Singapore Newspaper Clippings

nantah - $30m Donation

2012-01-02T15:37:00.001+08:00

LKY - Nantah - Failure from the start

2011-11-22T06:47:00.001+08:00

2011-11-18T22:22:00.000+08:00

RIP - Steve Jobs - 20111006

2011-10-07T06:09:00.001+08:00

TSS Newsletter - 07/2011

2011-08-16T23:47:00.001+08:00

PM: Saving dogs and catching stray cats - Singaporeans should do more ...

2011-08-16T06:08:00.001+08:00

Cabby in court

2011-08-12T09:25:00.001+08:00

Accident - taxi

2011-08-12T09:22:00.001+08:00

中国墓地炒作成风

2011-08-12T09:21:00.001+08:00

怀念梁荣平老师

2011-08-12T09:20:00.001+08:00

曾渊沧讲座

2011-08-12T09:19:00.001+08:00

Who is the spy?

2011-08-12T09:18:00.001+08:00

Lightning warning?

2011-08-12T09:15:00.001+08:00

Sudden death - Cabby

2011-08-12T09:12:00.001+08:00

Radio and TV Licenses Abolished

2011-04-21T11:21:00.001+08:00

Thank you good cabby

2011-04-21T11:12:00.001+08:00

RIP Ng Seng Joo 黄承裕 TSS

2011-04-21T11:07:00.001+08:00

Thanks to good cabby

2011-04-21T11:05:00.001+08:00

Paris death salon shows life in funeral industry

2011-04-21T11:04:00.001+08:00

Police car hit my taxi, drove off: Cabby

2011-04-21T11:02:00.001+08:00

In memory of a father

2011-04-21T10:58:00.001+08:00

RIP Suicide and Murder

2011-04-21T10:56:00.001+08:00

End of An Trade Association 百年公会沙藤行走入历史

2011-04-21T10:54:00.001+08:00

China funeral news

2011-04-21T10:50:00.003+08:00

Genting taxis strike

2011-04-21T10:50:00.001+08:00

Taxi accident

2011-04-21T10:43:00.001+08:00

ComfortDelgro net profits rise 4.1% in 2000

2011-04-21T10:26:00.001+08:00

Singapore WWII Memorial

2011-04-21T10:25:00.001+08:00

Hong Kong Taxi License

2011-04-21T10:24:00.001+08:00

Cabby murdered by Chinese technician

2011-04-21T10:23:00.001+08:00

Vegetables Prices Increased

2011-04-21T10:15:00.001+08:00

RIP Charlie Chia Cheng Guan

2011-04-21T10:11:00.001+08:00

吴资政：对不买房不买车的人通涨率仅2%至3%

2011-04-21T10:09:00.001+08:00

RIP 陈仰成

2011-04-21T10:06:00.001+08:00

RIP Ng Seng Joo 黄承裕 2011-04-10

2011-04-15T16:40:00.001+08:00

精通华文人才更抢手薪金更高

2011-04-11T13:00:00.001+08:00

Funeral Industry - 墓地价格一路看涨普通民众“死不起”

2011-04-11T12:23:00.001+08:00

Adding cabs and raising fares won't solve erratic service

2011-04-11T12:20:00.001+08:00

印尼要发展廖内省成新加坡蔬菜供应地

2011-04-11T12:18:00.001+08:00

中医师：针灸不是安慰剂

2011-04-11T12:16:00.001+08:00

No chance of a job, for she's above 60

2011-04-11T12:14:00.001+08:00

Raise cheap fares to help taxi drivers

2011-04-11T12:12:00.001+08:00

姚忠在 - 没话说

2011-04-11T12:05:00.001+08:00

不等退休

2011-04-11T11:52:00.001+08:00

Cabby charged with theft of haversack

2011-04-11T11:50:00.001+08:00

德士司机坐牢两个月

2011-04-11T11:34:00.001+08:00

华义中学校友会

2011-04-03T21:38:00.001+08:00

德士司傅读书会

2011-04-03T21:35:00.001+08:00

Indonesia Kopi Luwak

2011-04-03T20:52:00.001+08:00

吴资政开玩笑？

2011-04-03T20:46:00.001+08:00

Cabby charged with theft of harversack

2011-03-24T09:57:00.001+08:00

韩山元 - 人生的闭幕

2011-03-24T09:56:00.001+08:00

Andy Ho - Pinning down acupuncture: It's a placebo

2011-03-21T12:48:00.001+08:00

南大第一届历史地理系毕业生聚会 - 阔别50载喜相逢

2011-03-21T11:49:00.001+08:00

RIP 陈世集 20110129

2011-03-14T12:20:00.001+08:00

Plastics more pricey as cost of oil surges

2011-03-14T12:18:00.001+08:00

Google graphic - Brancusi

2011-03-14T08:07:00.001+08:00

Constantin Brâncuşi (Romanian pronunciation: [konstanˈtin brɨnˈkuʃʲ];
February 19, 1876 – March 16, 1957) was a Romanian-born sculptor who
made his career in France. As a child he displayed an aptitude for
carving wooden farm tools. Formal studies took him first to Bucharest,
then to Munich, then to the École des Beaux-Arts in Paris. His
abstract style emphasizes clean geometrical lines that balance forms
inherent in his materials with the symbolic allusions of
representational art. Famous Brâncuşi works include the Sleeping Muse
(1908), The Kiss (1908), Prometheus (1911), Mademoiselle Pogany
(1913), The Newborn (1915), Bird in Space (1919) and The Column of the
Infinite (Coloana infinitului), popularly known as The Endless Column
(1938). Considered the pioneer of modernism Brâncuşi is called the
Patriarch of Modern Sculpture.

