Monday, 27 May 2019

Hyflux & Tuaspring: How a business giant came undone

From making waves to drowning in red ink
Prime Minister Lee Hsien Loong was guest of honour for the opening of Tuaspring Desalination Plant on Sep 17, 2013. (Photo: Hyflux/Annual report)

As they arrived, the guests would have been in no doubt they were attending a high-profile event. Huge balloons and congratulatory flowers festooned the area. Drummers and a Chinese orchestra revved up the celebratory atmosphere. Photographers clicked away as guests streamed in and warm handshakes were exchanged.

At the centre of it all was Olivia Lum, the founder of home-grown star company Hyflux.

Dressed in a black and white pant suit, the businesswoman, whose name was synonymous with the water treatment giant she built, had a broad smile when the day’s special guest, Singapore’s Prime Minister Lee Hsien Loong, arrived.

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Rags-to-Riches Tale Turns Sour for One of Singapore's Best-Known Entrepreneurs

Olivia Lum is running out of time to save the company she spent a lifetime building.

The founder of Singapore-based water and power company Hyflux Ltd., which could see its court protection from creditors expire at the end of the month, has had a torrid two weeks.

A white-knight takeover that might have kept the company together has collapsed, hundreds of angry creditors protested in public, and the government appears set to step in and take over part of the company’s biggest asset for nothing.

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'A big shock’: Retail investors in Singapore caught out by Hyflux woes

Seen as one of Singapore’s most successful business stories, water treatment specialist Hyflux’s recent woes had come as a shock for many and for Mrs Goh, it was something that she had not seen coming.

Lured by an attractive 6 per cent coupon, she had put in S$10,000 into the company’s preference shares issued in 2011 at S$100 apiece.

While there was news about Hyflux’s weakened financial position over the years, semi-annual distribution payments have remained prompt, said the retail investor in her 60s who preferred not to reveal her full name. “I didn’t expect it to be that bad and they would need to do debt restructuring,” she told Channel NewsAsia. “The announcement was a big shock.”

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Investors Set to Lose Up to 90% on Singapore Water Debacle

The catastrophic slump of Singapore’s much-vaunted water and power company, Hyflux Ltd., has stunned 34,000 retail investors who were lured by the promise of a 6 percent annual return forever from a company that seemed to have a gold seal of government approval.

At the heart of the debacle is Tuaspring, a desalination and power plant that cost S$1.1 billion ($809 million) and was heralded as one of the “national taps” for an island that had long depended on importing water and harvesting rainwater for survival. The company’s glowing prospects encouraged investors including Li Meicheng and Violet Seow to funnel some of their savings into S$900 million of junior debt to help fund the venture and group expansion.

Tuaspring was opened to great fanfare in September 2013, with the head of the Public Utilities Board and two government ministers flanking Prime Minister Lee Hsien Loong, who called the plant “the latest milestone in Singapore’s water journey,” praising its “unique and cost-efficient design.”

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The fall of once-great Hyflux, a unicorn in the Singapore story

I have been following with great interest the events surrounding Hyflux over the last few months. For many years, the company and its founder, Olivia Lum, were held up as examples of a successful home-grown company and an outstanding entrepreneur respectively.

That the company was in the water sector, a critical resource for Singapore and increasingly the rest of the world, was an added plus, when it implied the company was serving the nation and “doing good” while doing well. But somewhere in between its astronomical rise and the situation today, the wheels came off the wagon.

There is a good possibility that many bondholders will lose most of their investments in Hyflux and the company will exist in a reduced form – that is if it manages to survive and secure the necessary support from financial backers and key stakeholders for the proposed restructuring.

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Hyflux after the perfect storm
Once a star in the water treatment industry, Hyflux had been struck by a series of unfortunate events and some think its fate is sealed, say NUS Business School Ruth Tan and Zhang Weina

Over the past few months, investors in Hyflux have been anxiously observing the unfolding of events.

When white knights in the form of a consortium comprising Salim Group and Medco Group (SM Investments) entered into an agreement in October last year to invest S$400 million for 60 per cent of Hyflux’s equity and to grant S$130 million in loan, things started looking up.

