“How could fraud go undetected in a statutory board over a two-year period?”
That’s the common question asked by Yahoo! Fit-To-Post (FTP) users regarding the two senior Singapore Land Authority (SLA) officers who were charged with committing S$11.8 million fraud.
Koh Seah Wee, 40, a deputy director at SLA’s Technology and Infrastructure Department, is facing 249 fraud charges.
Christopher Lim Chai Meng, 37, a manager in the same department, is suspected to have conspired with Koh to cheat SLA.
The pair allegedly rendered false invoices for bogus maintenance contracts in transactions between January 2008 and March 2010, worth S$11.8 million.
Over 130 comments have been left behind by FTP users with the best-rated one by Esther, who wrote, “Yet another case to prove high pay does not guarantee corruption-free leadership.”
Another FTP user Youlahthan also questioned the level of audits and checks in government departments.
“Our government department has so many checks in place and yet such things happened. What’s going on? Have we become too complacent, as to let our guards down? Or have our “elite” become greedy to begin with?” he said.
Lily32sg agreed: “SLA should have a team of audit personnel’s and they are responsible for such failures. The authorities should also check if the entities/vendors that the contracts have been outsourced to have any investments connected to these 2 fellows.”
Another user KRK27 said, “You mean to say SLA auditors just did not notice S$11.8million amiss somewhere? They just go through the bills and invoices and not the physical worksites for inspection.”
News reports say Koh awarded maintenance contracts to various companies and was responsible of approving payments ranging from S$25,000 to S$60,000 without any work being done to fulfil the contracts.
According to The Straits Times, Koh used his “earnings” to buy his wife Yeing Nyok Sea a S$1.6 million Lamborghini and his mum-in-law, Kok A Mui, a $300,000 Mercedes Benz coupe.
He also invested in property at Axis@Siglap along East Coast Terrace, and well as purchased various unit trusts.
The SLA is a statutory board under the Ministry of Law. Its mission is to optimise land resources for the economic and social development of the country, ensuring the best use of State land and buildings.
In a joint statement on Tuesday, the SLA and the Ministry of Law said cash and assets worth about $10 million have been located and secured so far.
The two officers were said to have conspired with each other and the business entities involved to enable them to circumvent the checks and balances in the processes.
The Law Ministry set up an independent review panel following the matter in June to look into how the irregularities could have taken place.
The Panel was also asked to recommend improvements to SLA’s systems and processes, some of which have already been implemented.
Disciplinary investigations have also been ordered into the actions of two other officers, whose oversight might have allowed the fraud to go undetected.
Wednesday, September 29, 2010
Prosperity in Asia - Strong Econ Fundamentals to avoid freeloaders
The government is making it harder for foreign investors who want to become Singapore Permanent Residents — even if they happen to be wealthy multi-millionaires.
In a bid to better manage the pace of the growth of immigrants, the government has introduced a new set of guidelines under its Global Investor Programme (GIP), which targets wealthy foreign businessmen to set up shop in Singapore.
With effect from this Friday, foreign entrepreneurs applying for the GIP need to have an annual company turnover of $30 million, an increase from the $10 million required under the previous ruling.
Another significant change is the amount that foreign investors need to invest in Singapore.
Currently, GIP applicants must invest a minimum amount of $1 million. But from January next year, the amount will be raised to $2.5 million.
Under the previous rules, those investing at least $2 million can utilize up to half the amount on an owner-occupied private home. That option will no longer be available.
The new guidelines will also exclude the main candidate’s parents and parents-in-law from his or her GIP application for PR status.
The GIP is offered by Contact Singapore, an alliance of the Economic Development Board and the Manpower Ministry. It was started in 2004 to ease the way for foreign entrepeneurs and businessmen to set up and run their business here.
According to The Straits Times, a spokesman for Contact Singapore would not reveal the number of investors who have become PRs through this method.
