I share this post from Brad Bowyer. Can any million dollar minister do your duty to verify the facts under POFMA? I can’t leh.
November 15th, 2019
In my accountability speech at Hong Lim Park earlier in the year, I mentioned Indian Telco Bharti Airtel and asked questions about why Singtel was upping its stake as the company hit cash flow issues, while rating agencies had reclassified it as ‘junk’. To make matters worse, it recently got hit with a court ruling that it owes the Indian government over SGD$17 billion in licence fees, which financial media speculate could have a knock-on effect of wiping 4 to 5% off Singtel’s value.
Now we see the idiocy that is Temasek’s investment in Salt Bae coming home to roost. This came to our attention in the middle of last year when Temasek somehow valued the restaurant chain at $1.2 billion when it made its investment. Now the debt-ridden parent of the chain (and yes, it was already debt-ridden when Temasek first bought in to it) is struggling to convince anyone it is even worth $1 Billion. So looks like a fair chunk of the $200 million that Temasek put in will vaporize in less than a year.
Along with Bharti Airtel, we also saw the recent canning of the Amaravati city project (part of the S$4 billion already dumped into Andhra Pradesh by GLCs and related parties). So India has not been so good an investment choice after all.
We also saw a $1 billion loss on Bayer in the last 18 months and counting with the Monsanto/ Roundup lawsuits and scandals. Not to mention, there is also a long list of smaller losses, including over $0.5 billion in fines for Keppel subsidiary in Brazil for corruption in recent years.
And this is all from the combined team we are asked to trust our futures with? And the PAP still claims that investors will lose confidence in and run away from Singapore if they are not resoundingly re-elected?
It seems like they are quite good at causing disasters on their own. And shall we talk Ongoing PMD handling? Or CECA? Or Elected President? Or embarrassments in Parliament while attacking WP? Rising cost of living? GST? Unemployment? HDB to Zero? Economy in Contraction?
How much evidence do we need before we say it’s not that we can’t afford not to re-elect them resoundingly? It is more like we can’t afford not to remove them resoundingly – and that may well generate confidence as well given this evidence.
So please take the time to look yourself and get your friends to review the PAP’s track record since 2015. The 1G leaders are long gone and their legacy has long been spent, figuratively and now literally judging by the facts.
It is time for change.