Then in March, national water agency, PUB, issued a default notice giving Hyflux some time to remedy defaults arising from a water agreement, failing which PUB will take over its subsidiary, Tuaspring, “as whole, or the desalination plant alone”.

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PUB takes over Tuaspring desalination plant from Hyflux
National water agency PUB says that the takeover of the Tuaspring desalination plant from Hyflux is to safeguard Singapore's water security.ST FILE PHOTO

As of today, national water agency PUB has taken over the Tuaspring desalination plant from troubled water treatment firm Hyflux.

The transfer came after the water purchase agreement with Tuaspring was terminated yesterday.

PUB confirmed the move in a statement at midnight, adding that the move was to safeguard Singapore's water security.

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SIAS raises questions about Hyflux CEO’s remuneration amid financial troubles
File photo of founder and CEO of Hyflux Group Olivia Lum

Despite reporting losses of S$115.6 million in 2017, troubled water treatment firm Hyflux spent about S$2.7 million on remuneration for its key executives, with CEO Olivia Lum receiving between S$750,000 and S$1 million in salary, benefits and bonuses.

In addition to this "large remuneration", Ms Lum also received more than S$60 million in dividends "in the time that shareholders and bond holders have seen their entire investment destroyed", according to the Securities Investors’ Association (Singapore) (SIAS).

Highlighting these points, SIAS asked why the Hyflux founder - which has 34 per cent ordinary shareholding in the company - did not contribute her gains to the restructuring process. The investor watchdog also asked if Ms Lum would have any role in the Hyflux group after the firm’s restructuring.

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I am deeply saddened for the pain and loss suffered by investors, lenders: Hyflux CEO

Hyflux executive chairman and CEO Olivia Lum said on Friday (Feb 15) that she is "deeply saddened for the pain and loss suffered" by investors and lenders.

Despite the company's continued efforts, it was unable to "succeed in the manner we had intended', Ms Lum said, on behalf of Hyflux's board of directors.

The remarks were made in an 18-page reply to Securities Investors’ Association (Singapore) (SIAS), which on Monday had raised more than 40 questions about, among others, the "large remuneration" enjoyed by Ms Lum amid the company's financial troubles.

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Hyflux CEO Olivia Lum vows to get $1 annual salary until firm ends restructuring
Hyflux is forced to make more cost-cutting measures after the SM Investments deal fell apart

After a whirlwind of conflicts with investors and creditors and calls for resignation, the head of the embattled water treatment firm Hyflux, Olivia Lum, has declared that she will only draw a nominal annual salary of $1 until the company is successfully restructured.

Lum also said in a court affidavit dated 23 April 2019 that the Hyflux board has agreed that no director fees will be proposed at the next annual general meeting for FY2018.

Hyflux was forced to impose more cost-cutting measures after its previous deal fell apart with would-be white knight SM Investments, thereby breaking the restructuring agreement on 4 April.

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Hyflux in hot water: 6 things about embattled CEO Olivia Lum
Hyflux chief executive Olivia Lum once bought a motorcycle to travel faster to her students' homes, when she was giving tuition to pay rent as a student in Singapore. PHOTO: ST FILE

Once upon a time, it seemed she rode a perpetually cresting wave from one success to the next.

But now, Hyflux chief executive Olivia Lum can only watch as the water treatment firm she founded 30 years ago struggles not to drown.

On Saturday (Feb 16), Ms Lum volunteered her entire stake of 267 million shares and securities - about 34 per cent of Hyflux's ordinary shares - as part of a proposed restructuring plan for the beleaguered company, which is now insolvent.

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CEO Olivia Lum did not get S$60m in dividends in 2017, says Hyflux
Hyflux founder Olivia Lum speaking at the opening ceremony of Singapore's second and largest desalination plant, Tuaspring Desalination Plant

Beleaguered water treatment plant Hyflux has responded to a series of questions from Singapore’s investor watchdog, refuting claims that its founder Olivia Lum received more than S$60 million in dividends in the year her company’s shareholders and bondholders saw their entire investments destroyed.

