will probably be worth more in the years to come or I can rent this asset out for good money, but what the fuck, my bonus comes first mah"
So, brothers and sisters, let me tell you a little story. You might have heard recently that CPF sold its Head Office Building to something call Ascendas Group for $550 million. No explanation is given as to why CPF have to sell their head office. I mean do they need the money? Are they going broke? How can a govt owned agency with taxpayer owned building just sell it like that. Why could they not rent it out instead and earn the rentals? I mean, the building is in a good location, sure can get tenants. Can use the rental income to top up CPF funds of members right? Plus the market for office commercial buildings is sure to go up in the future. Probably higher then the lousy 2.5% interest they are getting from the govt on the money they lend them. Right now, the CPF building is on their book with a value of less then $100 million. So, they will report a windfall of over $400 million, booked in the last quarter, just before year end. Huat ah. CEO of CPF, ex Scholar Admiral Ng Chee Peng laughing all the way to the bank now at the 70% suckers who voted for this.
But wait, cannot be mah, you say. The CPF tender was above board, and 3 bidders submitted tenders. Well, guess what, only one of the tender was a serious one and it was not the winning bid. Tender number one was a low ball offer of $280 million from OUE Reef Development, a China private company owned by Huayi Group. The second bid turned out to be the only serious one, a $538.28 from Pacific Century Regional Development (PCRD). But wait a minute, this is the same PCRD owned by Richard Li Tzar Kai, son of Billionaire Li Ka Shing. This company made a serious bid to buy the building. How can a govt and taxpayer owned landmark building be sold to a foreign company? Even worse, Richard Li and Lee Hsien Yang had a very public high profile battle over Hong Kong Telecom 15 years ago when Hsien Yang was CEO of Singtel. Hsien Yang lost out to Richard and knowing the Lees, they never forget nor forgive.
The opportunity to Tekan Richard Li came in the form of the third bid from Ascendas which snookered the deal from Richard Li by a mere $11 million plus change. Well, it turns out that Ascendas is jointly owned by Temasek and JTC. Temasek of course being run by Hsein Yang's sister in law Whore Jinx. And JTC being run by another scholar (EDB) Png Cheong Boon. This is where it gets downright comical and idiotic.
You see, all three parties involved (Temasek and Jurong Town Corporation through Ascendas) and CPF are 100% govt owned enterprises. Temasek is 100% owned by MOF while JTC is 100% owned by MTI, while CPF is 100% by MOM. So, what you have is one govt company buying the office building of another govt company, using the same govt money that funds them. Ownself sell to Ownself. WTF? How ridiculous can you be? Left hand give to right hand, like that is called a sale? Why are they lying to the taxpayer? So, now they can all pat themselves on the back saying what a nice bit of money they made for each other? A least if the building was sold to Richard Li, we can honestly say that will be a real sale, with actual real money coming into the govt coffers via CPF. But what they are doing here is shuffling money from one place to another, like a Ponzi scheme. In actual fact, no sale happened. No new money was added to the bottom line of the singapore govt. Why? Because the office building went from one subsidiary to another subsidiary of the same company.
The timing of this (near the year end) and the way it was played out is ridiculous. Will some oppo ask the PAP for an explanation?
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?220706-PAP-Scholars-Mafia-Group-help-each-other-attain-year-end-bonuses-like-that-can&goto=newpost).
How do PAP scholars (whether SAF, PSC, President, etc) help each other achieve their bonus objectives? They do so through a scheme call Ownself buy Ownself otherwise also known as Ownself sell to Ownself. How does this work?
Very simple. One day, as the year end is coming up and fourth quarter numbers start to flow in, one scholar will look at the enterprise he is in charge of, and say Kanesai, this kind of fuck result, how I can make my fat bonus this year?"
"Wait, I will call some of my fellow scholars and arrange to sell them something so I can report windfall profit for the year and attain my full bonus. I don't need to sell this asset, and in fact, this asset will probably be worth more in the years to come or I can rent this asset out for good money, but what the fuck, my bonus comes first mah"
So, brothers and sisters, let me tell you a little story. You might have heard recently that CPF sold its Head Office Building to something call Ascendas Group for $550 million. No explanation is given as to why CPF have to sell their head office. I mean do they need the money? Are they going broke? How can a govt owned agency with taxpayer owned building just sell it like that. Why could they not rent it out instead and earn the rentals? I mean, the building is in a good location, sure can get tenants. Can use the rental income to top up CPF funds of members right? Plus the market for office commercial buildings is sure to go up in the future. Probably higher then the lousy 2.5% interest they are getting from the govt on the money they lend them. Right now, the CPF building is on their book with a value of less then $100 million. So, they will report a windfall of over $400 million, booked in the last quarter, just before year end. Huat ah. CEO of CPF, ex Scholar Admiral Ng Chee Peng laughing all the way to the bank now at the 70% suckers who voted for this.
But wait, cannot be mah, you say. The CPF tender was above board, and 3 bidders submitted tenders. Well, guess what, only one of the tender was a serious one and it was not the winning bid. Tender number one was a low ball offer of $280 million from OUE Reef Development, a China private company owned by Huayi Group. The second bid turned out to be the only serious one, a $538.28 from Pacific Century Regional Development (PCRD). But wait a minute, this is the same PCRD owned by Richard Li Tzar Kai, son of Billionaire Li Ka Shing. This company made a serious bid to buy the building. How can a govt and taxpayer owned landmark building be sold to a foreign company? Even worse, Richard Li and Lee Hsien Yang had a very public high profile battle over Hong Kong Telecom 15 years ago when Hsien Yang was CEO of Singtel. Hsien Yang lost out to Richard and knowing the Lees, they never forget nor forgive.
The opportunity to Tekan Richard Li came in the form of the third bid from Ascendas which snookered the deal from Richard Li by a mere $11 million plus change. Well, it turns out that Ascendas is jointly owned by Temasek and JTC. Temasek of course being run by Hsein Yang's sister in law Whore Jinx. And JTC being run by another scholar (EDB) Png Cheong Boon. This is where it gets downright comical and idiotic.
You see, all three parties involved (Temasek and Jurong Town Corporation through Ascendas) and CPF are 100% govt owned enterprises. Temasek is 100% owned by MOF while JTC is 100% owned by MTI, while CPF is 100% by MOM. So, what you have is one govt company buying the office building of another govt company, using the same govt money that funds them. Ownself sell to Ownself. WTF? How ridiculous can you be? Left hand give to right hand, like that is called a sale? Why are they lying to the taxpayer? So, now they can all pat themselves on the back saying what a nice bit of money they made for each other? A least if the building was sold to Richard Li, we can honestly say that will be a real sale, with actual real money coming into the govt coffers via CPF. But what they are doing here is shuffling money from one place to another, like a Ponzi scheme. In actual fact, no sale happened. No new money was added to the bottom line of the singapore govt. Why? Because the office building went from one subsidiary to another subsidiary of the same company.
The timing of this (near the year end) and the way it was played out is ridiculous. Will some oppo ask the PAP for an explanation?
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?220706-PAP-Scholars-Mafia-Group-help-each-other-attain-year-end-bonuses-like-that-can&goto=newpost).