TR EMERITUS

From our Correspondent At a packed news conference in Bangkok, U.S-based NGO EarthRights International (ERI) released two stunning reports alleging that Burma’s military regime has transferred billions of dollars from the Yadana gas project into two banks operating in Singapore. Citing “confidential and reliable” sources, ERI named the Overseas Chinese Banking Corporation (OCBC) and DBS Group (DBS) as the offshore repositories of Yadana gas pipeline revenues. OCBC is Singapore’s longest established local bank and according to ERI holds the majority of the revenue, while DBS is Singapore’s largest bank in terms of assets. Both banks were quick to issue public statements to reject ERI's report. "ERI’s report is categorically untrue and without basis," a DBS spokesman said in the brief statement. A spokesman from OCBC also rejected the report. This simplistic and brief denial is hardly enough to dispel the ongoing rumors about Singapore being a safe banking haven for the obnoxious Burmese military junta which had reportedly staved millions of dollars in local banks. ERI is a well-respected international NGO which is credited for its work in the defense of human rights and the environment. It has been active in Burma for over 2 decades. The Chairman of ERI is Dr Charlie Clements, a public health physician and a distinguished graduate of the United States' famed Air Force Academy. His deputy is Rebecca Rockefeller, who graduated with honors in anthropology from Brown University in 2003. David Hunter, the treasurer, is an assistant professor and director of the program on International and Comparative Law at the American University's Washington College of Law. Now, will these prominent persons of stature and standing in society risked their reputation by publishing wild, unsubstantiated and baseless allegations at two Singapore banks which they may not even hear of? Furthermore, ERI's findings were reported widely by major papers in the world such as AFP, Reuters and Associated Press, compounding the damage done to Singapore's reputation as a financial hub in the world. Since the allegations are completely false as stated by DBS and OCBC, they should proceed and sue ERI for defamation to prove their innocence. Their prolonged hesitation will only fuel suspicions that there may be some element of truth in the allegations. Even without this controversy, there are already whispers in the background about Singapore's being a "money laundering" hub. In 2006, Morgan Stanley's Chief Economist in Asia, Andy Xie was sacked for writing an email critical of Singapore. Though it was meant to be for "internal circulation", it was distributed outside the bank and eventually got leaked to the press. "Actually, Singapore's success came mostly from being the money laundering center for corrupt Indonesian businessmen and government officials,'' Xie wrote in the e-mail. "Indonesia has no money. So Singapore isn't doing well.'' Besides Xie, the two bankers - Celicia Ong, a Singapore-based equity saleswoman, and Hani Abuali, a proprietary trader and managing director in Hong Kong, were also asked to resign after they forwarded the e-mail. When contacted by the state media, the Monetary Authority of Singapore (MAS)  said it required all financial institutions in the Republic to put effective systems in place to counter money laundering and the financing of terrorism. Again, this blanket statement by MAS will not put a lid on the gossips circulating around DBS and OCBC. MAS should conduct an investigation into both banks to ensure that no ill-gotten gains from the Burmese military junta are slashed away secretly in Singapore. Singapore has come under international pressure and criticism lately for its banking secrecy laws and was put on the OECD's international "grey" list of tax havens and financial centres in April this year. Being on the grey list means Singapore has agreed to the international tax standard, but has yet to substantially implement the measures required. In May, the Ministry of Finance announced that it will be amending its laws to better align with the international tax standards. The minibond fiasco last year following the collapse of Lehmann Brothers had also made a dent on Singapore's reputation as a financial center. While Hong Kong had been forthcoming in the release of information pertaining to the status of the minibonds, Singapore fiddled which left investors in a limbo for almost 2 weeks. The Hong Kong government exerted pressure on the financial institutions in China and Hong Kong to buy back the minibonds from all investors at 60% of their sale price. A legal aid fund was set up to provide free legal advice to those considering suing the banks. In contrast, though a MAS investigation found the FIs guilty of mis-selling, they were not punished except for a slap on their wrists by banning the sale of these toxic products for a period of up to 2 years. Neither did the government compel the FIs to compensate the investors. This obvious discrepancy in the handing of the crisis between the two competitors reflects badly on Singapore as it leaves a perception, rightly or wrongly, that it is safer to invest in Hong Kong than Singapore as the former placed more emphasis and importance on the rights of investors. DBS is facing an impending lawsuit from a group of highnote5 investors which will surely result in more negative publicity for the beleaguered bank. DBS and OCBC should voluntarily offer to be subjected to a thorough investigation by MAS or other international organizations to clear their name and prove beyond any doubt that the allegations against them are completely false. Anything less will only serve to raise eyebrows once more on the integrity of Singapore banks and cement its unsavory reputation as a tax haven for crooks in the region and elsewhere.  Read More →