On Monday (Feb 11), the Securities Investors Association Singapore (SIAS) had posed more than 40 questions in a letter to Hyflux.
Once seen as the darling of Singapore’s entrepreneurial scene, the firm is now undergoing a court-supervised reorganisation after chalking up a debt of S$2.95 billion as of March 31, 2018.

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Olivia Lum

Lum was adopted at birth, and never knew her biological parents; she was brought up by a woman she called her "grandmother". When Lum was only three, her grandmother gambled away her savings; they lost the house in which they were living, and moved to a shack without running water. She came to Singapore at the age of 15 and enrolled at the Tiong Bahru Secondary School, where she supported herself through tutoring and sales jobs. She went on to study at Hwa Chong Junior College and graduated in 1986 with an Honours degree in chemistry from the Faculty of Science of the National University of Singapore.

Career:
  • Lum started corporate life as a chemist with Glaxo Pharmaceutical. After working for three years at Glaxo, she left in 1989 at the age of 28 to start up Hydrochem, the precursor to Hyflux, with just SG$20,000 of capital, which she raised by selling her condominium and car.[3] She hired three employees at the start; Lum herself rode around on a motorcycle selling her company's water filters and treatment chemicals.[4] By January 2001, Hyflux had become the first water treatment company to be listed on SESDAQ, and was upgraded to the Singapore Exchange's Mainboard in April 2003.[citation needed] By 2005, she had a net worth of over US$240 million, which earned her a place as the only woman on Forbes' "Southeast Asia Rich List". As of 2007, Hyflux was worth SG$1 billion and employed more than 800 people.
  • Lum holds several positions in public service. She is a board member of SPRING Singapore, the National University Singapore Council, and the Singapore Exchange, as well as the president of the Singapore Water Association. She is also a member of the UNESCAP Business Advisory Council and the Singapore Green Plan 2012 coordinating committee. Lum was a Nominated Member of Parliament in the Parliament of Singapore from 2 July 2002 to 1 January 2005. In 2003, she was awarded the International Management Action Award, followed by the Global Female Invent and Innovate Award the following year.
  • On October 3, 2008, Lum resigned her position as independent non-executive director of the Singapore Exchange and relinquished her position on the audit, regulatory conflicts and remuneration committees of the Exchange, according to the Exchange's filing. She stated this was due to her heavy work commitments in line with Hyflux's rapid expansion, and that her resignation would enable her to focus more time and resources on Hyflux's growth.
  • In 2013, Lum was appointed to the board at International Enterprise Singapore (IE Singapore).
  • In 2014 she was appointed the board of Singapore Technologies Engineering (ST Engineering). In 2018, Lum resigned from this position citing business commitments as her reason for resignation.
  • In May 2018, Hyflux applied to the Singapore High Court for a 30-day protection against creditor claims to allow the company time to reorganize its liabilities. Following this voluntary filing, Lum announced a series of three townhall meetings with the company's 50,000 plus retail shareholders. In July, Lum announced that efforts would be made to “ensure that the company stays viable.” Lum also noted that Hyflux had total debt of $1.17 billion

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Protestor at Hong Lim: We invested in Hyflux because “Temasek had invested”

Yesterday (30 Mar), at least 500 people went to Hong Lim Park to protest against Hyflux. Many are looking at losing 80-97% of their life savings and retirement funds which they have invested in Hyflux preference shares and perpetual securities (i.e, high-risk bonds).

In the case of Hyflux, under the current deal, investors can only get back 10.7 per cent of their original investments at around 3 per cent in cash and 7 per cent in equity. And by no means the value of the equity will rise in future.

Mr Tan Kin Lian, former NTUC Income CEO and former Presidential candidate in 2011, spoke at Hong Lim Park with regard to the Hyflux issue at length as no one else had dared to be a speaker for the event, according to Mr Tan.

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Rare Singapore Protest Flags Investor Anger in Hyflux Slump
People gather during a protest on Hyflux’s debt restructuring plan. Photographer: Bryan van der Beek/Bloomberg

A rare public protest in Singapore on Saturday underscored mounting anger among investors set to suffer sharp losses in one of the country’s highest-profile corporate debt restructurings.

