Sitoh Yih Pin vs Chiam See Tong

Bryan Ti Facebook –  25 April 2012

‎Sitoh Yih Pin (STYP) and Chiam See Tong are arguing over the state of Potong Pasir TC’s funds when CST handed over as its Chairman.

STYP says he needs more years beyond 2014 to pay the total of $8.7m needed for the lift-upgrading programme. CST counters that he would have been able to accumulate the balance by 2014.

The last PPTC report under CST stated [1]: “During FY 2010/2011, we have achieved healthy surplus of $654,201 and the total accumulated surplus as at 31 March 2011 is at $3,616,955 which is by any standard commendable considering the size of our estate. The $3.6m of accumulated surplus achieved over the past five years is to ensure funds are available for LUP.”

PPTC’s surplus for FY 10/11 was $654k. And if PPTC only accumulated $3.6m over the previous five years, and all things being equal, it would have been unlikely to reach $8.7m by 2014 (ie. in three more years’ time).

Hence, STYP challenges CST: “If Mr Chiam insists he can pay for the lift upgrading as well as do all the necessary maintenance for this estate, please show me the installment plan.”

Ref[1]:http://www.potongpasirtc.org/usr/templates/images/annual_report_20102011.pdf

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