2018 ●●Singapore Failures 新加坡的失败 ...55 Pages with Real facts and picture
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SINGAPORE - A former assistant manager was linked to a ruse that defrauded a construction services company of more than $10 million and a district court heard that her role in it accounted for about half that total amount.
For her role in the scam, Ng Shu Jun, who worked in asset management at UE ServiceCorp Singapore - a subsidiary of United Engineers Limited (UEL) - received more than $100,000.
Ng, 30, was jailed for three years and nine months on Tuesday (Dec 4) after pleading guilty to five counts of engaging in a conspiracy to commit cheating
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Why did Singapore allow Noble to get away with it for so long? One explanation comes from looking at the nature of the rest of the exchange.

Go through the 45 companies that comprise about 80% of the market capitalisation on the Singapore exchange and one fact immediately jumps out: All but four are either controlled or have significant ownership stakes held by a small number of families and the government.

More than half of that market capitalisation belongs to government-owned investment company Temasek Holdings Pte and Jardine Matheson Holdings Ltd, a Hong Kong-British trading company whose origins date back to the 19th-century Opium Wars. Another quarter has significant control from the Lee and Wee families, founders of Oversea-Chinese Banking Corp and United Overseas Bank Ltd. A further 10% goes to other Asian tycoons, such as Robert Kuok, Lim Kok Thay and Charoen Sirivadhanabhakdi.

For a country that cherishes its self-image as a meritocracy, a market that is sewn up between a few family dynasties and the state is not a good look. It is also a long-term worry given that the country has one of the world’s largest pension pools and a fast-ageing population. It is hard to be confident that companies will do what is best for all shareholders in the long term when owner-managers are so often in charge.
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