The catastrophic slump of the once-vaunted water and power company, Hyflux Ltd., has stunned debtholders, who stand to lose about 90 percent. About 400 to 500 of those individual investors attended the protest in a downtown park on Saturday, some carrying placards and posters. Singapore allowed the protest at the Speakers’ Corner area in Hong Lim Park.

“There are a lot of questions that need answers,” said Ray Ho, a 65-year-old retiree who has invested in the company’s perpetual bonds. Investments were “a leap of faith. These are people’s life savings. How can you expect retail investors that are not-so-sophisticated to make the distinctions?”

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Hyflux investors call for protection in rare Singapore protest
Hyflux investors gather March 30 for a protest in Singapore, a country that strictly regulates such rallies. (Photo by Kentaro Iwamoto)

Retail investors of Singapore's Hyflux who stand to lose most of the money they poured into the water treatment company gathered Saturday for a rally in the city-state, urging the government to protect them.

The 3 p.m. rally at a park in central Singapore attracted over 200 people, most of them senior citizens who invested their savings in Hyflux shares and bonds. The rally was organized by one of the investors, and word of the event spread through local news and social media during the week.

Under a debt restructuring plan proposed by Hyflux in February, about 34,000 retail investors would lose nearly 90% of their funds.

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Hyflux retail investors hold protest at Hong Lim Park over proposed debt restructuring plans

Hyflux’s retail investors are making their unhappiness heard. On March 30, a planned protest against Hyflux’s restructuring plans took place at Hong Lim Park from 3pm to 4pm, consisting of the embattled firm’s retail investors, Channel NewsAsia reports.

Reports of the number of protestors who turned up have varied, ranging from over 100 to 500.

The Straits Times (ST) reported that over 100 retail investors turned up for the protest, while CNA reported the number of protestors as around 300. Nikkei Asian Review noted that the rally drew over 200 people, while Bloomberg places the number between 400 to 500.

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HEADLINES Lim Tean to Help Hyflux Investors Seek Legal Redress

Hyflux investors, many of them “unsophisticated” retail investors such as retirees and housewives, stand to lose over 90 percent of their investment in Hyflux perpetual securities. Some are known to have invested their retirement savings in to these securities.

In March, a group of investors demonstrated at Speaker’s Corner to show their anger at the government’s bid to acquire Hyflux’s Tuaspring desalination plant at zero dollars.

Protestors also demanded fairer distribution of the company’s funds to affected investors should the company be liquidated.

related: Hundreds Protest Against Hyflux Restructuring Deal & PUB’s Tuaspring Takeover

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Hyflux working hard to stay ‘viable’, ensure fair treatment to shareholders: CEO Olivia Lum

With Hyflux granted a six-month moratorium that will last until mid-December, founder-CEO Olivia Lum said on Thursday (Jul 19) the management is working hard to keep the company afloat to ensure fair treatment for all stakeholders, including retail investors.

In her first media appearance since the home-grown water treatment specialist filed for court protection in May, Ms Lum, who is also the executive chairman of Hyflux, said: “Within this year, my hope and my goal is to always look after the shareholders and other stakeholders (so that) we can be fair to everybody.”

Referring to the more than 50,000 holders of the company’s perpetual securities, preference shares and common equities – in which many of them are mom-and-pop investors – she said: “They put their trust in me, in the company, to be able to bring returns to them and now we got into this trouble.

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Tang See Kit @SeeKitCNA

Meanwhile, there are others who want more answers from PUB about its $0 purchase price for Tuaspring. These investors have written a letter with some 10 questions and SIAS is understood to have forwarded the letter to PUB on Mon. A screenshot of the letter sent to CNA:

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Official Opening of Tuaspring Desalination Plant
(From left: Permanent Secretary for the Environment and Water Resources Choi Shing Kwok, PUB Chairman Tan Gee Paw, Minister for the Environment and Water Resources Vivian Balakrishnan, Prime Minister Lee Hsien Loong, Minister, Prime Minister’s Office Grace Fu, PUB Chief Executive Chew Men Leong and Hyflux Executive Chairman & Group CEO Olivia Lum)

PUB, the national water agency of Singapore, and Hyflux celebrated the official opening of Singapore’s second and largest seawater reverse osmosis desalination plant, Tuaspring Desalination Plant on 18 September 2013.

