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Prime Minister's Office Singapore
Press Release

PM Lee Hsien Loong: MND to Review AIM Transaction and Corporate Governance in Town Councils

People

SM Lee Hsien Loong

Topics

Governance

8 January 2013

Press statement by Prime Minister Lee Hsien Loong: The Ministry of National Development (MND) to Review AIM Transaction and Corporate Governance in Town Councils.

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Last week, Mayor Teo Ho Pin explained the circumstances of the sale of Town Council (TC) management software belonging to PAP TCs in an open tender to Action Information Management Pte Ltd (AIM) in 2010. The transaction was not raised as an issue by any of the external auditors who audited the FY2010 accounts of these TCs.

In the interest of transparency and maintaining trust in the system, I have asked the Ministry of National Development (MND) to review this transaction fully, and satisfy itself that public funds were safeguarded and residents’ interests were not compromised.

With a view to ensuring high overall standards of corporate governance in TCs, MND will take a broad-based approach, including re-examining the fundamental nature of TCs. MND has begun the review, which is expected to take a month or two.

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PRIME MINISTER’S OFFICE

8 JANUARY 2013

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