Tertiary education to cost more

2011-03-14T08:01:00.000+08:00

10 Merc Taxis, One Big Prank

2011-02-06T07:01:00.000+08:00

RIP 陈世集

2011-01-30T23:04:00.001+08:00

Comfort DelGro makes U-turn on rent hike

2011-01-30T21:44:00.001+08:00

Dr Lee Wei Ling - Tigers of not, the best parents are wise

2011-01-30T21:29:00.001+08:00

Taxi accident

2011-01-30T21:27:00.001+08:00

Amy Yip / Gary Lee - Making a very healthy living

2011-01-23T21:42:00.001+08:00

RIP Tan Song Khoon 陈松坤

2011-01-23T19:42:00.001+08:00

德士公司经营门槛或大幅提高规模较小业者可能遭淘汰或被迫整合

2011-01-16T20:10:00.001+08:00

德士公司经营门槛或大幅提高规模较小业者可能遭淘汰或被迫整合

（2011-01-15）

● 李静仪

　　陆路交通管理局有意大幅提高申请德士经营执照的门槛，根据本报探知，现有德士公司日后在更新执照时也得遵循新条例。有观察家估计，规模较小的业者最终可能面临被淘汰的厄运或被迫合并。

　　目前，陆交局规定新德士公司需在获颁执照第一年内推出100辆德士，四年内把车队增至最少400辆。当局下来可能规定，以后新德士公司在第一年就得有400辆的车队，并在三年内扩大至1000辆。

　　此外，所有新车队也必须装有卫星传召德士系统，目前市场龙头老大康福德高的德士预定系统，是采用先进的人造通讯卫星来确定德士所在位置。

　　SMRT德士也是使用环球定位系统（GPS）来电召德士，其他较小的公司则是采用无线电波技术。

　　德士市场是在2003年起开放，现有的德士公司营业执照有效期为10年，也就是说当年首批获颁执照的新德士公司包括Premier和胜达（SMART）须在未来两三年后更新执照，据知它们到时也会受到新条例的影响。

　　据可靠的市场消息透露，当局提高德士经营门槛的用意是要从根本上提升德士的服务水平，但规模较小的业者却担心，如果财力上无法满足新要求，最终可能惨遭淘汰。

　　陆交局最后一次发出新德士经营执照是在2007年8月，批准百胜德士(Prime)营业，使德士业者增至8家（包括私人黄顶德士）。

　　但前年11月，它拒绝了本地造船厂Star-Ray提出的德士执照申请，当时公开的原因是这家公司“不完全符合申请条件”。

　　陆交局当时说，它评估德士经营执照申请时所考虑的因素包括申请者的品格、财务状况、服务能力及所建议使用的车款等。现有德士服务及市场的需求也是考量之一。

　　目前公路上共有2万5600多辆德士，比德士市场开放前增加将近三成。其中，经营1万5000多辆德士的康福德高拥有六成的市场占有率，得运（Trans-cab）车队已扩大到接近4000辆，取代SMRT德士晋升为市场老二。

　　SMRT则有约2600辆德士，目前不超过1000辆德士的公司有胜达(720多辆)和百胜(700辆)。SMRT和百胜去年也因服务不达标包括电召配对率不及格，总共被陆交局罚款7万多元。

　　专研究交通模式的国大土木工程系副教授李德纮博士指出，利用卫星技术的电召配对系统成本不低，如果德士车队未达到一定规模，小公司根本无法取得规模经济效益，更别说与康福德高竞争。

　　他说，拥车证成价高涨，让需更新车队的德士公司面对较大的经济压力，特别是规模较小的业者。新条例如果实施，财力物力有限的小公司恐怕得进行整合，否则可能被淘汰。

　　政府国会交通委员会主席林伟杰医生（三巴旺集选区议员）受访时说：“新条例将提高德士经营门槛，现有的小公司如果也得遵循，它们别无选择，只能进行整合，唯有这样才能取得规模经济效益。”

　　他说：“市场有几个较大的业者，总好过有许多小业者，这样才较容易确保德士遵循服务准则，达到规模经济效益。德士公司的工作并不只是出租德士而已，而是要确保司机提供良好服务，能应付电召需求等。”

　　李德纮说：“新加坡的德士并非不足够，只是存有供求不均的问题。小公司其实可进行策略联盟，使用单一的电召配对中心，不但能分担成本，也比较有能力同康福德高分庭抗礼，乘客也比较容易订到车。”

更正: 吴作氡

2011-01-16T20:06:00.000+08:00

更正
（2011-01-15）

本报昨天第17版的“李资政吁莱佛士书院保留收生不问出身传统”新闻中，把国务资政吴作栋名字误写为“吴作氡”。　　

另外，第35版刊登的“我国消费税可能调高到10%”一文，两个新闻人物的照片说明颠倒，左边应该是杨开荣，右边应是蓝国城。特此更正。

Terciary Education to Cost More

2011-01-15T19:48:00.002+08:00

Tertiary education to cost more

2011-01-15T19:22:00.002+08:00

Tertiary education to cost more

05:55 AM Jan 15, 2011

by Alvina Soh and Tan Qiuyi

SINGAPORE - Tertiary education in Singapore is going to cost more.

