PM on NKF saga The Straits Times 16 Jul 05

pisces8 SG

PM on NKF saga The Straits Times 16 Jul 05

He did not know what happened in the past, but obviously, the checks and balances didnt work.

Mr Lee said he could understand how NKFs donors would feel upset.

He said the public had to understand that large charities need strong management, and the right people cannot be expected to work for free.

They have to be rewarded properly, at a level the board must decide.

He said transparency is an issue for a charity because it receives donations.

The problems faced with the MLM and NM Companies are similar to what happened to NKF. Although on a smaller scale, it warrants attention from the highest Authority. PM Lee may not know this problem in the past but he need to be informed. One of the ways is to send a petition to SPH to seek their attention and publish their findings in our National Newspaper. Another way is send a petition directly to PM Lee. What say you?

dibilo SG

i don’t know about that but do all ceos get 12 months bonus?

pisces8 SG

PM Lee said the public had to understand that large charities need strong management, and the right people cannot be expected to work for free.

They have to be rewarded properly, at a level the board must decide.

Not all CEOs get 12 months bonus. Their reward is decided by the Board Of Directors.

dragg SG

it is true that the board decides.

thats why we have the board removed!!!

Neutrend SG

LOL... NTI is a scamming company because of james phang, now, NKF is a scamming company becasue of dulai. Look, is it the company's fault? nope, it is the human fault. but not trully the top, because no supply no demand - no gulliable people, not scammer.

you choose to be, don't regret! you regret you path? choose the other, i remember nti profile have a page that shows 2 path:
1. the road to success
2. the ordinary path

sad to say, these road shouldn't be straight and not so general, choosing the 1st path doesn't mean choose nti, chosing the 2nd path doesn't mean you wont't get successful!

stellazio SG

NO,in fact this is the first time i’m hearing of a CEO who gets 12 months bonus.

Qitai SG

I have heard of non-CEO getting 24 months.

laurence82 SG

With regards to the topic per se, all i can say is, i am very serious when i mentioned SPH in some of the threads.

With the recent outrage over NKF, CAO, ACCS, Citiraya, the media focus on corporate governance and companies integrity is getting heavier.

With the Exclusion Order made to the MLM Act four years ago, the initial focus was on the direct selling industry as a whole. Now the focus has been specific, with them naming a few companies in last year article, such 35 (or 75, i cant rem the figures) complaints been lodged with CASE regarding some of Lux's practices.

Well... Cool

NAMELESS WONDER SG

imprisonment? Laughing

OldAhPek SG

ya... sole propriety (did i spell wrong?)

the only person who is a non-CEO and can get >24mth bonus
either because there is no CEO in that company
or he is the chairman

pisces8 SG

So you never heard of bonus of S$1 million straight!

leddy SG

there's such things an 1mil bonus la. maybe it's not common here coz our companies are so small...
look at Enron, their executives do get millions in bonuses. Like they are running a particular deal and they are entitled a bonus of say 1% of the deal which could be 1 million esp when the deal is $100mil.

pisces8 SG

It happened in Singapore for an executive in a GIC! Instrumental in acquiring some company M..... somethings. Eventually the company M.... failed. Burnt a hole in the pocket. Do not know what happened to the executive and his million bonus!

laurence82 SG

Look at the current situation.

The MLM is full of loopholes its like a leaking kettle.

People attention will start when they or their relatives fall victims to some scams.

People attention wane when they only heard, but never get involved.

So the scams have some free reign, continual supply of gullible victims.

The interesting thing is, and i made a bad prediction once, is that they dont close down. Most of these companies evolve over time.

Change name, change structure, change products, and bit of management.

Old hands know them, but not new fools.

So they continue their unethical practices, and the cycle continues.

sgboy2004 SG

so much for being financial hub...when so many loopholes are unpatched and unnoticed for a long time till a slip Sad

leddy SG

i believe in other countries, esp the bigger ones which have state laws and fed laws, even more loopholes.

sgboy2004 SG

but they never wanna claim the status of being a financial hub mah Very Happy

laurence82 SG

The police in the US was described as Pony Express when it comes to catching scams and fraudsters.

Nuthing surprising abt the Enron and Worldcom isnt it?