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Saturday, November 29, 2008

What do Bukit Panjang residents think of loss of their Town Councils' funds?

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.

On 19 Nov 08, Dr Teo Ho Pin, MP for Holland-Bukit Panjang Constituency and Chairman of Holland-Bukit Panjang Town Council, wants his residents to be thankful that the funds have grown under the Town Council’s watch. I was utterly disappointed with Dr Teo's comments and I thought he could be more sensitive with the public resentment.

Below are 2 interview videos on the handling of the sinking funds and Dr Teo's comment.

Part 1

Part 2 - I forward straight to 108th minute (Must watch)

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