Headlines

Former WP Chief Low Thia Khiang Accused of Turning a Blind Eye to HDB Asset Enhancement “Scam”

redwire-singapore-low-thia-khiang-hdb-flat-asset-enhancement

Former Workers’ Party secretary-general Low Thia Khiang has been accused of endorsing the HDB’s Asset Enhancement Scheme.

The scheme has been labelled a “scam” and a “ticking time-bomb” by factions of the public, after the government of the day switched it tone from labelling flats as a “nest egg” and issued public statements that flats will be returned to the government with no compensation given at the end of their lease.

Former WP member, Goh Meng Seng, alleged that Low brushed aside his concerns when he tried to point out the inherent flaws in the the Asset Enhancement Scheme.

“When I joined WP, on a few occasions. I had raised this issue to LTK and said that this is the most important issue we need to raise. He brushed it off saying that what’s wrong with Asset Enhancement Scheme? It is good what!

Needless to say, I was completely disappointed that the leader of the opposition party which has one of the two seats in parliament, couldn’t see through such a scam.

I tried to explain why this AES is wrong but it just couldn’t get through him. Apparently, the lack of a good Economic training is the key weakness of LTK.”

Goh, who went on to found his own party, the People’s Power Party, said it was possible that Low didn’t see anything wrong with the Asset Enhancement Scheme because of how it came about.

“I found out later, apparently this so call brilliant idea was created by a respected professor teaching sociology in NUS. Deep down, I guess it is totally bad idea to have a sociologist to meddle with Economic policies after all.

And I believe LTK didn’t believe AES is bad basically because it was backed by such acad (academic).”

 

This is what Goh shared on the issue:

“I have said, the Asset Enhancement Scheme is actually the biggest self serving scam of PAP to hoodwink Singaporeans into believing only PAP government could guarantee their HDB flats could increase in value forever, defying the basic logic and economic/financial principles. LKY even boasted about PAP ability to make your HDB rise in value of 10,15 or even 20 times.

The most problematic with HDB is that it is linked to your retirement fund CPF. IF HDB is going to depreciate towards ZERO value, then whatever CPF money you put into it, will be totally wiped off. Your retirement plan will be hurt!

One of my initial resolve in joining opposition politics is to fight PAP against its Asset Enhancement Scam, which is extremely difficult because like any scam, it feeds on people’s greed. Most people are short sighted and didn’t see the full picture while only focus on their short term gain. They didn’t realize that HDB Price inflation may let them gain in short term, but whatever gain they get, is at the expense of their children’s future, as well as many future generations to come.

This greed which Asset Enhancement scam built upon, burnt like fire in the 1990s and even into 2000s. It was a perfect scam that helped PAP to hold on to absolute monopoly of power for three decades.

When I joined WP, on a few occasions. I had raised this issue to LTK and said that this is the most important issue we need to raise. He brushed it off saying that what’s wrong with Asset Enhancement Scheme? It is good what!

Needless to say, I was completely disappointed that the leader of the opposition party which has one of the two seats in parliament, couldn’t see through such a scam.

I tried to explain why this AES is wrong but it just couldn’t get through him. Apparently, the lack of a good Economic training is the key weakness of LTK.

After I left WP with disappointment, NSP approached me to join them. The time round, I didn’t bother to try to explain why AES is bad. I just threw the issue out during the GE and challenged MBT on his Monetizing HDB for retirement concept.

I found out later, apparently this so call brilliant idea was created by a respected professor teaching sociology in NUS. Deep down, I guess it is totally bad idea to have a sociologist to meddle with Economic policies after all.

And I believe LTK didn’t believe AES is bad basically because it was backed by such acad (academic).”

 

 

 

 

Click to comment

Leave a Reply

Your email address will not be published.

To Top