Singapore Inc. has again been shown to be a bunch of
virginal amateurs waiting to be raped by more experienced
entrepreneurs.
This is another display of callous attitude in not performing
due diligence, which seems to be the characteristic of the
Singapore Inc owned GLCs.
All the GLCs have operated in a protected environment under the
protective umbrella of the Ruling Party, which has largely
allowed Singaporeans to be subject to the dictates of Government
effort to privatise all the essential Public Services.
The pseudo privatisation of the various essential Public
Services in Singapore was merely to distance the
Singapore Government from being directly blamed for the
quality of these essential services - and create an image of the
Government being neutral in approving Price Increases for
these essential Services.
The entire privatisation effort of these essential
services is a sham as the lines of ownership can be traced
back to the Singapore Government.
With the familiarity in operating under such protected
environment, it is little surprise that the decision makers - of
Singapore Inc - believe that they can still operate in this
manner in other countries and ignore or circumvent regulatory rules
that protect the consumers.
It is clearly to the credit of the Third World Governments
of Thailand and Indonesia for establishing watchdog
agencies that prevent such monopolistic operators that do not
benefit the consumers.
Is this the reason for PM LHL protecting the GIC and Temasek
from being more open and accountable to anyone ?
{See the other thread concerning GIC.}
