Disappointed With Dr Teo Comments on Town Councils Sinking Fund

On 17 Nov 08, it was reported that Singapore town councils had invested in troubled structured investment products and had lost millions. Holland-Bukit Panjang and Pasir Ris-Punggol town councils are the two most heavily invested in such products and had lost huge amounts up to S$12m.

Till date, no one have claimed or are willing to stand out and be accountable for this grave mistake. Many ministers stood out in defence and gave reasons and excuses on the investment failure. One such remark which disgusted me most is from Dr Teo Ho Pin, MP for Holland-Bukit Panjang Constituency and Chairman of Holland-Bukit Panjang Town Council.

Dr Teo Ho Pin's message to his residents,

"Be thankful that the funds have grown under the Town Council’s watch."

A mistake is a mistake and I do hope the Singapore government can come out and make a public apology. The Singapore citizens do not wish to listen to reasons and excuses that are intended to brush off the issue aside. We want an apology and move on with our lives.

The town councils should be doing what they do best - manage town councils. If they are sitting with comfortable cushion, then there is certainly no reason as to why Service & Conservancy fees are to be increased. There is quite a lot of resentment among many Singaporeans.

Dr Teo says ‘be thankful’ [via]