# AHPETC Statement Inaccurate and Misleading about DPM Tharman's Comments on Sinking Funds

- **Source:** Ministry of National Development
- **Published:** 2015-08-16T15:00:00.000Z
- **Author:** Ministry of National Development
- **Original:** https://www.mnd.gov.sg/newsroom/press-releases/view/ahpetc-statement-inaccurate-and-misleading-about-dpm-tharmans-comments-on-sinking-funds
- **Topics:** Government & Policy, Investment & Capital Markets

## Featured rationale

The funding obligations signal potential pressure on estate-management cash flow, which could affect planning for maintenance and essential services if not sustainably managed.

## AI summary

MND said AHPETC faced $18m in sinking-fund contributions due from July 2015 through April 2016, beyond outstanding FY14/15 obligations.

## Original article

1. Arising from the parliamentary debate on 17 Aug 2015, AHPETC released a press statement highlighting that 

(a) The Deputy Prime Minister and Minister for Finance Mr Tharman Shanmugaratnam had “claimed that even if the operating grant withheld by the Ministry of National Development (MND) for FY14/15 is paid in its entirety into AHPETC’s Sinking Funds, it would not be sufficient to comply with AHPETC’s sinking fund obligations for the financial year”; 

(b) AHPETC had made sinking fund contributions of $13.24m for FY14/15; and 

(c) AHPETC would more than fulfil its obligations to transfer Sinking Funds for FY14/15 if MND accedes to its request to deposit the entire grant of $7.2m into AHPETC’s Sinking Fund. 

2. AHPETC has simply misquoted DPM Tharman, and attributed to him statements he did not make. DPM Tharman did not make any statement on whether AHPETC could fulfil its obligations if the MND grant “is paid in entirety into AHPETC’s Sinking Funds”. Further, he did not refer to AHPETC’s sinking fund obligations for FY14/15, i.e. ending 31 March 20151. 

3. By focusing only on FY14/15, AHPETC has not provided the full picture. On top of the amount still outstanding from FY14/15, AHPETC also owes Sinking Fund $4.5m which was overdue since 31 July 2015. Another $4.5m will be due each quarter by Oct 2015, Jan 2016 and Apr 2016 respectively, totalling $18m. 

4. Furthermore, AHPETC tries to blame MND for its failure to make Sinking Fund transfers, but the High Court Judge noted that it was AHPETC who did not accept MND’s offer of grants in FY14/15 and “[i]f AHPETC has anyone to blame for failing to make the transfers on time, it was itself”. 

5. MND is prepared to disburse the S&CC grants in full to AHPETC and to accede to its unusual request for the full sums to be paid into its Sinking Fund account, rather than be split between its Sinking Fund and Operating Fund accounts in line with the TCs Act and Financial Rules. MND has asked AHPETC for its latest cash flow position, to assess the impact of AHPETC’s proposal on its cash flow position and its ability to sustain essential services to residents. MND made the offer of a half grant on 7 Oct 2014 and the full grant on 2 May, 15 Jun, and 6 Aug 2015. But MND never heard back from AHPETC. 

Issued By : MOF & MND

1 DPM Tharman had in his response to Ms Sylvia Lim in Parliament said “Even if you take into account MND’s grant which MND is willing to discuss with you, and you have part of the MND grant that has to properly go into the sinking fund and another part which goes into the operating fund, the amount that is owed to sinking fund from the operating fund will not be solved by MND’s grant. That is a more fundamental problem.”

## Chinese translation

> Translation model: grok_cli

### 阿裕尼-后港-榜鹅东市镇理事会声明对副总理尚达曼有关沉淀基金评论不准确且具误导性

1. 因应2015年8月17日的国会辩论，阿裕尼-后港-榜鹅东市镇理事会（AHPETC）发布新闻声明，强调：

(a) 副总理兼财政部长尚达曼先生曾“声称，即使国家发展部（MND）扣留的2014/15财政年度营运津贴全额拨入AHPETC的沉淀基金，也不足以履行AHPETC该财政年度的沉淀基金义务”；

(b) AHPETC在2014/15财政年度已缴付沉淀基金1330万元；以及

(c) 若国家发展部同意其要求，将整笔720万元津贴存入AHPETC的沉淀基金，AHPETC将足以超额履行2014/15财政年度转拨沉淀基金的义务。

2. AHPETC完全曲解了副总理尚达曼的话，并把其并未说过的话归咎于他。副总理尚达曼并未就若国家发展部津贴“全额拨入AHPETC的沉淀基金”AHPETC是否能履行义务作出任何声明。此外，他也未提及AHPETC在2014/15财政年度（即截至2015年3月31日）的沉淀基金义务。

3. 仅聚焦于2014/15财政年度，AHPETC并未呈现全貌。除了2014/15财政年度仍未结清的款项外，AHPETC还欠沉淀基金450万元，该笔款项自2015年7月31日起已逾期。另外各450万元将分别于2015年10月、2016年1月及2016年4月每季到期，合计1800万元。

4. 再者，AHPETC试图把未能转拨沉淀基金归咎于国家发展部，但高等法庭法官指出，是AHPETC不接受国家发展部在2014/15财政年度提供的津贴，而“若AHPETC要责怪任何人未能按时转拨，那也只能怪自己”。

5. 国家发展部准备向AHPETC全额发放服务与保育费（S&CC）津贴，并同意其不寻常的要求，将全数款项拨入其沉淀基金账户，而非按市镇理事会法令与财务规则在沉淀基金与营运基金账户之间分拆。国家发展部已要求AHPETC提供最新的现金流状况，以评估其建议对其现金流状况及持续为居民提供基本服务能力的影响。国家发展部于2014年10月7日提出半额津贴，并分别于2015年5月2日、6月15日及8月6日提出全额津贴。但国家发展部从未收到AHPETC的回复。

发布单位：财政部与国家发展部

1 副总理尚达曼在国会回应林瑞莲女士时表示：“即使把国家发展部愿意与你们讨论的津贴考虑在内，而国家发展部津贴中一部分须正当拨入沉淀基金、另一部分拨入营运基金，营运基金欠沉淀基金的金额也不会因国家发展部的津贴而解决。那是更根本的问题。”