On Friday, all three universities, five polytechnics and the Institutes of Technical Education (ITEs) announced their latest round of fee hike, which will be applied to this year's incoming cohort.

As with previous rounds, the hike will be higher for foreigners and Permanent Residents in line with the Government's policy to sharpen differentiation between citizens and foreigners.

University fees have been increased almost yearly since 1991, when the Government announced that it would have more frequent but smaller fee increases rather than a hefty hike every few years.

For polytechnics and ITEs, the latest hike will be the third in five years and the second in consecutive years.

Singaporean undergraduates at National University of Singapore (NUS) and Nanyang Technological University (NTU) students will pay either 4 or 6 per cent more - or between $280 and $540 more - depending on their courses. The hike at Singapore Management University (SMU) is slightly lower, at a flat 3 per cent.

At NUS, the highest increases will be for architecture, business, law, music, nursing and pharmacy undergraduates. At NTU, fees for business courses will go up the most.

The five polytechnics will raise their fees by 2 per cent for Singaporean students while at the ITEs, Singaporean students will pay $10 more for their Nitec and Higher Nitec courses.

Pakistani Salman Zaheer, who is studying banking and finance at Nanyang Polytechnic, was unhappy about the higher increase for foreign students. Adding that he might consider going elsewhere to further his studies, he said: "We are already paying much higher (fees) than locals here."

Singaporean Praveen Raj, who is also studying at Nanyang Polytechnic, said he felt that the continual increase could pose a problem for future batches of students.

A family MediaCorp spoke to said they had factored in fee hikes before their son, who is 19, enters university. His parents said they have been saving for his education since he was a year old.

Said the father, Mr Sunny Ong: "If we have problems paying the fees, we can get a bank loan or use CPF. We also hope that our universities can compete globally ... so foreign students will want to study here."

Incoming post-graduate Singaporean students at NUS and NTU will pay 6 per cent more in fees, with the exception of the nursing post-graduate programme. Their fees will increase 3 per cent each year for the remainder of their course duration.

Existing post-graduate NTU and NUS Singaporean students will also see an annual 3 per cent increase for the remaining duration of their respective courses.

For SMU, there will be no change in fees for its research programmes at the Masters and PhD levels.

The tertiary institutions said they will ensure that there are sufficient financial assistance schemes in place so that no student admitted will be denied the opportunity of an education because of financial difficulties.

URL http://www.todayonline.com/Singapore/EDC110115-0000227/Tertiary-education-to-cost-more

Corruption - Man jailed 10 years over SLA scam

2011-01-15T19:14:00.002+08:00

Man jailed 10 years over SLA scam

Former swimming instructor first of 8 to be dealt with

05:55 AM Jan 15, 2011

by Ng Jing Yng

SINGAPORE - Former swimming instructor Ho Yen Teck, who had conspired with two former Singapore Land Authority (SLA) senior executives to cheat the Government of $12 million, was sentenced to 10 years' jail on Friday - becoming the first of eight men involved in the scam to be dealt with by the courts.

Ho had pleaded guilty last month to 21 charges of conspiring with the SLA's former deputy director Koh Seah Wee and former manager Christopher Lim Chai Meng.

Ho had set up seven bogus companies which put up fictitious tenders for goods and maintenance services in the Government's procurement portal, GeBiz, although these were not needed.

The companies - out of 10 in all which were involved in the scam - received $9.8 million from the SLA with Ho allegedly pocketing $200,000. Ho made partial restitution of $59,590.

His lawyer, Mr Jackson Eng, had argued in court that Ho was just a puppet.

Mr Eng reiterated on Friday that Ho played only a minor role. In his client's mitigation plea, Mr Eng said that Ho, who has a young daughter, agreed to be part of the conspiracy due to financial difficulties and medical problems.

In sentencing, District Judge Jasvender Kaur noted that Ho did not receive a substantial share of the money and was a first offender.

But the judge pointed out that Ho had agreed to set up the companies despite knowing that they would be used for fraud.

She reiterated that Ho had "cheated a public institution of what the prosecution described as an astronomically large sum of public funds".

As Ho's role "was not one of a puppet", a deterrent sentence was necessary, the judge said.

Referring to the scam's alleged masterminds, the judge added: "They would not be successful without your participation and active facilitation."

Koh and Lim, who are both in remand, face 372 and 309 charges, respectively.

Their cases have been moved to the Supreme Court following an application by the prosecution.

A similar application was made in 2004 against Chia Teck Leng, the former finance manager of Asia Pacific Breweries, who was accused of cheating several banks of $117 million by creating fictitious and forged documents in the company's name. Chia was subsequently sentenced to 42 years in jail.