Although some of those changes will be effective from January next year, all applications are subjected to the new requirements as the average processing time for an application is eight months.
The tougher rules come at a time when the government is tightening the influx of PRs and foreigners into the country.
Those applying for PR and citizenship face more stringent criteria such as a higher income bar and residential requirements to ensure that they can contribute to Singapore economically and also integrate well into society.
And these measures seem to have taken effect.
In 2009, 59,500 foreigners were granted PR status as compared to 79,200 in the year 2008.
The GIP is similar to other government schemes which aim to attract the wealthy by offering PR status. They include the Monetary Authority of Singapore’s Financial Investor Scheme, which targets foreigners with a minimum of $20 million in net personal assets.
Other countries such as New Zealand and Australia also offer such schemes.
Still, there is a concern that the new measure would drive away investors.
Mr Leong Wai Ho, senior regional economist at Barclays Capital, told the same paper that the changes would not deter investors from applying for the scheme as most “definitely will have more than that amount to invest”.
However, he noted that “removing the property option might be detrimental for the property market outlook in the near term, but it removes speculative measures”.
Political observer, Eugene Tan of Singapore Management University said that the changes show that the government is addressing the concerns of Singaporeans, especially those who feel that PR status is given away easily.
He said, “In a way, it is raising the bar, and so that helps enhance the talent pool here.”
In a bid to better manage the pace of the growth of immigrants, the government has introduced a new set of guidelines under its Global Investor Programme (GIP), which targets wealthy foreign businessmen to set up shop in Singapore.
With effect from this Friday, foreign entrepreneurs applying for the GIP need to have an annual company turnover of $30 million, an increase from the $10 million required under the previous ruling.
Another significant change is the amount that foreign investors need to invest in Singapore.
Currently, GIP applicants must invest a minimum amount of $1 million. But from January next year, the amount will be raised to $2.5 million.
Under the previous rules, those investing at least $2 million can utilize up to half the amount on an owner-occupied private home. That option will no longer be available.
The new guidelines will also exclude the main candidate’s parents and parents-in-law from his or her GIP application for PR status.
The GIP is offered by Contact Singapore, an alliance of the Economic Development Board and the Manpower Ministry. It was started in 2004 to ease the way for foreign entrepeneurs and businessmen to set up and run their business here.
According to The Straits Times, a spokesman for Contact Singapore would not reveal the number of investors who have become PRs through this method.
Although some of those changes will be effective from January next year, all applications are subjected to the new requirements as the average processing time for an application is eight months.
The tougher rules come at a time when the government is tightening the influx of PRs and foreigners into the country.
Those applying for PR and citizenship face more stringent criteria such as a higher income bar and residential requirements to ensure that they can contribute to Singapore economically and also integrate well into society.
And these measures seem to have taken effect.
In 2009, 59,500 foreigners were granted PR status as compared to 79,200 in the year 2008.
The GIP is similar to other government schemes which aim to attract the wealthy by offering PR status. They include the Monetary Authority of Singapore’s Financial Investor Scheme, which targets foreigners with a minimum of $20 million in net personal assets.
Other countries such as New Zealand and Australia also offer such schemes.
Still, there is a concern that the new measure would drive away investors.
Mr Leong Wai Ho, senior regional economist at Barclays Capital, told the same paper that the changes would not deter investors from applying for the scheme as most “definitely will have more than that amount to invest”.
However, he noted that “removing the property option might be detrimental for the property market outlook in the near term, but it removes speculative measures”.
Political observer, Eugene Tan of Singapore Management University said that the changes show that the government is addressing the concerns of Singaporeans, especially those who feel that PR status is given away easily.
He said, “In a way, it is raising the bar, and so that helps enhance the talent pool here.”
Prosperity in Asia
SINGAPORE, Sept 28, 2010 (AFP) – The ranks of Asia-Pacific millionaires are likely to continue growing faster than those from developed countries as regional economies led by China and India power ahead, a report said Tuesday.
