THE TEMASEK TIMES

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Kenneth Jeyaretnam files application in High Court against Singapore government’s loan to IMF

Posted by temasektimes on July 7, 2012

Reform Party Secretary-General Kenneth Jeyaretnam has filed an application in the High Court to quash the Singapore Government’s pledge of a US$4 billion loan to the International Monetary Fund (IMF).

Mr Jeyaretnam is seeking the Court’s leave to make an application for a Prohibiting Order “prohibiting the Government and/or the Monetary Authority of Singapore (MAS) from giving any loan and/or guarantee to the International Monetary Fund unless such loan was made in accordance with the provisions of Article 144 of the Constitution.”

In addition, he is also seeking the Court to grant leave to apply for a Quashing Order “quashing the Government and/or the MAS’ decision to make a US$4 billion loan commitment and/or guarantee to the IMF for contravening the provisions of Article 144 of the Constitution.”

Article 144 of the Constitution states that

(1) No guarantee or loan shall be given or raised by the Government —

except under the authority of any resolution of Parliament with which the President concurs; under the authority of any law to which this paragraph applies unless the President concurs with the giving or raising of such guarantee or loan; or except under the authority of any otherkwritten law.

In his affidavit, Mr Jeyaretnam argued that the IMF cannot accept the loan from Singapore as parliamentary approval for its release was not sought by the government and that the Minister of Finance, Mr Tharman Shanmugaratnam failed to respond to several open letters written by Mr Jeyaretnam raising the questions.

 “In a robust democracy, a government does not hide behind technicalities and dispense with the need to make itself accountable to the people for the use of their money”, he wrote.

The affidavit concludes by highlighting the connection between domestic checks and balances on the use of public finances:

“Without accountability there is real danger that these forced savings, which cause real hardship for many poorer Singaporeans, could be dissipated through poor investment returns before we can do anything about it. This is not merely an idle academic exercise. It was not so long ago that Greece’s accounts were shown to have been manipulated.”

Kenneth is the elder son of the late opposition leader J.B. Jeyaretnam. He contested in West Coast GRC in last year’s General Election where he garnered 34 percent of the votes.

 

37 Responses to “Kenneth Jeyaretnam files application in High Court against Singapore government’s loan to IMF”

  1. Mike Zeng said

    Go KJ Go! You’ve got them by their throat….hang on there tenaciously!
    But plejase respond to their rebuttals in today’s ST? Thanks.

  2. spotlessleopard said

    It is time Singaporeans wake up and vote PaP out in GE2016

  3. Naivety said

    Well done…Kenneth

    You’ve made the right move as all these are taxpayers monies!
    We support you!

    • sorahi said

      hard earned blood and sweatmoney. I remember last time Chee Soon Juan also mentioned about 170 billion of our money hiven to Indonesian Suharto President. where is the money now?

  4. S'porean said

    Like father like son, well done KJ!
    But be extra careful…

  5. my money said

    US$4 billion should be distributed among singaporeans, give us back our money

  6. Loppy said

    Yes I support Kenneth for his effort. There must be some kind of paliamentary approval before granting any loans from our blood and sweat!

  7. Gaba said

    Government just raids the coffers like it’s their cash bin, spending on crap like Gardens by the Bay and other pointless projects. And now a loan to their friends while Singaporeans starve..

    • NO YOU WATCH YOUR MOUTH! said

      While I support the WP and applaud its effort to voice objection against the pappies, I can’t help but wonder if Singaporeans are really that poor…I mean…just take a look at all those night-spot, restaurants serving expensive dishes; Look at all the cars on the road…while the Pappies made it so expensive to own cars, the number of vehicles still climbed?! Look at the number of Singaporeans going on a tour every year!!! Can someone enlighten me on this? Its pretty obvious that the government knows how much Singaporeans are earning…and how much money Singaporeans have in their bank accounts….

