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Show Us The Money or the Funny World of PAP Accounting

government-cloak-of-secrecy-open-governmentAt the NUSS dialogue on Tuesday I tried to grill the PAP representative on why there were so many discrepancies in the Government’s accounts. More specifically, I honed in on the National Productivity Fund (NPF). I asked Ms Sim why there were no accounts for the National Productivity Fund and apparently no audit by the Auditor-General either.

In true Hari Kumar fashion, she dodged my question and said I was welcome to write in and ask the DPM. I pointed out that I had written to Tharman and the President innumerable times since 2012 but had yet to receive any response or even an acknowledgement.

I would like to draw your attention to a major discrepancy in Statement of Assets and Liabilities of Singapore (“the Statement”) which is published every year with the Budget. See the snapshot below:

Screenshot 2015-08-21 15.26.36

Total assets are given as $834 billion.

Firstly we can take off $219 billion for the shareholder equity in Temasek. Temasek’s total assets are $256 billion but non-controlling interests (who owns this interest and why are Singaporeans not told? does it represent the value of shares owned by management including Ho Ching?) amount to $38 billion.

This leaves $615 billion.

Next we can take off accumulated revenue from land sales. This amounts to $170 billion since 2006 alone. Let us say conservatively that the value of revenues from land sales amounts to $300 billion since 1980 including reinvestment income.

That would leave $315 billion.

Then we can subtract $75 billion for operating surpluses since 1989. That is assuming no reinvestment income from the surplus. Let us say $100 billion including interest.

Taking that away from total assets leaves us with $215 billion.

So if the Statement is correct then GIC and all the other Government assets including Changi Airport Group which I have calculated could be worth around $30 billion if it was listed on the stock market. Certainly a lot of taxpayers money has gone into building the infrastructure.

The problem is that according to the Statement the Government Securities Fund (which represents both Government market debt and the debt owing to CPF holders) is $401 billion.

Taking that away from $215 billion leaves a negative balance of $186 billion

If the Statement is correct GIC has lost about half the value of the CPF monies invested in it via the Government since it was set up in 1980.This flies in the face of its claims to have achieved a near 5% 20 year annualised real rate of return which would be considerably in excess of what it has had to pay to CPF holders.

So there can only be three possible conclusions:

  1. There are substantial hidden assets that the Government is not telling us about. This is the most likely scenario. But this would be a Constitutional breach because Article 147(4)(b) and (5)(e) of the Constitution requires the Finance Minister to present to Parliament and the President, as far as is practicable, a statement of the assets and liabilities of Singapore. Surely it is not difficult to include Temasek, Changi Airport Group and an estimated value of the Government’s other assets including its land holdings within that.
  2. There has been mismanagement on a massive scale by GIC and the money has been lost. The Government and the management of GIC have lied to Parliament and the public over the returns achieved by GIC. Lee Hsien Loong is Chairman of GIC.
  3. There has been fraud and monies have been diverted into another account or accounts. While it may seem to be the least likely of the three scenarios it remains a theoretical possibility. Nobody thought there was anything wrong with Bernie Madoff and his fraud went on for years undetected.

In order to clear this up the Government could open the books to show that there is nothing amiss. In fact when I gave an interview to Bertha Henson at The Middle Ground aptly entitled “Show Me the Money” one of her team said, “What if the Government were to open up the books tomorrow and give you complete transparency? What if it was all easily explainable? Wouldn’t that undercut your case?” My response was that that would make really happy. Then CPF holders and indeed all Singaporeans could sleep easier at night knowing there was nothing to worry about

But the PAP have not opened up the books and I doubt if left to themselves they ever will. CPF holders might be wise to sleep a little uneasier at night.


  1. Well,even if we can Sue lhl,it will probaly fail and we will get sued for deframation.The only way to get the truth is to vote for the reform party this ge


  2. Can you explain this to the laymen in simple terms. Like in the Najib case. I am sure they will not sue you if you ask them “where is the money” like they did Chee because they will be forced to open the books. But then again, perhaps it will never go to court because of summary judgements. Many people are sure something fishy is going on. Please help them question the government.


    • I already asked them : where is the money? At Hri Kumar’s forum on CPF. Chee, Roy were sued for saying or implying or indicating that it was in a Minister’s pocket which is obviously defamatory.
      The best way to ask these questions is in parliament where the question and answer is a matter of public record.

      So support my campaign and put me into parliament where I will get some answers at last.

      Liked by 1 person

  3. All this shit has taken place in the last 20 odd years BECAUSE SINGAPOREANS… are .let’s face …it rather…. Naive AND trusting…believing ALL that
    bull they have been fed ( during this long period) and REALLY, Not a clue about monetary & financial matters. It’s only now, or more recently that Some of them are waking up to the stink of all this B shit, because of Roy Ngerng () sacrificing his life & career ) to hold the platter of s…t right in front of their noses which has awoken them to their numbed senses.
    Some of course relish the stink like flies being attracted to decomposing matter…….and it’s best to let “sleeping dogs…….(the educated will complete this)
    and not expending further energy on these intelligence deprived ones who’ll NEVER believe or understand financial matters……..not till the kambings come home..


  4. Btw, Changi airport was sold to temasek holdings for only 5billion but u said its worth 30 b? So what’s happening.?


    • Actually CAG is a stand-alone entity. Based on comparables I reckoned it should be worth over $20 billion and perhaps more than $30 billion once Terminals 4 and 5 are completed


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