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MING YI GIVES MILLIONS OF DOLLARS IN UNAUTHORIZED LOAN

Puffer_fish

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Puffer_fish

Puffer_fish

Clutched

Ren Ci flouted guidelines: Charity Council head

By Theresa Tan

REN CI Hospital and Medicare Centre, now under probe for financial irregularities, had contravened certain guidelines on how charities should be run when it gave out interest-free loans.

For example, under the new Code of Governance for charities and Institutions of a Public Character (IPC), it was required to obtain board approval for any loans made by the charity, said Mrs Fang Ai Lian, chairman of the Charity Council, on Monday.

 

Mrs Fang told the media at the launch of the Code: 'What was done was not something in the best interest of the charity.'

 

Besides, there was a conflict of interest in Ren Ci's case as its honorary chief executive, Venerable Ming Yi, is one of the owners of a business that Ren Ci lent money to, she pointed out.

 

The Health Ministry is now probing Ren Ci, one of Singapore's largest charities, after it discovered that it has given out millions of dollars in interest-free loans to various companies. Some of these loans were made, apparently, without board approval.

 

Also, there were discrepancies between what the charity recorded it had lent and what the companies involved recorded it had borrowed.

 

Under the new Code, there should be procedures to handle conflict of interest situations, for example, when a board member has vested interest in businesses the charity deals with.

 

One guideline is that the board member should not vote on the matter or take part in discussions regarding the business.

 

Also read New Code of Governance for charities and IPCs

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Sosaria

Sosaria

Twincharged
(edited)

I donno how some CEOs or heads of organization can do this kind of thing. I mean, it's pure common sense that this kind of situation, as described in the article, is a conflict of interest! How can they don't recognize this??! Or purposely choose not to see it??

 

Anyway, there is already an older thread on this issue. TS - why start a new one? [:)]

Edited by Sosaria
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Wt_know

Wt_know

Supersonic
(edited)

who will recognise and see it when you have the 'absolute' power.

 

I donno how some CEOs or heads of organization can do this kind of thing. I mean, it's pure common sense that this kind of situation, as described in the article, is a conflict of interest! How can they don't recognize this??! Or purposely choose not to see it??
Edited by Wt_know
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Yr1985

Yr1985

1st Gear

Not only he betrayed trust of the people here, he betrayed his own religion, one which he shaved his head for. Filthy rich, go eat sxxt and die standing... [rifle]

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Haurus85

Haurus85

Neutral Newbie

Lol, when he said ah chiam was too old to still be in govn.

Actually you all dunno only, he indirectly shooting 'he who shall not be named'

[smash]

jia lat, tml mata come my house liao [knife]

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Sosaria

Sosaria

Twincharged
(edited)

So for our jobs... must wait for someone to take big $, or commit big mistake... then we can all get pay rise! Is this the logic?? [rolleyes]

 

Money doesn't solve the problem. It just helps these people to enrich themselves legally, instead of illegally, like what is happening now...

Edited by Sosaria
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