      • wmulew said

        There is poor, and there is pple who complain they are poor. The vast majority of those in here complaining belongs to the latter. Those who are really poor actually gets help from the government that’s why the poor still continues to vote for the government. Those who keeps complaining about high cost of living does not know the type of subsidies that the poor here actually enjoys. Sure its not a bed of roses, that’s what being poor means.

  8. Julie Ong said

    Wha Lau, US$4 billion! I really hope and pray that the government knows what it is doing. And the President too. The basic tenet on this matter is that the government must exercise ‘honest and diligent stewardship’ as this money belongs to the nation after all. Hence, my concern.
    I believe a sizeable portion of that money would’ve come from CPF contributions.
    Somehow, none of us seem to be the wiser. If however it is the right decision then we are alright. I anticipate some dirty tricks or criticism may arise out of my simple and forthright query. Point is if all is fair and right it is OK. The days of using strong arms tactics via the courts are well and truly over!! For good order sake if the government level with the citizens and explain this mammoth financial decision I am sure the public will understand it if it is done in the best interests of Singapore.
    There was such a hue and cry over FTs in our midst. It has been divisive and even rancourous. Bad. Things could have been done/managed better and communicated to the people.
    I hope that this pledge of US$4 billion to the IMF will be explained to the public and turn out to be a win/win for all concerned.

  9. Terence Chong said

    Well done Kenneth!!!! Let’s see what sort of wayang they pull!

  10. i say what i think only... said

    4b is less than 40cents to the huge economies of europe but means the world to a puny shit like us. nobody is going to say thank u singapore for your contribution. u get people dying to get 400 for survival here, hello ivory towerians, get the point?

  11. Gerald said

    I would expect SPP Chiam, his wife or other oppies to bring out this matter. Where are they?

    Mod’s note:

    You should expect the ‘wayang party’ to bring up the matter, but of course they can’t do so as their role is merely to ‘wayang’ in parliament.

  12. aloysius12 said

    Wow, finally the “sleeping giant”(lacklustre singaporeans)wake up.
    Yes, like Greece we loose everything that should have gone to us-all of us-not pegged to annual value.

  13. papsmear said

    If we don’t pledge 4B, then tharman cannot be IMF chairman already. Then spore will get any “good lobang” from those conspiracy scheme to deliberate bankrupt a country and tomb raid their resources.

  14. SUCH THING DO HAPPEN IN SPORE ??? said

    Fantastic. This is what we people wants. Accountabilities and responsibilities. That’s the people’s monies. KJ is acting on behalf the people.

    • Edmund said

      Now we have Singaporeans checking on the govt and not them do as they like.4 BILLION is lots of money and at least the President shd be consulted beforehand and not let MAS just do as they like.That’s why when they are in power for too long, they think nobody can question them.They devised laws to protect them as well.

  15. SuSu said

    KJ, we fully support you. This is the right thing to do.

  16. ANOTHER WAYANG SHOW IS ON THE WAY KNOW FULLY WELL THERE IS NO WAY HE IS ABLE HE CAN PREVENT THE PAP MEN FROM DISBURSEMENT OF STATE FUNDS. BY-LAW THE PRESIDENT SHOULD BE THE MAN TO PREVENT BUT IT SEEM THERE ARE QUESTIONS ASKED. DOES SINGAPOPRE REALLY NEED A PRESIDENT WHOS JOB IS JUST TO RECIEVE GUEST AND SHAKE HANDS ONLY.

  17. sweetee said

    Well done…Kenneth,
    You got my support.

  18. wmulew said

    KJ needs to check his facts. He is going to embarrass himself

    See this article

  19. CKMPD said

    Well done, KJ!

  20. wikileaks said

    Bravo KJ!
    You not only talk the talk, but alos walk the walk, on behalf of your fellow disgruntled ‘true-blue born-in-S*pore’ citizens!!
    Thank YOU!!!

