Remember AIM … Remember FMSS

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Remember AIM issue?

It was explained countless times and again it resurfaced.

1. Yes, the software was sanctioned by 14 Town Councils.
2. Yes, they paid the software by using the S&CC fees collected from residents.
3. Yes it was sold to AIM thru an open tender.
4. Yes, the software was later leased back to the Town Councils for a subscription fee.

But here are some facts.

1. The directors of AIM were not paid a director fee.
2. The software was getting outdated.
3. The cost for an upgrade would have meant a substantial initial outlay of the residents’ money.
4. Although there were several companies which took the tender documents but only AIM came back with a bid.
5. AIM did not profit from the purchase of the TC software nor from the lease back. Industry experts also mentioned that it was loss-making bid. (Maybe that is why no other companies bid for the tender)
6. Prime Minister Lee ordered a review of the AIM transaction and the fundamental nature of town councils, to ensure high standards of corporate governance.
7. The review reported that there NO wrong-doings and saying the AIM sale complied with regulations and there was no conflict of interest.

So how did this saga came about? hint* FMSS…. Overspent … WP…. Friends… (got it?)

Source: http://news.asiaone.com/News/Latest+News/Singapore/Story/A1Story20130504-420308.html
Source: http://lkyspp.nus.edu.sg/ips/wp-content/uploads/sites/2/2013/04/TD_Ministry-review-clears-AIM-deal_040513.pdf

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