Auditor-General’s Report FY 2015/16: Audit observations

[Jellandross]

  On 7/26/2016 at 1:09 PM, Blueray said:

this one just for show one lah ...

 

3 months later all forgotten.

 

culprits not taken to task ultimately.

 

move on.

 

Because......

 

[Kb27]

Wah..I didn't know Mindef so rich ah, now also invest in funds, like pap TCs.

Their budget is obviously too much. At least $100mil should be cut from their budget.

 

And you might ask, what is SAF doing ? Managing funds ?

Preparing their paper generals in the future to bcum CEO of fund managers ?

 

  Quote

 

Last January, Mindef invested S$50.26 million in a United States Real Estate Investment Trust exchange-traded fund (US REIT ETF) without proper approval by the SAVER-Premium Fund’s Board of Trustees. The ministry only sought approval from the then Director of Defence Finance.

http://www.todayonline.com/singapore/auditor-generals-report-fy-201516-audit-observations

 

Edited July 26, 2016 by Kb27

[Yewheng]

  On 7/26/2016 at 4:22 PM, Kb27 said:

Wah..I didn't know Mindef so rich ah, now also invest in funds, like pap TCs.

Their budget is obviously too much. At least $100mil should be cut from their budget.

 

And you might ask, what is SAF doing ? Managing funds ?

Preparing their paper generals in the future to bcum CEO of fund managers ?

This one also another one. They thought that director of defence is the one who approve funds investing in US REIT ETF. Then director of defence maybe also thought that he is the one who approve. So see, nowadays those high up sometimes may not know their clear roles and responsibilities and approved something that they thought that it is within their empowerment but in actual fact it is not.

 

This really need to post serious question regarding whether the chain of command of reporting and approval has gotten too complicated that even one star also make this kind of mistake.

[Victor68]

Once upon a time, we have a 'good minister' in fact he is the speaker for Parliament, that brought up the famous subject that Singapore has the '7 wonders'. 

 

Today AG report could the tip of the ice berg. If they could look into funds or grants being offered out by the various ministries and how these blood money are being utilized and their results, that would be sunshine for our country. 

[Playtime]

  On 7/26/2016 at 8:56 PM, Yewheng said:

This one also another one. They thought that director of defence is the one who approve funds investing in US REIT ETF. Then director of defence maybe also thought that he is the one who approve. So see, nowadays those high up sometimes may not know their clear roles and responsibilities and approved something that they thought that it is within their empowerment but in actual fact it is not.

 

This really need to post serious question regarding whether the chain of command of reporting and approval has gotten too complicated that even one star also make this kind of mistake.

No.. that's not what the army calls "key terrain" if you remember your training.

 

The key terrain is why mindef have so much excess money and why is it dabbling in such investments.

The records of various GGLCs ceo by ex Saf parachute talents is terrible as it is.

 

The amounts across the various ministries involved are incredible.

This calls into question ALL the govt talk about financial prudence.

Remember the old and destitute being asked if they want to eat at restaurants.

While elites swim in cash. .. shameful.

[Maxus-MIFA9]

  On 7/26/2016 at 4:22 PM, Kb27 said:

Wah..I didn't know Mindef so rich ah, now also invest in funds, like pap TCs.

Their budget is obviously too much. At least $100mil should be cut from their budget.

 

And you might ask, what is SAF doing ? Managing funds ?

Preparing their paper generals in the future to bcum CEO of fund managers ?

 

WTH a defence force got involved in investment ????

 

If investment failed, just report one F15SG crash (as in paper niah, real or not, who knows) into the sea...

 

Look likes we really needs a opposition co-driver in every department....

Edited July 27, 2016 by Picnic06-Biante15

[Neost]

Govt is a big organization. Surely there will be lapses here and there. Even within our small household, we often misplace things.

 

Hence, it is good that AGO highlighted these lapses and the respective ministries can address these issues. Together, we can move forward towards a more inclusive and caring Singapore.

 

As for AHTC, it is just a political game that some people are playing. I still subscribe to the view that if there is any criminal wrongdoings, those in WP would already be haul to the Court.  

 

[Wt_know]

a quick summary

10 things to know about the AGO report

 

the detail 74 pages pdf

http://www.ago.gov.sg/docs/default-source/report/18599c06-73f0-4965-a32b-db9394110e4a.pdf

Edited July 27, 2016 by Wt_know

[Kusje]

Hmmm. 200 mil of bad debt for student loans.