URL http://www.todayonline.com/Singapore/EDC110115-0000195/Man-jailed-10-years-over-SLA-scam

起诉商人追讨佣金经纪败诉须退还16万元

2011-01-15T06:48:00.002+08:00

起诉商人追讨佣金经纪败诉须退还16万元

（2011-01-14）

● 傅丽云
　　从事钢铁业的商人何侨生，三年多前以3850万元"扫"下整栋豪华公寓的11个单位后，被房地产女经纪指拖欠三分之二的佣金。何侨生坚称从没答应过要付佣金，而他较早付的16万余元是预支给女经纪的贷款，女经纪理当归还这笔钱。

　　经4天审讯，高庭法官李兆坚认为女经纪证词不可靠，并以房屋经纪向买家收取佣金很不寻常、女经纪的"故事版本"因此甚为罕见为由，判女经纪败诉，令她退还原先收取的16万余元"佣金"，以及偿还何侨生的讼费。

　　追讨贷款反诉成功的何侨生（65岁）是在2007年10月，买下纽顿路一带一个新的公寓项目Three Buckley
Residences。这个永久地契项目，只有一栋大楼。

　　起诉人胡双美（Agnes Foo，45岁）三年前接受报章访问时称，因成功卖出这项目，她从发展商和买家那里各获得约40万元的佣金，买家还送她一辆23万元的跑车答谢她。

　　何侨生接受本报访问时，一口否认送过车子给起诉人。他透露，公寓已于去年9月完工，目前租出，正等待买家，"希望有人可以一次过买下。"

　　起诉人原为一家房地产买卖公司的助理经理，现已离职，本报昨天无法联络上她。

　　根据李兆坚法官日前发表的书面判决，起诉人称何侨生同意付她43万7870元的佣金，却只付了16万6000元，因此还欠她约27万1913元。

　　不过，何侨生的说法是，他买公寓时女经纪帮他减价，省了146万元左右。女经纪后来确定已为他找到买家，他因此同意如果转售成功，就会支付女经纪相当于他所省的146万元的30%的佣金，即44万元左右。

　　2007年5月，当时负责公寓项目融资的大华银行助理副总裁刘雷，通知起诉人该项目即将登场，起诉人要促销的话行动必须快，因为发展商将委任独家代理人。

　　起诉人通过父亲，认识何侨生的哥哥何龙星。后者同意帮忙穿线，但起诉人须付他佣金。

　　2007年9月，何侨生签订买卖合约。那年12月和隔年9月，他分别支付了14万6000元和两万元给起诉人，不过诉辩双方对这两笔钱各有说词。

　　起诉人声称，她成功把每平方英尺1650元的价格，减至1550元；刘雷后来也协助何侨生，把100万元的印花税减至77万元。她为何侨生省约146万元，后者同意支付这笔钱的30%。

　　2007年11月，起诉人以刘雷和何龙星催促她还佣金，要求何侨生预付三分之一的款项（14万6000元）。尽管她多次要求对方偿还剩余的佣金，对方迟迟不给，约一年后，何侨生才给另两万元。

　　何侨生则表明从没作出上述佣金的承诺，并认为这是很荒谬的说法，因为起诉人将从发展商那里获得佣金。而起诉人声称会不费力气，以较高价将公寓转售出去。基于这理由，他才同意如果转售成功，就会支付那30%的钱。

　　针对第一笔款项，他说，起诉人于2007年12月要求他预付佣金，因为她必须支付介绍房产给她的人，还声称已找到一个买家，交易就快到手。

　　因起诉人的这番话，他才答应先把钱垫出，并认定如果交易失败，起诉人就会退钱。至于第二笔款项，他说，起诉人打电话给他，要求再预支4万元给她偿还一些开销，还一再表明已找到买家。但他只给两万元。

　　针对起诉人说何侨生在还未获得选购权前，曾口头承诺付她佣金，法官认为，当时何侨生只是在考虑，还没形成合约，单单这点就对何侨生有利。何侨生的代表律师是许廷芳。

　　法官也指出，起诉人在受盘问时如果觉得难以招架，就会倾向改变证词，显示证词不可靠，而何侨生指他以为女经纪会从卖方那里得到佣金的说法较让人信服。

　　法官说，从还没到手的收益来看，女经纪要的佣金占整栋公寓3850万元买价的1.14%，算是相当高的。而何侨生说女经纪向他确保已找到买家，他才同意在成功转售后支付佣金，这样的说法较符合商业的实际运作。

news Price hike 2008

2011-01-06T21:06:00.002+08:00

News in 2008.

In 2010 it is still the same news.

彭飞 - 过满

2011-01-06T20:00:00.002+08:00

德士难等

2011-01-04T20:05:00.005+08:00

德士执照会被吊销

2011-01-04T20:05:00.004+08:00

History - The end of Kodachrome

2011-01-04T20:00:00.002+08:00

蔡恩来 - 很后悔没学好华语

2011-01-04T09:09:00.002+08:00

Business Times - 20101227 - Souring of an apple juice maker - 新湖滨控股: 发酸的苹果汁

2010-12-29T07:31:00.002+08:00

http://www.businesstimes.com.sg/sub/companies/story/0,4574,419126,00.html?

