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Tag: Presidential Elections

  • SDP: We Repeatedly Warned About UBS Investment

    SDP: We Repeatedly Warned About UBS Investment

     

    The recent announcement that the GIC stood to lose in excess of $5.6 billion comes as no surprise. The Swiss bank had been plagued with problems and the SDP had warned on at least five separate occasions against the GIC investing in it.

    1. As early as 2009, the SDP warned:

    “Either Dr Tony Tan (who was the GIC’s executive director then) knew about the developments and problems that UBS was facing and chose to ignore them, or he had no clue that trouble was brewing in and around the bank. Which is worse?” (link)

    2. We repeated the warning one month later:

    “The GIC put in US$10 billion into UBS which later announced a US$19 billion write-down. UBS admitted to helping to defraud the US Government and was made to pay substantial amounts in fines. Is this how our best and brightest in the Government practice due diligence?” (link)

    3. Dr Chee Soon Juan cautioned a third time that year:

    “The latest revelation is that Citi, UBS, Merrill and Barclays had all invested in the Bernie Madoff scam. Mr Madoff ran the biggest Ponzi scheme in corporate history and duped his investors to part with nearly US$50 billion of their money. In fact UBS is being sued in France by a wealth management company for its involvement in the Madoff madness.” (link)

    4. When UBS got into further financial trouble in 2010, the SDP again sounded the alarm:

    “But instead of learning from its mistakes, Mr Ng Kok Song (then GIC’s Chief Investment Officer) doubled down and said in 2009 he that he still had ‘confidence’ in the ‘long-term prospects’ of the investment. This confidence seems quite misguided.” (link)

    5. In 2011 during the Presidential Election, we raised the matter yet again:

    “Either (candidate) Dr Tony Tan knew about the developments and problems that UBS was facing and chose to proceed by putting money into it anyway, or he had no clue that trouble was brewing in and around the bank. Whichever it is, the incident does not back up Dr Tan’s boast that he is the experienced guardian with the ability to, in his words, see ‘the dark clouds over the horizon coming on.’” (link)

    These warnings, however, fell on deaf ears as the GIC continued to pour money into the troubled bank only to belatedly cut its losses 10 years later.

    The recklessness and incompetence of this government has resulted in a massive loss of billions of dollars of the people’s money. As Chairman of the GIC, PM Lee Hsien Loong cannot remain silent on this matter.

    A public inquiry is wholly appropriate and necessary at this juncture.

     

    Source: http://yoursdp.org

  • Is Mr Abdul Rahim Osman The First Independent Malay Candidate Contesting Presidential Elections?

    Is Mr Abdul Rahim Osman The First Independent Malay Candidate Contesting Presidential Elections?

    Dear All Singapore Stuff,

    I live in Sengkang. I received this flyer and name card from an Independent candidate who claimed to be doing a constituency visit recently.

    As there are no by-elections at the moment, I can surmise that this Malay uncle is hoping to be an independent candidate in the September 2017 presidential election.

    I googled his name Abdul Rahim Osman and found an article (https://www.allsingaporestuff.com/article/ex-wp-ex-sda-recently-singfirs…) about him. Apparently he had considered contesting the Bukit Batok by-election last year but ultimately backed out before nomination day.

    Unfortunately for Mr Osman, while the presidential election is reserved for Malays, it still has a criteria and common Malays are unlikely to qualify. I doubt that Mr Osman who is a businessman, has a paid-up capital of at least S$100 million. He is neither the chairman of a board of directors nor the CEO of a statutory board.

    I’m surprised that Mr Osman is still not familiar with the rules of the presidential election. If it was so simple, every abang will be submitting his resume already. Live so long in SG but still don’t know how PAP’s system works?

    George (Sengkang Resident)
    A.S.S. Contributor

     

    Source: www.allsingaporestuff.com

     

     

  • Osman Sulaiman: Reserved Election A Reminder From Government That Malay Community Cannot Stand On Own Merits

    Osman Sulaiman: Reserved Election A Reminder From Government That Malay Community Cannot Stand On Own Merits

    Presidential Election to be held in Sept where it has been reserved for Malay candidates.