  21. wikileaks said

    It shows that there is an urgent need to have more watch dogs in Parliament in 2016.
    Please support all Singaporeans and oppositions parties that call for transparency, we dont want to end up broke and broken!

    • Naivety said

      Very true indeed as there is simply no transparency at all as well as any form of check & balance or accountability under the papaya’s rule! Anyhow “tikam tikam” and spent tax payer monies & Citizens CPF monies like crazy!!

  22. wikileaks said

    Well done, Kenneth. It is important and necessary for the PAP Government to abide by the Singapore Constitution in all matters. Regardless of how necessary or useful the $4 billion loan commitment is to IMF or to Singapore’s long-term interests, the PAP Government must still comply with the requirements of the Constitution. Go for it, Kenneth.

  23. tintin said

    Who can guarantee that the $4 billions loan to IMF is secure given the Euro debt crisis situation at this moment ? KJ probably did the right thing to object to file a high court application . Call him brave ? His action is certainly out of ordinary .
    Can anyone tell us what has happened to the previous loan of don’t know how many billions to Indonesia ? No news on that ? Why ? What happen to all our Singaporeans money loan to Indonesia ?

    • Naivety said

      I believe the 170 Billions of loan to Indonesia previously “suda makan” already or eaten liao, can be written off & treat as bad debts now! Who dare to collect back from Suharto or Indonesia such a populous country?

  24. tintin said

    Well done KJ! Keep up the good work.
    Workers Party – please wake up & do more, especially when you’re INSIDE parliament already. Don’t disappoint your voters

    • Julie Ong said

      Tintin, I totally agree. Workers Party, you should be asking questions uncomfortable it may be and bring the government to account. Still time to improve on parliamentary performance but better act swiftly otherwise Towards A First World Parliament will become just a slogan and nothing more.
      I still support the WP but I hope that the rest of the supporters and myself will not be left feeling disappointed by your inertia and silence .

      Mod’s note:

      Opposition supporters have been deceived by the useless ‘WAYANG PARTY’ which does nothing but help the PAP masquerade Singapore as a ‘democracy’ to the outside world. An ‘opposition’ party which does not ‘oppose’ is the biggest threat to democracy in any country. Don’t forget Russia has many ‘opposition’ parties too which helps to give a veneer of legitimacy to Putin’s autocracy. Even China has 8 approved ‘opposition’ parties in the rubber-stamped National Party Congress. It’s time to consider withdrawing your support for the PAP’s ‘B’ team and support genuine opposition parties which dare to hold the PAP accountable instead.

      • Julie Ong said

        Will give the Workers’ Party the chance to get their act together. If they fail then it’s Sayonara and good riddance too!!!

        Mod’s note:

        What has WP achieved since 2011? Time is running out. How many more 5 years do we have to wait for the Wayang Party to get its act together? It’s time to boycott the PAP’s ‘B’ team and switch to genuine opposition parties.

  25. Steve Lee said

    KJ. Please be careful.

  26. Jafri Basron said

    Indeed a courageous and heroic deed.
    Reforms the crooked policy.
    Best wishes, my friend.

  27. KJ is full of BS. What has he done for the so callled “poor”??
    All this rhetoric is typical opposition hypocrisy.

  28. Narashangsa said

    Kenneth,the IMF was created in1944 after the 2nd world war.Most of the brains behind it were people from FED (Federal Reserve .It is interesting to note that the International Bankers are the initiators of IMF.They, these bankers are made up of powerful families like the Warburgs ,Morgans,Schiff,Rockerfellars,Rothschilds and others.In fact they are the REAL power behind FED and America’s politics.They,the BIG BOYS are the real power behind FED and IMF.FED is a banking cartel owned by them since 1913 when America was under President Wilson.You Kenneth have done the right thing to question the loan….but be careful,you are treading on dangerous ground…….those big boys may not like it.May God bless you and I pray that He will be with you always.

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