Published December 27, 2010

UNTICKING THE BOX

Souring of an apple juice maker

The debacle that is New Lakeside Holdings holds many corporate governance lessons for regulators, auditors and directors

By MAK YUEN TEEN

THE recent news that New Lakeside has gone into judicial management marks the beginning of the end for what must be a contender for the worst listing on the Singapore Exchange (SGX), based on the sheer number of corporate governance issues that have plagued the company since its listing. In this commentary, I will focus on those issues relating to internal controls, financial reporting and auditing.

New Lakeside Holdings is a producer and seller of apple juice with its operations based in China. It was incorporated in Singapore and is therefore subject to Singapore's Companies Act. It was listed on Sesdaq in March 2004.

Just months after it was listed, it reported an unexpected half-year net loss of 9.4 million yuan (S$1.84 million). After it was criticised for not issuing a profit warning, it was reported that the losses were only discovered four days before the results. If this was true, it was an early warning sign that the company did not have a proper internal reporting system in place, including the provision of timely management accounts to the board.

The independent directors ordered a special audit that reportedly discovered irregularities relating to revenue, costs of goods and receivables, suggesting poor internal controls, which affected financial reporting. The service agreements of the managing director (MD) and chief financial officer (CFO) were terminated, but the MD was later reinstated and a joint-MD was appointed. Both MDs were substantial shareholders and controlled the company, so the independent directors were really in no position to overrule them.

Profit warnings became regular affairs. The company issued profit warnings in July 2005, January 2006 and July 2006 in anticipation of half-yearly and annual losses. Things appeared to improve somewhat between the second half of 2006 and the middle of 2008 - when it reported half-yearly and annual profits - before the profit warnings started again. However, no reliance can be placed on the reported results because of the poor internal controls and the lack of clean external auditors' reports during its entire period of listing. In any case, it later issued another three more profit warnings and did not report any profits again.

In April 2005, when the company reported a net loss of 3.1 million yuan for FY2004, the external auditors, Moore Stephens, issued an opinion with an emphasis of matter relating to trade debtors of 7.3 million yuan which had been outstanding for more than a year.

Qualified opinions

The auditors stated that the trade debtors had been reduced to 4.4 million yuan at the date of the auditors' report. However, in April 2006, the new auditors, TeoFoongWongLCLoong, stated that no receipts had in fact been received from specific trade debtors and, therefore, the directors had made provision for the full amount. They also qualified their opinion for FY2005, citing going-concern issues and their inability to form an opinion on the existence of inventories which were written off, write-off of freight charges and validity and treatment of certain expenses.

In April 2007, Baker Tilly also qualified their opinion, citing going-concern issues and inability to verify unaudited management accounts of subsidiaries, which had been disposed of during the year. In October 2007, the company announced a change in its financial year-end from December to June, and its next set of accounts issued in October 2008 were again qualified by Baker Tilly, this time citing their inability to verify financial guarantees given by a subsidiary and the recoverability of sundry receivables. Their report also contained an emphasis of matter relating to the company's ability to meet its financial obligations.

In April 2009, the company announced its plan to change its auditors to MGI Singapore PAC, citing cost reasons, but later appointed LTC instead. In October 2009, the company reported a net loss of 84.9 million yuan. This time, the external auditors' opinion contained only an emphasis of matter, albeit an important one relating to 'material uncertainty which may cast significant doubt about ability to continue as going concern'.

However, in September 2010, LTC informed the audit committee chairman that fraudulent representations may have been made in the course of the 2009 audit and therefore their audit opinion for 2009 could no longer be relied upon. LTC also made a report to the Minister of Finance.

In December 2010, the company announced that a special audit by Stone Forest Corporate Advisory found serious lapses and deficiencies in internal controls and corporate governance that, among other things, led to a failure to comply with SGX listing rules, improper accounting treatments and non-compliance with the Companies Act provisions in relation to accounting standards and the presentation of a true and fair view.

Some of the findings in the special audit were particularly serious, including alleged cover-up of certain liabilities. Based on the history of the company, the findings of the special auditor were hardly surprising.

The New Lakeside case raises a number of issues relating to regulation in Singapore and the actions (or lack thereof) of regulators, external auditors and directors.

Let me start with regulation. Section 199 (1) of the Companies Act states: 'Every company and the directors and managers thereof shall cause to be kept such accounting and other records as will sufficiently explain the transactions and financial position of the company and enable true and fair profit and loss accounts and balance-sheets and any documents required to be attached thereto to be prepared from time to time, and shall cause those records to be kept in such manner as to enable them to be conveniently and properly audited.'

In addition, Section 201 requires the profit-and-loss accounts and balance sheets of the company and group to comply with accounting standards and to present a true and fair view.

Regulation gap

Given the serious concerns raised by the auditors, especially those related to their inability to verify transactions, can the company be said to have complied with the Companies Act, notwithstanding the statement in the auditors' reports that the accounting and other records required to be kept are properly kept in accordance with the provisions of the Act?

While the introduction of XBRL (eXtensible Business Reporting Language) reporting has improved the reporting of audit qualifications to the Accounting and Corporate Regulatory Authority (Acra), there is a need to consider more timely regulatory intervention when audit opinions are qualified, especially when they involve significant internal control and accounting-related issues.

