12 Mar '11, 8am

OOHH CONFESSIONS OF AN S-CHIP CEO.

This arrived in my email today. It is quite an incredible story. I would advise to treat the story as fictitious but the writer included so many 'juicy details' about KTVs and clubs that makes it so fascinating. On a more serious note, I've written about S-chips and the need for more regulation[S-chip article ]. Let us not be naive - we can never be able educate the public to have the financial sophistication to prevent them from being milked and exploited by various 'operators'. We should never allow govt ambition (to be a financial hub) override the need for proper regulation to protect ordinary citizens. The sad truth in the story is that those are guilty of committing crimes cannot even be brought to justice because there is not extradition treaty between Singapore and China. A number of S-chips were so blatantly fishy even for those who are 'amatuer' accountants ...wh...

Full article: http://singaporemind.blogspot.com/2009/04/confession-of-s...

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