I read this report by Channel News Asia today, "AHPETC 'technically insolvent', Ministry of National Development" and can't help but feel pissed off.
If this is not sensationalist reporting to discredit the political opposition, then what is?!
Then 154th media still has the cheek to report that TRS is fabricating stories and sensationlising issues. Who is the one doing the fabricating and sensationalizing now!?
You think Singaporeans are dumb? Fuck off PAP.
Read part of this report below and tell me this isn't a political scheme by the PAP to f**k up the Workers' Party, the only party capable of unseating the PAP in the next GE.
"The Aljunied-Hougang-Punggol East Town Council (AHPETC) is "technically insolvent", according to the Ministry of National Development (MND), which wrapped up its case on Tuesday (May 5), following a court hearing into whether independent accountants should be appointed to, among other things, safeguard Government grants.
This charge was not challenged by the town council.
The court heard on Monday and Tuesday that the town council had failed to make two mandatory payments to its sinking fund, which is used for long-term estate maintenance. With about S$14 million in Government grants currently being withheld, the town council does not have sufficient income from its service and conservancy charges to make those payments.
"If the defendant (AHPETC) had complied with the mandatory obligation to make their 2014 Q3 and Q4 quarterly transfers, they would not have sufficient moneys," said MND's legal counsel Aurill Kam.
Ms Kam said that from that point of view, it would not be an overstatement to say that the Workers' Party-run town council is "technically insolvent". She also charged that the town council had been "economical with the truth", when its leaders told Parliament in February that it had been making transfers to the sinking fund for 2014.
Payments to the fund are made quarterly, but at that time, the town council had already missed the payment for the third quarter.
Ms Sylvia Lim, Chairman of AHPETC, maintained that what she said in Parliament is factual. "When it comes to what I said to Parliament, I filed an affidavit to explain, and it's still my position today that what I said is factual,” she said.
In her affidavit, Ms Lim said her statement to Parliament that the town council had been making transfers to the fund was true and correct, as two payments totaling about S$8 million had already been made.
The court also heard that the town council has sufficient funds to last till June, but this would mean not making the mandatory payments to the sinking fund.
Ms Kam said these breaches took place despite the town council's public assurances and statements that it was aware of this obligation and was complying with it.
"Does the defendant (AHPETC) view its obligations to comply with the Town Councils Act and the Town Councils Financial Rules seriously? They treat their mandatory obligations as malleable and that is a matter of concern," she told the court.
MND maintains that unless independent accountants are appointed, fresh grants that are disbursed to the town council will not be protected, and there can be no assurance that serious steps will be taken to credibly review whether there have been any wrongful payments, breach of duty, or unlawful conduct so far."