It seems counterintuitive that we have a regime that legally mandates compliance with accounting standards, yet a company is allowed to have a qualified auditors' opinion relating to significant accounting-related issues without the company being expected to address these issues in a timely fashion - let alone three successive qualified auditors' opinions.

While the SGX listing rules require an immediate announcement if the auditors' opinion of an issuer includes any qualification or emphasis of matter, they do not include specific requirements to address the issues raised by the auditors. In contrast, under Bursa Malaysia's listing rules, issuers that receive an adverse or disclaimer opinion from the auditors, or a modified opinion with an emphasis on the issuer's going concern and where consolidated shareholders' equity of the issuer is 50 per cent or less of its issued and paid-up capital, must undertake a regularisation plan to resolve the problems and announce such a plan.

Failure to meet the requirements prescribed by Bursa Malaysia may result in suspension or delisting, or both (readers interested in further details can refer to paragraph 8.04 and practice note 17 available on Bursa Malaysia's website).

Let's now consider the external auditors. I think Baker Tilly (including its predecessor) had acted admirably in issuing three successive qualified opinions before it was replaced. Since the company had three successive qualified opinions, the company must be a particularly risky client for LTC - which took over as auditor in 2009 - although I would expect that LTC would have client acceptance procedures in place and would have done a proper risk assessment.

The company had publicly stated that it was changing auditors for cost reasons. From the last published annual accounts under Baker Tilly, the audit fees were 47,000 yuan paid to 'auditors of the company' and 118,000 yuan for 'other auditors'. Unfortunately, the company stopped disclosing audit fees after it changed auditors, and therefore it was not possible to know how much audit fees it 'saved'.

This raises a general question for auditors: Is there always a 'clearing price' where there would be a willing buyer (company) and seller (auditor) for external audit services, even though there are strict professional and ethical standards for auditors? While I have seen questionable companies changing auditors - sometimes rather regularly - I have never seen one that is unable to find a replacement auditor.

Finally, the actions of the independent directors in 2004, when they responded to the surprise loss by commissioning a special audit and seeking to terminate the service contracts of the senior executives, were commendable.

Board inaction

However, one must question how the board could allow poor internal controls and accounting-related issues to persist over such a prolonged period. Audit committee members and directors should ensure that issues giving rise to emphasis of matter or qualification in the auditors' reports are promptly addressed.

Furthermore, shouldn't the directors be concerned that the company could have been insolvent or facing insolvency with the going concern issues raised by the external auditors, in light of the Companies Act provisions on trading while insolvent?

For the last few years, wasn't it a bit like driving when all the dashboard indicators were not working, and one did not know how fast one was going, whether the engine was overheating, and when the petrol (or apple juice in this case) ran out?

I believe that there are many lessons that regulators, auditors and directors can learn from the New Lakeside case.

The writer is associate professor of accounting at NUS Business School, where he teaches corporate governance and ethics

Woman suffers liver failure after taking pills

2010-12-21T18:37:00.002+08:00

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RIP Michael Yeo Yew Heong - 20101205

2010-12-21T18:34:00.002+08:00

RIP Kwa Geok Choo (Mrs Lee Kwan Yew) - 20101002

2010-12-21T18:31:00.002+08:00

Fwd: Google Alert - prostate

2010-12-20T07:48:00.002+08:00

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Medicare to provide well visits
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RIP Michael Yeo Yew Heong - 20101205

2010-12-19T06:47:00.002+08:00

七成新加坡人退休后钱不够用

2010-12-18T21:33:00.002+08:00

Dr Lee Wei Ling - A true-blue Singaporean's view of China

2010-12-18T20:46:00.002+08:00

21 make it to Indonesia's billionaire club

2010-12-18T20:31:00.002+08:00

End of a street - Wallich Street

2010-12-16T21:32:00.002+08:00

Wallich Street is named after Dr Nathaniel Wallich of the Calcutta Botanic
Gardens who established the first gardens in Singapore. Dr Wallich also
served as Superintendent of the Botanic Gardens at Fort Canning which were
discontinued in 1829.

Favorite gathering place for cabbies will soon be gone - 20101216

2010-12-16T20:52:00.002+08:00

Work begins to construct carpark fee gantry at Havelock Road Food Centre.

Cabbies will have to move to other location.

Illegal advertising - Toa Payoh Lor 6

2010-12-16T20:35:00.002+08:00

Aged 55? Sorry, no credit card for you

2010-12-16T18:06:00.004+08:00

The Straits Times
www.straitstimes.comPublished on Dec 13, 2010

Aged 55? Sorry, no credit card for you

THE Government is encouraging senior citizens to keep working, yet banks are placing an age limit on credit card applications.

I am a 55-year-old human resource professional and I have been rejected twice by HSBC when I applied for a credit card.

Two months ago, I was at Dhoby Ghaut MRT station and was approached by an HSBC promoter to sign up for a credit card. When she asked for my identity card and saw my age, she said I did not qualify for the card.

When I asked why, she would say only that she had been instructed by management not to accept anyone in my age group.

