Dear TRS,
I was browsing a prospectus from this emerging IPO - ISEC Healthcare.
http://www.btinvest.com.sg/markets/news/95882.html?source=si_news
As I was reading through the information, A familiar name struck me from the board of directors page. This name was Sitoh Yih Pin.
Can you Guess what it our Potong Pasir MP Sitoh Yih Pin is up to outside of his work as an MP?
He is nominated to be the non executive director and chairman of this Healthcare Group on 29th Sep 2014. What interested me further is that the same man actually holds about 18 more directorships while holding an office in Potong Pasir "serving" its residents.
This is a worrying sign that more and more members of parliment seemed to get more hats than what their heads can fit. Would you have time to serve your residents properly if you had over 18 different jobs?
I have not done any research of other MPs yet but i guess the obvious is obvious to all, there are bound to be many more MPs holding many positions.
Next, take a look at the remunerations that Sitoh Yih Pin is expected to receive, a whopping $250k for his position in this company.
Multiply that with the 18 jobs he holds, go figure! No wonder MPs like this cannot connect well with the ground. How can they possibly understand the struggles of everyday Singaporeans when their own salaries are so high that they have never seen financial trouble.
Lastly, he seemed to be getting ready for a 400,000 shares to be given to him after placement. (Although disclaimer states that it is his personal interest to bid for 400,000 but who knows)
