whats the big fuss abt old NKF?

Answer 1

A Organisation which has a charitable object has a fiduciary duty to show :-

1) The assets and liabilities of the financial statements in fullfilling its chartible objects
2) Where the funds would be expended by the donors.
3) As far as possible, truth about the statement that the organisation is making towards inducement of donation from the public and a fair procedures towards utilisation of these funds.

NKF is a situation of the entire failure of corporate transparency. Unlike in overseas, eg. UK where all governmental agencies and bodies has to be audited and in their report includes a "Value statement" which has the right to state that the policies are in line with public policies. The auditors are known as CIPFA (Certified Institute of Public Finance Accountants)

Some eg. of the rights of CIPFA auditors includes :-

1) the right to tell London underground that they are not allowed to increase the waiting time of the trains by 1 minute so as to save cost.
2) the right to tell London bus that the strinking of zones size without corresponding increase in price is infact illegal as it is misleading and a method of indirect price increase.

But unfortunately in singapore, we do not have such but a simple public audit with some regulation

Likewise, NKF has the duty to disclose the monies that comes in and how they are distributed out to the patients and not to FAT CAT salary and also to puesdo contracts to friends and people that the CEO likes. He has not right. TT Durai has no rights and neither did the management, The public has the right to decide the course of the administration of the funds that it receive from the donation.

One of the 64 million dollar question does the failure of NKF also means the failure of our Government in policing the rights and duties of Organisation of charitable Objects????? No you see, pardon me if I am wrong as I really do not have the real knowledge and personally do not have any intention to be defamatory .......but only thinking aloud (so don't sue me ok)

Yes, to my personal opinion, each time when something goes wrong, it is always not one person at fault. By nature, it is usually a string of disaster.....from governance to implementation.

But then like i say, before we starts to point fingers, let us point at ourselves for we have not stand up to each time the report is our for circulation. we donate simply because we see some sad pictures. we did not even bother the question the report......so we are to be blame right???? or now should we blame the auditor........

But then looking in singapore context. our auditors have a limited scope in their audit unlike in overseas where the public finance audit have a wider scope of accountability to the public for their audit and their audit report are made available to all public libraries.

We are a young country and perhaps we take time to reach the stage of corporate and national transparency. where each party is always in check and balance to each other. until then. too bad Durai, PLEASE PAY UP WITH ALL THOSE MONIES THAT YOU HAVE GIVEN TO YOUR LOVED ONESSSSSS.

Answer 2

Simply because they are White Collars Crooks.
How could they do such a things using donations from general public.
And....... the best part of it, it was exposed by a simple layman, a plumber who has a heart of a Great public. Surely, he did not wear a white collar when doing his job.

Answer 3

Its about T.T Durai squandering the NKF donations from the public for his personal use.

Answer 4

Corrupt

Answer 5

T. T. Durai misused the money people were donating for his own benefit.

Answer 6

inappropriate using of public donations.