The same thing happened with another HSBC promoter a month later at International Plaza.

I am disappointed with HSBC's attitude. People in my age group are working professionals and I do not see why we are not eligible for credit cards.

Too old for credit card?

2010-12-16T18:06:00.003+08:00

Aged over 60? Sorry, no loan for you

ST Forum Updated today at 06:00 AM

I REFER to Ms Tang Lye Kuen's letter on Monday ('Aged 55? Sorry, no credit card for you').

I am a senior citizen who is gainfully employed. My credit rating with the Credit Bureau (Singapore) is in the pink.

So, when I read a POSB advertisement offering cash loans for those with a minimum annual income of $30,000, I visited the nearest branch at Toa Payoh Hub to apply for it.

Midway through the application process, the young POSB official who was assisting me informed me that I was ineligible.

The reason: I was more than 60 years old.

I checked the ad again. Nowhere did it state that an applicant who was older than age 60 did not qualify.

Surely, the prime concern of a bank in granting me a loan should be my ability to service it, and not my age.

By way of explanation for not being alert to the possibility that I was too old to qualify for the loan, the official said I didn't look a day older than 55.

I am keen to have a clear answer from banks on how they decide on eligibility in granting loans and credit cards, especially when it involves older workers and senior citizens who have the means to pay up - and that, too, consistently.

Fong Cheng Cheong

Rising Coffee Prices

2010-12-16T07:39:00.001+08:00

From iTODAY:That cup of coffee is going to cost you more

Leong Wee Keat Dec 16, 2010 6:00

Coffee outlets set to raise prices as costs rise

SINGAPORE - Enjoying your cup of coffee at a neighbourhood store could cost more in the coming months, with prices of some brews going up by some 15 per cent.

Ya Kun Kaya Toast, which runs 37 outlets islandwide, will increase prices by 20 cents this month.

The chain last increased prices in February 2008 and described its latest price revision as "inevitable". "Operating costs and raw materials costs have been steadily increasing," said a Ya Kun spokesperson in response to MediaCorp's queries.

Meanwhile, chain-operator Killiney Kopitiam said raw material costs - including sugar and coffee powder - have seen "a significant increase of 60 per cent and above". But Killiney, which has 26 outlets, has no plans to raise coffee prices just yet.

High-end cafes Starbucks and Spinelli, too, are also keeping close tabs on soaring commodity prices, while maintaining their prices for now.

Global coffee bean prices rose sharply last month with the monthly average of a composite indicator hitting 173.90 US cents ($2.2866) per pound compared to 161.56 US cents in October, according to the International Coffee Organisation (ICO).

"This November monthly average was the highest recorded since May 1997," the ICO added in its monthly report.

Industry observers expect bean prices to continue rising in the coming months. They cited adverse weather conditions that have affected harvests in Indonesia, Vietnam, Colombia and some Central American countries.

Locally, rising utilities, rental and manpower costs have hit smaller retailers hard, said chairman of the Kheng Keow Coffee Merchants Restaurant and Bar-Owners Association Thomas Foo. He said some members have told him they are likely to increase prices. While the association does not set pricing guidelines for its 300 members, Mr Foo expects some to raise coffee prices by 10 to 20 cents before February's Chinese New Year.

But small retailers in heartland markets appeared wary of higher prices for fear of driving their customers away. "Increasing by even five cents is also troublesome as we will have to keep five cent coins for change," said one retailer.

Toa Payoh stallholder Richard Teo makes up for the rising costs by trying to sell more drinks. "But if our costs keep rising, increasing prices may be the only way for us to survive," said the 46-year-old.

Coffee drinkers appeared resigned to paying more for their daily cuppa. Insurance agent Dennis Lim might switch from drinking premium coffee at high-end joints to cheaper alternatives if prices go up steeply. "We don't have much choice. We need drinks to go with our food when eating out," said the 40-year-old.

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iTODAY: That cup of coffee is going to cost you more

2010-12-16T07:17:00.001+08:00

From iTODAY:That cup of coffee is going to cost you more

Leong Wee Keat Dec 16, 2010 6:00

Coffee outlets set to raise prices as costs rise

SINGAPORE - Enjoying your cup of coffee at a neighbourhood store could cost more in the coming months, with prices of some brews going up by some 15 per cent.

Ya Kun Kaya Toast, which runs 37 outlets islandwide, will increase prices by 20 cents this month.

High-end cafes Starbucks and Spinelli, too, are also keeping close tabs on soaring commodity prices, while maintaining their prices for now.

"This November monthly average was the highest recorded since May 1997," the ICO added in its monthly report.

Get iTODAY on your iPhone for free by visiting http://www.todayonline.com/iTODAY/iphone

iTODAY: Ex-instructor pleaded guilty to SLA scam

2010-12-16T07:10:00.001+08:00

From iTODAY:Ex-instructor pleaded guilty to SLA scam

Teo Xuanwei Dec 16, 2010 6:00

SINGAPORE - Former swimming instructor Ho Yen Teck yesterday became the first out of eight men facing the rap in the multi-million dollar Singapore Land Authority (SLA) scam to plead guilty.

