(sna) MDA seeking to recover S$27.5 million from RGM in controversial deals over five years

Singapore's Media Development Authority (MDA) is seeking to recover S$27.5 million ($21.8 million) from RGM Group, the Australian talent management and executive production firm. The MDA is trying to recover money it advanced to RGM, with which it had five separate agreements between 2005 and 2010. The MDA provided RGM with S$2.5 million ($1.98 million) in 2005 in part to attract the company to the country . In 2008, the MDA provided it with S$10 million as seed money for a film production fund that RGM announced would be worth $300 million over five years. In 2010 (a year after it was criticised by the Auditor General for poor management of public funds ) the MDA struck two further agreements with RGM. These were billed as joint venture vehicles with Sony Pictures Entertainment (with S$10 million of MDA seed capital) and with Fox International Pictures (with S$5 million o...

Full article: http://singaporenewsalternative.blogspot.com/2013/05/mda-...

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