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Man who paid for Tharman’s presidential campaign posters was arrested by CAD

An individual who financed Mr Tharman’s campaign posters was arrested in February 2022 after a MAS and CAD investigation.

Ng Kwan Meng, Taman Jurong Citizens’ Consultative Committee’s chairman, and four other Raffles Education Corporation directors were also arrested and later released on bail.

The investigation concerned Raffles Education’s disclosures about an Affin Bank claim against its subsidiaries, including Raffles K12 and Raffles Iskandar, which manage Malaysian schools.



SINGAPORE: After three presidential candidates successfully submitted their nomination papers on 22 August, they been actively campaigning before the cooling-off day on 31 August.

The trio of contenders includes Mr Ng Kok Song, the former GIC investment chief at 75; Mr Tharman Shanmugaratnam, a former senior minister of the People’s Action Party at 66; and Mr Tan Kin Lian, the former NTUC Income chief, also at 75.

In a swift display of campaign activity, posters and banners featuring Mr Tharman were observed adorning various locations from the afternoon of Tuesday, shortly after the successful nomination of the presidential candidates.

However, Redwire, a report by Redwire, an online media outlet, highlighted that an individual who had financed Mr. Tharman’s presidential campaign posters was apprehended in February 2022.

This followed an investigation conducted by the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD).

As per Ng Kwan Meng’s profile on Raffles Education‘s platform, Ng is also identified as the chairman of the Taman Jurong Citizens’ Consultative Committee.

In 2020, he was honoured with the National Day Award’s Public Service Medal (PBM).

However, the article highlighted that Ng, along with four other directors of Raffles Education Corporation, was arrested in February 2022. Subsequently, he was released on bail.

The investigation pertained to the company’s disclosures regarding a claim made by Affin Bank against specific subsidiaries of Raffles Education Corporation, including Raffles K12 and Raffles Iskandar, which oversees schools in Malaysia.

Affin Bank had filed a lawsuit against Raffles Education and its subsidiaries on May 27, 2021, demanding immediate loan repayment.

However, this information was only made public to shareholders two months later, on July 29, following SGX’s request.

This could potentially constitute a violation under Section 203 of the Securities and Futures Act, which considers withholding material information from shareholders at the time of occurrence as an offence.

Subsequently, Raffles Education Corporation released a statement stating:

“The Board wishes to further update that the Company and the Borrowers have reached a settlement with Affin Bank on the amicable resolution of the matters under the Writs and understand that the Writs will be withdrawn upon the formalisation of such resolution.”

In response to the incident, Mak Yuen Teen, an accounting professor at the National University of Singapore, criticized the breach of disclosure, deeming it “inexcusable disclosure breach” and one of the “most shocking” he has seen.

He said, “In other words, the board seems to believe that disclosure is at its discretion or is a matter of business judgment. The board is wrong.”

“Investors who have bought shares from May 21 until before the company’s announcement, and arguably before that when letters of demand may have been issued, may understandably feel aggrieved. ”

“They may well have a basis for a civil liability action against those responsible for the lack of timely disclosure.”

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The question is: Why would Tharman accept sponsorship for his campaign posters? It is not like he couldn’t afford it.

Crooks tend to bunch together

Scary 😨

Would LKY have allowed this?

So is Bribery or the likes not possible in sg? Just asking

Business & politics are the best of pals..
Never forget that.
61% knows that
30% ignores that
9% blur like futt

Money to be made by politicians
Money to be made by businesses
Money to be lost by dumb citizens… regardless of which percent.

Tax you
Earn money from you
including your blood, and sweat.. they not interested in your tears.

This is normal in our system. Before you see the CHC Kong Heed after commit crime go PLP to PAP then like normal citizen become pet for PAP.

All the grassroot, porlumpar, cronies all got dirt cannot see the day light lah!
Ownself check ownself system cannot check ownself!
So how?
Ask the damn fucking 61% loh!😆😆😆😆😆

Alamak ! this is old news arh?

Are we allowed to comment today? Am I right since not representing or campaigning for any candidate?

One part gives the other party receives? How can he don’t know?

Both parties should be arrested? just like Iswaran case? Wht do you think?

If this guy is arrested, what about the receiving party?

Isn’t the receiving party should be arrested? What do you tihnk?

Recall GKY, father of the No Blaming Culture excuse, failure of the Hep C fiasco at SGH where 8 patients died, was later appointed to be Chairman of the PAP CEC. Being kaki-lang has its benefits, hor.

There are quite handful . People got awards later end up in such things . Noticed this trend last 10 years

I’m working as a cabin crew at SIA.Once,a passenger looked at me and said Tong Tong Chiang,come here.I told him not all Chinese embraces Tong Tong Chiang!Just like not all Americans are happy if you call them chicken head-the rappers who move their heads similar to chicken!He apologized.So TKL said wow in Mumbai in bus 857 is an expression not racism!If you purposely shake your head when talking to Indians then maybe is considered rude.So people like Sudhir Thomas and ex diplomat bilahari should refrain from using racism easily.Dont divide us using race.Our Malay, Eurasian, Chinese,Indians friends have never felt… Read more »