Ho, who faced 195 counts of conspiring with ex-SLA officers Koh Seah Wee and Lim Chai Meng to cheat the Government of $9.8 million between January 2008 and March this year, pleaded guilty to 21 counts.

District Judge Jasbendar Kaur convicted Ho and took the remaining 174 charges into consideration for the purposes of sentencing.

The court also heard that Ho, 31, only pocketed $200,000 despite his major role in the ruse, according to court documents.

The rest of the money went to the alleged masterminds, Koh, 40, and Lim, 37. The pair were respectively the deputy director and manager of SLA's technology and infrastructure department at that time.

The modus operandi of the ruse allegedly involved Koh and Lim putting up fictitious tenders for goods and maintenance services in the Government's procurement portal, GeBiz, although these were not needed.

In most cases, Lim allegedly even obtained the IDs and passwords of the conspirator "vendors" in order to submit the lowest bids on their behalf, so that the bogus contracts would be awarded to them.

Goods and work were never delivered but still the two officials are said to have prepared false invoices for payment by the SLA's finance department.

Koh and Lim are accused of awarding 237 bogus contracts with a total value of almost $12.2 million to 10 companies in this way.

Seven of these 10 companies - including MSB Technology and Services, Alpha Technology and Services, and JW Technology and Services - belonged to Ho.

So far, police have recovered cash and assets worth about $10 million.

HOW IT BEGAN

The court heard that Ho got to know Koh sometime in 2006 when the latter became his student.

About a year later, Koh asked Ho whether he wanted to earn some money by bidding for IT projects with the SLA.

He allegedly told Ho he would arrange for contracts to be awarded to him and give him a cut of the payment made by the SLA thereafter.

Ho agreed and subsequently set up his seven shell companies.

Whenever money was paid into his companies' accounts, Ho would be instructed to withdraw specified sums and hand over the cash to Koh. He kept the rest.

Ho will be sentenced on Jan 7 next year. For each offence, he faces imprisonment of up to 10 years and a fine.

The cases of Koh and Lim, who face 302 and 309 charges respectively, will be heard in court again next week.

The pre-trial conferences of the other five businessmen embroiled in the scam will be heard in January.

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Illegal advertising by tutor - Yew Tee MRT - 20101210

2010-12-12T22:55:00.002+08:00

Illegal advertising by tutor - Yew Tee MRT - 20101205

2010-12-12T22:54:00.002+08:00

Illegal advertising by tutor - Clementi Bus-stop - 20121209

2010-12-12T22:51:00.002+08:00

Advertising by tutor - Bedok Bus Interchange - 20101212

2010-12-12T22:50:00.002+08:00

For Cellphone Users, A New Wake-Up Call

2010-12-07T22:46:00.002+08:00

Stadium MRT Footpath

2010-12-07T21:52:00.002+08:00

There is a concrete footpath about 20 meters away, but people young
and old still prefer the shortest route between two points - Stadium
MRT Station and Kallang Leisure Park.

Singapore Newspaper Clippings

nantah - $30m Donation

LKY - Nantah - Failure from the start

RIP - Steve Jobs - 20111006

TSS Newsletter - 07/2011

PM: Saving dogs and catching stray cats - Singaporeans should do more ...

Cabby in court

Accident - taxi

中国墓地炒作成风

怀念梁荣平老师

曾渊沧讲座

Who is the spy?

Lightning warning?

Sudden death - Cabby

Radio and TV Licenses Abolished

Thank you good cabby

RIP Ng Seng Joo 黄承裕 TSS

Thanks to good cabby

Paris death salon shows life in funeral industry

Police car hit my taxi, drove off: Cabby

In memory of a father

RIP Suicide and Murder

End of An Trade Association 百年公会沙藤行走入历史

China funeral news

Genting taxis strike

Taxi accident

ComfortDelgro net profits rise 4.1% in 2000

Singapore WWII Memorial

Hong Kong Taxi License

Cabby murdered by Chinese technician

Vegetables Prices Increased

RIP Charlie Chia Cheng Guan

吴资政：对不买房不买车的人 通涨率仅2%至3%

RIP 陈仰成

RIP Ng Seng Joo 黄承裕 2011-04-10

精通华文人才 更抢手薪金更高

Funeral Industry - 墓地价格一路看涨 普通民众“死不起”

Adding cabs and raising fares won't solve erratic service

印尼要发展廖内省成新加坡蔬菜供应地

中医师：针灸不是安慰剂

No chance of a job, for she's above 60

Raise cheap fares to help taxi drivers

姚忠在 - 没话说

不等退休

Cabby charged with theft of haversack

德士司机坐牢两个月

华义中学校友会

德士司傅读书会

Indonesia Kopi Luwak

吴资政开玩笑？

Cabby charged with theft of harversack

韩山元 - 人生的闭幕

Andy Ho - Pinning down acupuncture: It's a placebo

南大第一届历史地理系毕业生聚会 - 阔别50载喜相逢

RIP 陈世集 20110129

Plastics more pricey as cost of oil surges

Google graphic - Brancusi

Tertiary education to cost more

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更正: 吴作氡

Terciary Education to Cost More

Tertiary education to cost more

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德士公司经营门槛或大幅提高规模较小业者可能遭淘汰或被迫整合

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