 

Will local students refuse to pay up if it obviously affects their credit rating? They need to disclose the profile of these debtors.

[Jonpaul0104]

  On 7/26/2016 at 8:56 AM, Benarsenal said:

Hahahhahahahahaha.

 

But honestly, every year AGO says the same thing. Every year sweep under the carpet. Yet they still have the cheek to hound opposition town council.

 

Ownself check ownself indeed. 

 

Somebody really needs to take the AGO report seriously for once and hold the relevant authorities to account.

 

this was exactly what i have in mind.....AGO report every yr also have laspes....but then It is an honest mistake, Let's move on....

 

Yet 1 TC was whacked jialat jialat......as compared to 12 MINISTRIES.......

[Enye]

i don't see any issues with mindef investing in funds

 

saf generals do get parachuted into GIC or TH from time to time

 

it would be good for them to gain some investment experience first

 

[Maxus-MIFA9]

  On 7/27/2016 at 12:48 AM, Kusje said:

Hmmm. 200 mil of bad debt for student loans.

 

Will local students refuse to pay up if it obviously affects their credit rating? They need to disclose the profile of these debtors.

 

They will not disclosed the identities of the loaner....... 

 

I believe most are the "scholarship" funding for oversea students...

 

You invite, I come and study. Complete studies, I kaput back & sing nay, nay, nay nay ..

[Watwheels]

Are they sure only HDB is the only stat board that delay contractors payment?

[Ahbengdriver]

Will everyone be surprised if the AGO is also controlled by PeeAPee?  Wayang a bit about ministry lapses, then maximise horsepower on WP?  Did any ministers take accountability ?  As usual none.  Aiya, its too obvious liao.

[A_korusawa]

  On 7/27/2016 at 1:45 AM, Jonpaul0104 said:

this was exactly what i have in mind.....AGO report every yr also have laspes....but then It is an honest mistake, Let's move on....

Yet 1 TC was whacked jialat jialat......as compared to 12 MINISTRIES.......

 

what' bout gahmen agencies besides the 12 ministries?

not only they "just move on", funds are moved from right pocket to left pocket in justification for even more to cover past misdeeds.

recent privatisation of SMRT is just another good example! . . . patch lobang with bigger patches and lobangs

another example is replacing PSLE T score with wide bandings . . . even 5yr old kids oso know such trick; why need top scholars' wayangs to come to this?

so, this is our so-called 1st Class Gahmen who deserve world's highest remunerations ever paid to civil servants.

 

the whiter they think they are by wearing, the darker they deny they are by approving!

[Evillusion]

  On 7/26/2016 at 11:54 PM, Playtime said:

No.. that's not what the army calls "key terrain" if you remember your training.

 

The key terrain is why mindef have so much excess money and why is it dabbling in such investments.

The records of various GGLCs ceo by ex Saf parachute talents is terrible as it is.

 

The amounts across the various ministries involved are incredible.

This calls into question ALL the govt talk about financial prudence.

Remember the old and destitute being asked if they want to eat at restaurants.

While elites swim in cash. .. shameful.

wait people call you green-eyed monster then u know..

[Mustank]

I come in:

Hahahahahahahahahaha

[A_korusawa]

  On 7/27/2016 at 2:11 AM, Ahbengdriver said:

Will everyone be surprised if the AGO is also controlled by PeeAPee?  Wayang a bit about ministry lapses, then maximise horsepower on WP?  Did any ministers take accountability ?  As usual none.  Aiya, its too obvious liao.

if you recall the SMRT episode, they gotten "super investigation reports" to come out with super heavy lapses that require super huge funds to correct

thus justifying for super huge budget required and finally priivatizing by super inflated forecasts of super profitability gains from our super subsidised investment firms

it is obvious that commuter fees be raised with other incoming collections be increased to meet with that so-called super forecasted profit gains from such privatisation by the next few years lohhhhh

 

and you are exactly & spot on!

this AGO reports will justify by claiming that past & current oledi highly-paid leaders are not good enuff

then the hierachical platforms will be increased with even higher and invisible layers of comands & controls (just like replacing T-score with bandings to opaque all)

and that super remuneration packages will also be justified for some scholars/ministers to correct these lapses......

and years later, newly justified hyper-super remumerations packages scholars/ministers will be needed again to correct another newly bigger & gigantic lapses

and so on, and on and on!

 

really crap & bs nowadays!

Edited July 27, 2016 by A_korusawa