I haven't said anything about Town Councils Losing $12 millions of Singapore Public Funds so far because I find it kind of understanding. With the credit crisis, the Town Councils are not the only one so far to have lost money in the market, and they will not be the last.
In an interview published in The Straits Times, Minister of Health Mr Khaw Boon Wan came out in defence of the PAP Town Councils. Mr Khaw, like every other PAP leaders so far, said that Singaporeans should be more understanding towards the Town Councils’ investment policies and the delay in the Town Councils announcing the losses to the public.
He is half right. I understand them losing the money, but the delay in announcing the loss is another matter. Now I have no problem if the Town Council want to invest to make more money, but I have an issue with the delay in announcing the loss. This is public money right? The money came from, and belong to the public. Surely we should know if the money is gone?
In recent weeks, there's been a clear backlash from the public on the loss. What I think the PAP should understand is that the anger is only partly about the loss, the anger is also because the loss was hidden for so long. There has been no transparency or accountability in the handling of the loss, and that more than anything is what the public is angry about.
Mr Khaw want Singaporeans to be more understanding towards the Town Councils, however the same thing must be done on the government's side as well. The Town Councils must improve on the transparency and accountability of the investments. If they do not, the anger will continue to simmer.