I refer to the story in today’s Straits Times about the two former employees of Singapore Statutory Boards Employees’ Co-Operative Thrift and Loan Society (SSBECTLC) who successfully cheated the co-operative of more than S$5 million dollars and over an extended 5 years period.
Many thinking citizens must rightly wonder why they were able to successfully cheat SSBECTLC of over 5 million dollars and over such a long period of time. Very obviously, their internal controls failed at every level, internal audits failed at every level and external audits also failed at every level and every year of their 5 years criminal spree. If that is not another glaring example of the utter uselessness and failure of this lhl government, then what is?
Next, SSBECTLC or the relevant government ministry must account properly and satisfactorily to their members and the public about how they are going to recover their lost funds. It would be most irresponsible and unprofessional of them if they simply ignore such valid concerns from members of the public or simply sweep it under the carpet. Haven’t the Culture, Community and Youths minister, Grace Fu, got nothing to comment at all?