InfoAnda - Pasir Ris—Punggol Town Council says part of S$4m investment not written off

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Government Education Search Search: Pasir Ris—Punggol Town Council says part of S$4m investment not written off Channel NewsAsia - 1 hour 20 minutes ago SINGAPORE: Pasir Ris—Punggol Town Council said while it is looking at safer options for investing, it will also take into account what residents prefer. The town council had invested S$4 million in financial products linked to the now bankrupt US investment bank, Lehman Brothers. It said around half of the amount has not been written off. Speaking on the sidelines of a community event on Sunday, Pasir Ris—Punggol Town Council chairman, Ahmad Magad, said the council has been communicating with some residents who have asked about the investments. And going forward, it will listen to what residents prefer. Dr Ahmad said: "If they feel that the way forward is best for us to just park our funds in fixed deposits — that’s what we’ll do. But bear in mind that FDs will only give you minimal returns. At times, it doesn’t even cover inflation." He added that banks have informed the town council that as of end of October, its S$4 million investment still has a residual value of S$2.1 million. But he said he is not sure if the S$2.1 million can be recovered. "There is still residual value in our minibond investments. As of October 31, our banks have written to us indicating that the S$4 million that we have invested still has a residual value of S$2.1 million. So it’s not like it’s been completely written off," said Dr Ahmad. Defence Minister Teo Chee Hean, who is also one of the MPs for Pasir Ris—Punggol, said the town council had invested in the long—term interests of residents. "It’s quite unfortunate that this investment has turned bad, but we hope that over the long term, we’ll still be able to get a good return so that the sinking funds that we have will be able to do all the long—term maintenance that is necessary for the residents and we’re quite confident of that," said Mr Teo. Pasir Ris—Punggol is one of eight town councils which had invested a total of S$16 million in troubled structured products. — CNA/so Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Singapore Pasir Ris—Punggol Town Council says part of S$4m investment not written offChannel NewsAsia - 1 hour 20 minutes ago S$2 million set aside for inter—generational programmesChannel NewsAsia - 1 hour 47 minutes ago MediaCorp’s mocca.com organises motoring eventChannel NewsAsia - 2 hours 12 minutes ago Enlarged pupils in children could be a sign of glaucomaChannel NewsAsia - 2 hours 42 minutes ago 1 million more plants in South West district over next 10 yearsChannel NewsAsia - Monday, November 24 Enlarge Photo Pasir Ris—Punggol Town Council says part of S$4m investment not written off Most Popular – Singapore Viewed Merkel warns 2009 will be 'year of bad news' for economy Over 200 narwhal trapped in Canadian ice New strain of deadly Ebola virus discovered Wall Street plunges again as panic spreads Aussie mayor wins sexist 'award' for inviting ugly women to town View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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