AIM-ing to give you the facts

The troubles in AHPETC have nothing to do with AIM. It is dishonest to link the two.

The PAP TCs consolidated ownership of the system under AIM as the start of the process to tender for a new system. By this time, the system was obsolete and worth very little.

“We entered into the transaction with Aim with the objective of benefitting the TCs. Over the last two years, the intended benefits have been realised. There is thus no basis to suggest that the AIM transaction did not serve the public interest, or was disadvantageous to residents in the TCs.” – Dr Teo Ho Pin 

AIM and its directors did not make any money from this consolidation and transfer of ownership.

The MND conducted an official inquiry and concluded that nothing wrong was done and this was discussed in Parliament.

When the WP took over AHPETC, it gave notice to AIM to terminate the contract for the system as it wanted to develop its own system. When it needed more time to do so, AIM granted extensions of time. AHPETC thanked AIM in writing for its assistance.

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With AHPETC’s accounts being flagged red and submitted late, the WP only raised the AIM issue 2 years later. But those had nothing to do with AIM.

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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 The software was getting outdated.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