It is as clear as day that PSP Leong Mun Wai was fabricating arguments and pulling wool over people's eyes as he made bogus allegations against the government.
Take a look and understand.
1. ๐๐ ๐ญ๐ก๐ ๐๐๐ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ญ๐๐ซ๐ฆ๐ข๐ง๐๐ญ๐๐, ๐ข๐ ๐ญ๐ก๐ ๐๐๐ ๐ฐ๐๐ซ๐ ๐ญ๐จ ๐ซ๐ฎ๐ง ๐ฎ๐ง๐ญ๐ข๐ฅ ๐ข๐ญ ๐๐ง๐๐ฌ ๐ข๐ง ๐๐๐๐, under the terms of agreement, the government would pay SHPL (SportsHub Pte Ltd) a sum of $193.7 million a year.
This works out to approximately $2.32 billion from now until 2035.
That is to say, the Government's financial obligation to the PPP is $2.32 billion if there is no termination.
2. ๐๐ ๐ญ๐ก๐ ๐๐๐ ๐ข๐ฌ ๐ญ๐๐ซ๐ฆ๐ข๐ง๐๐ญ๐๐ ๐๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ ๐ญ๐๐ค๐๐ฌ ๐จ๐ฏ๐๐ซ ๐๐ฉ๐จ๐ซ๐ญ๐ฌ๐๐ฎ๐, the Government would pay the PPP $1.5 billion.
Most of it is made up of the capital expenditure (around $1.2b) which the Government would have incurred if they had built the project themselves.
The Government did not spend a single cent to build SportsHub. They can't possibly take back a billion-dollar project for which they spent nothing to build and just wave goodbye to their private partners, can they? That would be daylight robbery.
Add the estimated operating costs of $800 millions for the Government to operate the project, the total costs come to $2.3 billion.
This is comparable to the amount the Government would incur if the PPP is not terminated.
"In other words, the entire transaction is ๐๐ข๐ง๐๐ง๐๐ข๐๐ฅ๐ฅ๐ฒ ๐ง๐๐ฎ๐ญ๐ซ๐๐ฅ, because we are not paying SHPL more than what we would otherwise committed to under the PPP model." - Indranee Rajah
The entire transaction is financially neutral even after factoring in operating costs for the government to take over SportsHub.
Leong Mun Wai has chosen to ignore detailed explanations, and instead makes a completely baseless and false claim that the termination sum can be lower.
Leaders, whether elected or nominated, must speak with their conscience and not lie to voters without compunction. Voters have a responsibility to see that leaders uphold the sacred office of Parliament and not allow Parliamentary debates to turn into a comedy or entertainment show.
Take a look and understand.
1. ๐๐ ๐ญ๐ก๐ ๐๐๐ ๐ข๐ฌ ๐ง๐จ๐ญ ๐ญ๐๐ซ๐ฆ๐ข๐ง๐๐ญ๐๐, ๐ข๐ ๐ญ๐ก๐ ๐๐๐ ๐ฐ๐๐ซ๐ ๐ญ๐จ ๐ซ๐ฎ๐ง ๐ฎ๐ง๐ญ๐ข๐ฅ ๐ข๐ญ ๐๐ง๐๐ฌ ๐ข๐ง ๐๐๐๐, under the terms of agreement, the government would pay SHPL (SportsHub Pte Ltd) a sum of $193.7 million a year.
This works out to approximately $2.32 billion from now until 2035.
That is to say, the Government's financial obligation to the PPP is $2.32 billion if there is no termination.
2. ๐๐ ๐ญ๐ก๐ ๐๐๐ ๐ข๐ฌ ๐ญ๐๐ซ๐ฆ๐ข๐ง๐๐ญ๐๐ ๐๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ ๐ญ๐๐ค๐๐ฌ ๐จ๐ฏ๐๐ซ ๐๐ฉ๐จ๐ซ๐ญ๐ฌ๐๐ฎ๐, the Government would pay the PPP $1.5 billion.
Most of it is made up of the capital expenditure (around $1.2b) which the Government would have incurred if they had built the project themselves.
The Government did not spend a single cent to build SportsHub. They can't possibly take back a billion-dollar project for which they spent nothing to build and just wave goodbye to their private partners, can they? That would be daylight robbery.
Add the estimated operating costs of $800 millions for the Government to operate the project, the total costs come to $2.3 billion.
This is comparable to the amount the Government would incur if the PPP is not terminated.
"In other words, the entire transaction is ๐๐ข๐ง๐๐ง๐๐ข๐๐ฅ๐ฅ๐ฒ ๐ง๐๐ฎ๐ญ๐ซ๐๐ฅ, because we are not paying SHPL more than what we would otherwise committed to under the PPP model." - Indranee Rajah
The entire transaction is financially neutral even after factoring in operating costs for the government to take over SportsHub.
Leong Mun Wai has chosen to ignore detailed explanations, and instead makes a completely baseless and false claim that the termination sum can be lower.
Leaders, whether elected or nominated, must speak with their conscience and not lie to voters without compunction. Voters have a responsibility to see that leaders uphold the sacred office of Parliament and not allow Parliamentary debates to turn into a comedy or entertainment show.
PSP Leong Mun Wai sought to dent the Governmentโs reputation with the allegation of profligate spending.
He fabricated the argument that the Government was paying SPHL for brand name when no such payment exists.
Profligate spending? Hello, this government is a triple-A credit rated government and there are very few countries in the world that are triple-A credit rated. You don't get this rating with profligate spending.
It is ironic that LMW was the one who kept calling for more spending from our reserves.
As explained so clearly, the amount of money the Government will incur if the PPP is allowed to run to its end, and the amount of money the Government will incur taking over is about the same.
Singaporeans should really learn to be discerning and not blindly applaud people who are lying to you.
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