    What’s the problem some may ask? The problem is that our gov thinks that the Malays cannot stand on its own merits and constantly reminds the public about it.

    Such perceptions, if remains unchecked and not proven, will become a self-fulfilling prophecy. It is the gov that made my community to look like second class citizens.

    Remember when Mr Masagos was promoted to be a full minister, we were reminded that it was given due to ‘the progress’ of our community, implying that we were indeed not up to par prior to the promotion.

    It is sad that my community is being used to promote the gov’s political agenda and some of my community people are raising their hands in appreciation for the ‘favours.’

     

    Source: Khan Osman Sulaiman

  • Singapore’s New Malay President Will Only Be Known In September

    Singapore’s New Malay President Will Only Be Known In September

    If contested, the next Presidential Election, which has been reserved for Malay candidates, will be held in September rather than in August, which is when voting typically takes place. Minister in the Prime Minister’s Office, Chan Chun Sing, announced this in Parliament during the second reading of the Presidential Elections (Amendment) Bill. The date revision does not require changes to the law. The Government is announcing changes early for transparency and so that prospective candidates can be aware of the changes.

    In his speech, Mr Chan provided the reason for the shift in timing. He said voting for a new president has typically been held in the last week of August, to ensure the process falls within the term of the sitting President, which ends on Aug 31.

    In 2011 for example, the Writ of Election was issued in the first week of August. Mr Chan said campaigning began shortly after National Day, and coincided with the month-long National Day celebrations. The revised timing would ensure the election is not held during the celebrations.

    For the upcoming election, Mr Chan said the government will issue a Writ in the later part of August, before President Tony Tan’s term expires. The shift of the election from August to September will also “reset the clock” so that future elections will take place outside the National Day period.

    Mr Chan said the Constitution allows for an acting President to assume office from the end of the incumbent President’s term until a new President assumes office.

    “If a new President is not elected by the time President Tony Tan’s term expires on Aug 31… the Constitution provides for the Chairman of the Council of Presidential Advisers or, if he is unavailable, the Speaker, to be the acting President. The acting President cannot exercise the functions of the President indefinitely,” he said.

    Mr Chan said current laws allow for changes to the timing of the polls to be made in time for this year’s Presidential election.

    The shift in timing will also cater to the longer time period required to assess prospective candidates as part of legislative changes.

    Under proposed changes to the Act, the deadline for prospective candidates to apply for a certificate of eligibility (COE) will be extended to five days after the Writ is issued. This is up from the current three days. This will give candidates more time to prepare their applications.

    Another change being proposed is that nomination day be held at least 10 days after the day the Writ is issued, up from the current five days.

     

    Source: www.channelnewsasia.com

  • New Malay President When Elected Will Be A Shame To The Malay Community

    New Malay President When Elected Will Be A Shame To The Malay Community

    The new malay president when elected will be a shame to the malay community in singapore. Just mark my words. If the current public servants now are talam dua muka, What good is there to look for in a president that is going to be malay just because the government say so.

    Potential candidates (that is likely picked by PAP) who applies for the position is to be assess by the new community committee to be verified of his or her ethnicity and eligibility. How far back are they going to trace his and his family’s DNA to make a sound and accurate assessment? Eligibility wise, Singaporeans generally know who has already been chosen if not yet. What is the point of the elections then right?

    Those whose names was published recently as potential candidates are now in the spotlight. For those who want to contest, i say good luck. But for those who is going to decline to participate or like Yacob in particular who gave his reasons for not doing so are just being a prick. Who would actually believe that anyone given a chance to get a $4 million paycheck for doing nothing will turn it down. Spare us citizens from the lame excuse of liking the work you doing now just because it is “affecting” Singaporeans. It doesn’t even sound right. So much for serving the citizens.

    No point having a Malay president for the sake of almost 50 years of not having one. One statement says it all. The malay taking that role is a shame to our malay community. we never asked for this in this way and there will never be justice in this. I’m sure many feel this way too.

     

    B. Doh

    Reader’s contribution