Mah was a member of Parliament (MP) since 1988 and he was Cabinet Minister from 1991 to 2011. Assuming an average take-home of a million dollars per year, his government pay alone could easily add up to $20+ millions, without accounting for interest income and returns from other investments. So $28 million is not a big number for the elite crowd.
GSH's original core business was in distribution (Apple, Tamron, Fujifilm, Corum, Noritsu, etc) - its corporate profile said it was established as distributors of IT, photographic, timepiece and healthcare products - until it diversified into property development in 2012. That's the year when Mah was listed as the sixth largest shareholder in the annual report, with a holding of 165,000,000 shares. A year later, his shareholding jumped to 365,575,000 or $28 million based on a share price of 7.7 cents.
The interesting bit is GSH was trading at around 1 cent, not more than 2 cents per share in 2012. Assuming Mah paid 1 cent per share, his total buy-in - there was a 1-for-1 rights issue in May 2013 - could have been as low as $4 million. Now, that's a foresight to die for.
Mah was National Development Minister from 1999 to 2011. Imagine if he had gone into private sector sooner, he could be one of Singapore's many billionaires. Maybe he already is. Lee Kuan Yew did say his ministers could make much, much more in the private sector.
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Is he the only ex-Minister who made it big? Foresight and hindsight is the name of the game of Singapore Monopoly. If you screw up, just say no one is perfect or hindsight is 20/20. What about lack of foresight?
ReplyDeleteSung to the tune of "Count On Me Singapore"
ReplyDelete- Let's sing this during NDP 2014.
---------------------------------------------------------
We have a vision for tomorrow.
Just released, just released.
We have a poorer Singapore.
We won't receive, we've been deceived.
You and me, we'll do our part.
Give our kidneys and our heart.
We're going to show the world just how daft we are.
We won't receive, we've been deceived.
There is nothing down the road that we can hope for.
We are told no pay is too high for THEM to ask for.
There's an odour in the air,
It's the bullshit we all share.
We're going to build a smaller flat for you and me.
We won't receive, we've been deceived.
Count money Singapore.
Count money Singapore.
Count on me to give my arse and more.
Count money Singapore.
You and me,
we'll do our part.
Give our kidneys and our heart.
We're going to show the world just how daft we are.
We won't receive, we've been deceived.
Chorus:
Count money Singapore,
Count money Singapore.
Count on me to give my arse and more.
Count money Singapore
Maybe he already is a billionaire?
ReplyDeleteWith 20/20 foresight, perhaps he had also stocked up on properties that do not have to be disclosed?
But I thot we were paying him millions in salary to look after Singaporeans?
DeleteSo tell me again.
How does paying Mah Bow Tan millions in salary benefit Singaporeans?
ROFL.
Actually there is still time left for PM Lee to consider appointing MBT as chairman of both GIC and Temasek.
DeleteJust compare the assets of all his ministers from the time of their appointment and take note how much each of them has grown their personal wealth. This itself will more or less gauge their wealth creating talent and hence used as the yardstick to justify further appointment. Unless Lim Boon Heng and the other ministers can prove otherwise, then it is MBT who should be first choice to head the PAP's SWF ....not forgetting the fact PM Lee must consider giving him a good commission as incentive.
What do you guys think ?
MBT: Lucky for you, I did not run away with all the money or worse, go work in USA. I stayed and made money, in the process, you also made money... of course not every single person, but ...
ReplyDeleteI think we should let loose all our very costly, expensive ministers. Let them loose to China, USA, and even EU.. there they need all the help.
We keep ah tiong.. he cheaper, better, faster.
It appears to look like he became very rich after being a PAP Minister just like any of those UMNO Ministers across the causeway.
ReplyDeleteIt just make one wonder whether becoming rich is why they want to join PAP in the first place ? It doesn't matter rhe least bit whether they claim to be otherwise. When one claim to be so happy looking at his CPF statements while another claim to have dignity if he is well paid, we now know for a fact that greed is good in whichever manner they try to defend themselves right from the top starting with the old man!
Hey? Check out Tony Tan. He could have made billions after leaving GIC in deep shit. Ditto SPH property arm. And Lee Hsien Yang, F&N from beverage to property. Maybe Mah gave them 20/20 vision too.
ReplyDeleteO, Minister for National Development - won;t he have access to the land use master plans, well in advance of everyone? And then he left office, and then he bought into GSH, which then swicthed from distribution into real estate development? Must be coincidence, must BE COINCIDENCE LA!!! Luck always favour the elites, right? That's why you sheeple are poor assholes! You poor souls cannot even connect the dots...
ReplyDeleteThe coincidence you should really query about is why the largest shareholder of GSH always go on holidays with WKS, the ex-minister running an investment arm for spearheading developments in China.
DeleteIs Mah Bow Tan the Mentor Director of GSH corporation?
DeleteMaybe mah Bow Tan is helping to forecast future land development directions in Singapore?
what is your point? your last paragraph contradicts whatever you have written so far in your blog about the ministers.
ReplyDeleteDo u understand sacarsm? Saying one thing but meaning the opposite?
DeleteMBT has lots of properties. His eldest son goes around bragging and pointing out how many properties his family owns (in a stretch).
ReplyDeleteWe already knew whatever the Minister said about high salary is bullshit. MM says high salary ensures that politicians do not have to be writing books to supplement their income but he himself has published 4 books so far.
But Singaporeans are daft. They are fucked by PAP and yet they vote them back in over and over again.
Make PAP the minority and thereafter " convince" MBT and colleagues to give away all their assets to charity....and of course MBT's eldest son can once again brag about his father, that he is one of the biggest philanthropist. LOL
DeleteWriting books allows the writer to perpetuate ideology, a point of reference, and conviction. It can also damn the writer for all things wrong for perpetuity. Either way, the writer will be long gone. The generations after will bear the burden of the relationship.
ReplyDeleteNature has a way to deal with these things. Just that in human time frames it may not be soon enough.
Assuming that MBT is a sensible and prudent investor like most people, he woould not have put all his eggs in one basket. The possibility arises, therefore, that he must be worth a lot more than $28 million.$50m? $100m?
ReplyDeleteI assume it's all kosher.