Singapore’s former national shipping company, Neptune Orient Line (NOL), had just posted a S$86 million profit for the first quarter of 2017 – barely a year after it was sold by former army general Ng Yat Chung. Under the former SAF general, NOL made consecutive losses for four years and Temasek Holdings incurred a loss of at least S$1 billion in its sale in Dec 2015.
According to Reuters, French container shipping company CMA CGM posted on Friday (May 19) that NOL first turned profitable in the last quarter of 2016 with a S$45 million profit:
“A net profit of $26 million for the former NOL business represented a first quarterly net profit for NOL since 2011.”
Ng Yat Chung is a crony of the ruling party PAP government and after losing his CEO job selling NOL, he was made Executive Director of the Singapore Press Holdings (SPH), the national propaganda media in July 2016. SPH stock price lost over 30% of its stock value in the 10 months since Ng Yat Chung became its director.
Another high profile failure and sell-off of a successful company is SMRT’s CEO and former army general Desmond Kwek. The army general ran SMRT into losses and required bailout from the Singapore government, with the company nationalised by Temasek Holdings.
The current CEO of Temasek Holdings is the wife of Prime Minister Lee Hsien Loong, Ho Ching. Along with GIC under its chairman Prime Minister Lee, CEO Ho Ching’s Temasek Holdings posted record losses last year of S$24 billion.
Singapore may rank very well in international indexes of “perceived corruption”, but the country is soiled with cronyism and legalised corruption. Other army generals who attained important portfolios without merits include Minister of State Chan Chun Sing, Social and Family Affairs Minister Tan Chuan Jin and Education Minister Ng Chee Meng. Prime Minister Lee Hsien Loong himself was also a Brigadier General, and the youngest BG in the world.
Any individual who puts out accusations of cronyism against the ruling party PAP government in the fascist dictatorship will face jail term or be made a bankrupt. The government do not tolerate any form of criticism, and holds a strong grip on political power.