Holland-Bukit Panjang and Pasir Ris-Punggol Town Councils invested a combined S$12 million using their sinking funds.
Going forward, the co-ordinating chairman of PAP town councils, Dr Teo Ho Pin, said future investments will remain diversified but will be on the conservative side.
Just like thousands of Singaporean investors who have lost money on failed Lehman-linked structured products, the Holland-Bukit Panjang Town Council may lose its S$8 million investment.
The town council invested 6.7 per cent of its sinking funds available for investment in Lehman Brothers' Minibond Notes, DBS High Notes 5 and Merrill Lynch's Jubilee Series 3 Notes.
Tuesday, November 18, 2008
To the folks who are running the town councils in Singapore: Your job is to control, manage, maintain and improve the common property of the housing estates, NOT to "gamble" Singaporeans' money in stocks, bonds and other financial instruments! If you have no idea what to do with that spare cash, please give them back to Singaporeans who really need them. From Channel NewsAsia:
Posted by I.Z. Reloaded at 7:58 PM
This work is licensed under a Creative Commons Attribution-Noncommercial 3.0 Singapore License.