The study on high-net-worth individuals (HNWIs) -- defined as anyone with investable assets of at least one million US dollars -- was issued by Merrill Lynch Global Wealth Management and consultancy firm Capgemini.
"Moving forward, China and India will lead the way in the region with economic expansion and HNWI growth likely to keep outpacing more developed economies," the Asia-Pacific Wealth Report said.
It cited figures first released in a global study in June that showed the region's millionaires numbered three million in 2009, up 25.8 percent from the previous year and surpassing that of Europe for the first time.
Also last year, Asia-Pacific millionaires' collective wealth totalled nearly 10 trillion US dollars, which was worth more than the combined riches of their European counterparts for the first time, it said.
"The region holds much promise and is a strategic focus for every wealth management firm with global aspirations," said Wilson So, regional wealth management head at Merrill Lynch.
Australia, China and Japan accounted for 76.1 percent of the region's millionaires and 70 percent of its wealth last year, the report said.
The number of millionaires in Hong Kong rose 104.4 percent in 2009 year on year, the fastest growth in the world.
Their combined wealth also soared 108.9 percent, the biggest jump globally, the report said.
"Wealth accumulation in Hong Kong resumed last year, as its economy and assets benefited from rising investments from China," So said.
In India, the millionaire population and collective wealth rose 51 percent and 54 percent, respectively, in 2009, the report said.
Japan was the single largest HNWI market in the Asia-Pacific last year, accounting for 54.6 percent of the millionaire population and 40.3 percent of the wealth, but the growth was slower compared to other Asian markets.
China remained the second-largest HNWI base in the region, and fourth-largest in the world, with 477,000 millionaires.
"The Asia-Pacific proved to be the most resilient region in the economic crisis," said Bertrand Lavayssière, managing director for global financial services at Capgemini.
"The region's aggregate growth is likely to outpace the world economy in 2010 and 2011, as domestic demand and intra-regional trade help to offset any ongoing weakness in exports to advanced economies."
The study on high-net-worth individuals (HNWIs) -- defined as anyone with investable assets of at least one million US dollars -- was issued by Merrill Lynch Global Wealth Management and consultancy firm Capgemini.
"Moving forward, China and India will lead the way in the region with economic expansion and HNWI growth likely to keep outpacing more developed economies," the Asia-Pacific Wealth Report said.
It cited figures first released in a global study in June that showed the region's millionaires numbered three million in 2009, up 25.8 percent from the previous year and surpassing that of Europe for the first time.
Also last year, Asia-Pacific millionaires' collective wealth totalled nearly 10 trillion US dollars, which was worth more than the combined riches of their European counterparts for the first time, it said.
"The region holds much promise and is a strategic focus for every wealth management firm with global aspirations," said Wilson So, regional wealth management head at Merrill Lynch.
Australia, China and Japan accounted for 76.1 percent of the region's millionaires and 70 percent of its wealth last year, the report said.
The number of millionaires in Hong Kong rose 104.4 percent in 2009 year on year, the fastest growth in the world.
Their combined wealth also soared 108.9 percent, the biggest jump globally, the report said.
"Wealth accumulation in Hong Kong resumed last year, as its economy and assets benefited from rising investments from China," So said.
In India, the millionaire population and collective wealth rose 51 percent and 54 percent, respectively, in 2009, the report said.
Japan was the single largest HNWI market in the Asia-Pacific last year, accounting for 54.6 percent of the millionaire population and 40.3 percent of the wealth, but the growth was slower compared to other Asian markets.
China remained the second-largest HNWI base in the region, and fourth-largest in the world, with 477,000 millionaires.
"The Asia-Pacific proved to be the most resilient region in the economic crisis," said Bertrand Lavayssière, managing director for global financial services at Capgemini.
"The region's aggregate growth is likely to outpace the world economy in 2010 and 2011, as domestic demand and intra-regional trade help to offset any ongoing weakness in exports to advanced economies."
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