I REFER to Dr Teo Ho Pin's message to residents of Holland- Bukit Panjang constituency as stated in a newspaper report yesterday: Be thankful that the funds have grown under the town council's watch.

The fact that the town council made $24 million over the past six years does not make the potential loss of $8 million any less painful or substantial.

I feel that the town council should accept that the 'potential loss' is a significant amount, and try to learn from this painful experience.

It should review its objectives and see if they are compatible with current investment guidelines and strategies. The investment procedures and system of approval also have to be critically reviewed.

A comparison with other town councils, in particular those which did not invest in similar instruments, should be conducted.

Holland-Bukit Panjang Town Council should not hide behind its past successes and brush off the potential losses as unforeseeable and insignificant, relative to its total funds.

If nothing is done, what will prevent the council from making bigger losses in the future?

Mr Kelvin Kwan Chee Hong

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