Wednesday, November 4, 2009

HDB: So where the hell did the money go to?

According to CNA, HDB suffers S$2b Deficit [Link]

Holy shit, lesser mortals are now treated like idiots!

Nobody competes with HDB. It builds and sells thousands of units every year at hundreds of thousands dollars per unit. HDB takes a cut from resellers when resale flats are transacted. How can a monopoly with so much freedom and free-play (charging hapless HDB mortgagees any price it fancies) end up with such a shameless account of itself?

With all the "pow ka leow" - "control everything" and "pow chiak" - "sure win" position, who on earth would believe that they can end up with a S$2billion defishit.

I've no idea how they cook and audit the figures, if they are audited at all. If HDB can lose money, then pigs should fly. Singapore should score #1 in press freedom. There should be no kangaroos in Singapore Courts and no judges in Singapore Zoological Gardens. LKY was never a PM, SM or MM in control of Singapore. My mother should take over Her Royal Highness Elizabeth’s post as the Queen of England and I'll be reincarnated after I’m fed to the fish and return as the POTUS!

Unless, of course, HDB went on a gambling spree like Town Councils which dabbled in toxic Lehman Bros funds or "Ah Long" (lend) $$$,$$$,$$$ to GIC or Temasek and can’t get them to O$P$. (Owe Money, Pay Money!)

Bloggers are wondering if someone should bite the bullet and answer to this sickening joke and knives are pointing at Mah Bow Tan, Mintster of National Development. THen again, if Wong Kan Seng can still keep his job after Mas can Selamat Jalan to JB, I doubt Mah Bow Tan will lose his million-dollar-job.

Will the Singapore accountant-general or auditor-general comment or will this be another PM's "what to do, it happened" swept-under-the-carpet issue.

Or will we get another FM's "the public is interested but there in no reason to explain" to "we-can-walk-all-over-these-lesser-mortals-who-are-too-stupid-to-know-the-difference" kind of answer.

Who knows?



At November 4, 2009 at 3:18 AM , Anonymous Anonymous said...

Nice one Fish !

Come to think of it, I do not recall HDB incurring any kind of deficit when a crook like Teh Chiang Wan was at the helm.

Therefore Mr Fish, could this be Mah B T's 'mother of all' accounting systems that make Billions disappear ?

At November 4, 2009 at 3:34 PM , Anonymous Anonymous said...

Hi Mr. Fish

We shouldn't trust the HDB, neither should we trust their auditors. Anything is possible after hearing what the NKF auditors said after the NKF debacle. Nobody is responsible for anything in Singapore now, it seems.

They probably revalued their land cost at market prices for those new flats. The profit on revaluation of the land goes somewhere else.

The hand that makes the money, it is not on Singaporean's radar. The hand that loses the money, Singaporeans have to pay for it. It's a win win situation for them. Singaporeans are the suckers.

At November 4, 2009 at 4:47 PM , Anonymous Alan Wong said...

To create a surplus is quite difficult unless one has to cook up the books to account for the monies coming in. But to a create deficit, it's so much easier.

I do know for a fact that for many public listed companies, especially those foreign owned ones with multiple subsidiaries, need to present a set of figures that they would like their shareholders to see. They call it creative accounting whereby a whole series of internal charges flying in and out of their books to make the bottom line more presentable or less attractive depending on how their CEO wants to show them.

When there are so many other govt agencies like SLA, URA, LTA, ENV, chip etc. which can be instructed to chip in to build up the deficit, will we be any wiser if they do show us the figures ?

At November 4, 2009 at 6:10 PM , Anonymous Anonymous said...

Most of the money probably have gone to pay the Singapore Government for the high price of land the government charges HDB. Its just a transfer of profit between the left and right pocket so that HDB doesn't show a massive profit.

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At November 5, 2009 at 9:56 AM , Anonymous Anonymous said...

Mr Fishy, you're hilarious. LOL

At November 12, 2009 at 1:55 AM , Anonymous ConcernedCitizen said...

Hi Mr. Fish,

Good article. As far as I know, HDB buys land from SLA at market prices (which are simply prices determined by the Chief Valuer's office).

With the high price of land, HDB will have cashflow out from buying, but SLA will have cashflow in from selling, and also make a profit as land price has increased over the years.

SLA got a revenue of S$2billion to S$3billion from selling land to the public sector (which includes HDB) for FY08.

For the above, please refer to SLA's 2009 annual report, page 45, graph on top-right. The link is:

Thanks and keep up the good work!

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