作者:李卖蚬 谢谢冀居为我们翻译了这篇官委议员维斯瓦在国会发言的文稿。 新闻、通讯及艺术部代部长吕德耀 (Lui Tuck Yew) 前几天还在贬低网络新媒体来抬高主流媒体，说主流媒体的真实与平衡。 但对于这篇国会的发言，虽在国会中罕见的面对老李的亲自反驳，主流媒体却没有全文刊登这维斯瓦的全文，只选择性的刊登老李与一些部长所针对的部分，让人们 无法判断老李与部长们的反驳是否有理，还是断章取义，难道这就叫平衡吗？幸亏网络上我们就能读到全文，还有这中文翻译，这才叫平衡！原来吕德耀对媒体的评 论是那么的不平衡。呵呵。。 无论你是否完全赞成维斯瓦所说的，如果是要认真改进社会与体制（之前我们不是听到官方不断所谓的remake 又remake了吗? 结果是换汤不换药），是应该鼓励人们认真去多探讨所提出的观点（这不是一个提升国人的参与和凝聚力的大好机会吗？），而不是把它一概斥为无稽之谈。 这让我想起，好比上届大选中，工人党一开始就认真的提出了详细的政纲让选民过目，行动党的部长级人马迫不及待的马上把对方的政纲抹黑成“炸弹”、“毒药”，而行动党自己政纲却迟迟不见出炉。最后它出来的所谓政纲只是一张“心连心、向前进”宣传海报（这样也行？！）。 ～ ～ 继吕德耀前几天那番贬低新媒体的言论后，看到《淡马锡评论》有提起（只是提起，没有认真的探讨）与《网上公民》集中资源以提供更全面的网络新闻。 昨天，又读到SingaNews网上新闻平台的消息（似乎与教会有些关系，听说明德与文鸿还将参与它的中文编辑组）。 我 本身是不太希望《淡马锡评论》与《网上公民》二并为一（能在某些项目上合作还好），因为多元的报道就是最好的新闻平衡。至于SingaNews，即使它似 乎与教会有关，只要它表明立场而不是像上次Aware事件那样混水摸鱼，那就还好。我想，教会的资源充足是SingaNews的优势。看来本地的网上新闻 媒体势必掀起一番竞争，希望是良性竞争让新闻报道更上一层楼。到时，也没有人会在乎吕德耀继续把头埋在沙堆下。 摘自大马华人网站  Read More →

From our Correspondent In a reply to queries from Singaporeans on affordability of public housing, HDB Deputy CEO Yap Chin Beng wrote a letter to the Straits Times Forum with the usual reassurance that the flats are "within a family's reach". (read letter here) Echoing similiar statements issued previously by ministers and HDB officers, Mr Yap wrote: "The Government provides generous housing subsidies. HDB flats are thus affordable by any measure. On average, first-time home buyers use only 17 to 29 per cent of household income for their loans, below the international benchmark of 30 per cent." Mr Yap claimed that "a first-time couple earning $4,000 a month buying a resale four-room flat at $300,000 will need only 25 per cent of their monthly income. Their Central Provident Fund (CPF) contributions ($920) will cover almost all of the instalment, with only $81 paid in cash." However, Mr Yap failed to mention that the couple will have very little savings left in their CPF at the end of the thirty loan period for retirement. Neither did he take into account the annual inflation rate of 4 to 6 per cent and mortage interest rates which will need the couple to pay more than $300,000 eventually. Mr Yap also wrote that HDB has increased the number of Build-to-Order (BTO) flats to 8,000, up to more than 2,400 in 2006. This figure is still lower than the average number of 15,000 flats which HDB had been building between the years 1991 to 2000. Given the increase in Singapore's population due to the relentless influx of foreigners, 8,000 new flats may not be sufficient to meet the needs of the residents. Furthermore, the flats are not expected to be completed in the next 2 to 3 years, leading to a shortage at the present moment. The record high pricesof both new and resale HDB flats is an indication that demand has already outstripped the supply. The rising property prices will get airing in the House next Monday when Parliament sits. At least two MPs - Madam Ho Geok Choo (West Coast GRC) and Ms Jessica Tan (East Coast GRC) - have put in questions on the impact of rising property prices. It is unlikely we will hear anything new. Minister of National Development Mah Bow Tan said recently that HDB flats remained "affordable" to the masses despite a record high resale price index. His deputy Grace Fu also quipped that rising prices of HDB flats is a "good thing" as it reflects the "growing wealth of Singaporeans". According to Mr Yap, HDB will continue to watch the market closely to ensure affordability, and will consider appropriate measures if the situation warrants. Hopefully the measures will come in sooner rather than later when prices crash like the sub-prime crisis in the United States. References: 1. HDB Infoweb 2. Straits Times  Read More →