IDA claims credit for 'charity' from Singtel shareholders

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An honorable member of the Coffee Shop Has Just Posted the Following:

Today's newspapers reported that Singtel was fined a record $6million for the Bt Panjang Exchange fire last October 9th.

IDA says the fines collected, totalling $6.5million (the balance from two partners due to collateral damage) will go to a fund that gives low-income families financial assistance in accessing the internet. This is truly a very hypocritical manner of handling the situation by the IDA.

Question:

Was the fine deliberately set high to give the fund a roaring start? Shouldn't there be a separate budget which is allocated for this exercise, instead of depending on the telcos' cock-ups to raise fund?

Since the directors and the management were not penalised, one can only conclude that the $6million in fact will come from reduced profits earnings in the next report?

Truly uniquely Singapore!


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