Tuaspring Desalination Plant marks another major step in Singapore’s journey towards water sustainability with the addition of another 318,500 m3 or 70 million gallons of desalinated water per day to Singapore’s water supply under a 25-year design-build-own-operate arrangement with PUB. This triples the amount of water Singapore gets from desalination.

Singapore’s Prime Minister Lee Hsien Loong, who officiated the opening of the desalination plant, noted in his speech that “Hyflux won an international competition to design and build this plant. It reflects Hyflux’s capabilities in this rapidly growing industry because theirs was the most unique and cost efficient design.”

related: Tuaspring Integrated Water and Power Plant

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Speech by Prime Minister Lee Hsien Loong at the official opening of Tuaspring Desalination Plant

Distinguished guests, ladies and gentlemen, I am very happy to be here to open the Tuaspring Desalination Plant today. This is Asia’s largest seawater reverse-osmosis desalination plant and our second desalination plant after Singspring. It will triple the size of our fourth “National Tap”, which is desalination for providing potable water in Singapore together with our other three “Taps” - our local water catchments, our imported water from Johor, and NEWater.

Hyflux won an international competition to design and build this plant. It reflects Hyflux’s capabilities in this rapidly growing industry because theirs was the most unique and cost-efficient design. They generate electricity on-site and have reduced the cost of producing desalinated water. And it also was able to build the plant on budget and in record time. So I congratulate Ms Olivia Lum and her team! Well done!

Tuaspring is the latest milestone in Singapore’s water journey. We have come a long way since we became an independent nation in 1965. Then, we were almost totally dependent on our imported water from Johor. In Singapore, Singaporeans lined up at public taps for water, we had night-soil collectors because our homes lacked sanitation. Today, we are able to supply a large part of our water needs ourselves. We have resilience in our system - even if there is a drought, we are prepared. Singaporeans enjoy a clean and reliable supply of water, and modern sanitation everywhere. What was once our strategic weakness has become a source of thought leadership and competitive advantage. But we should not take this for granted because around the world, three quarters of a billion people lack access to clean drinking water. And every year, three and a half million people die of water-borne diseases – in fact the size of Singapore’s citizen population. And yet Singapore is in a privileged, comfortable, secure position.

read more

related:
Once a star company, Singapore’s Hyflux faces major challenges
The ‘noose around the neck’ that needs to be sold, but can it be done?
Hyflux sought court protection to restructure mounting debt pile of nearly S$3billion
Hyflux says it remains committed to ‘fair’ restructuring plan as worries among retail
Hyflux applied to the High Court to begin a reorganisation of its debt & businesses
Hyflux has ‘credible’ revival plan, to file for moratorium extension on Thursday
Hyflux investors told to wait for detailed restructuring plan
Hyflux’s UAE investor plans to meet retail investors, asks PUB to delay Takeover
Hyflux under a court-supervised process to reorganise its liabilities and business
Hyflux application of a six-month moratorium
Hyflux's first annual loss since listing in 2001
Hyflux 3rd potential investor, with letter of interest to acquire overseas assets
Hyflux’s UAE investor plans to meet retail investors, asks PUB to delay Takeover
‘Independent’ investor-only meeting planned by SIAS for Hyflux’s retail investors
Hyflux extends deadline for stakeholders to file proofs of claims
Fallen Singapore High-Flyer Starts Debt Restructure Process

Sunday, 26 May 2019

Great things start when you MOVE IT!


Physical activity is important to health. Get started with HPB's physical activity programmes and get more from life today!

Our bodies are designed to move. Keeping active not only helps us maintain a healthy weight, it also improves our overall mental and physical well-being for a better quality of life from Day 1.

To start feeling great, you don’t have to go out of your way, use special equipment or invest too much effort and time to get the optimal amount of physical activity. In fact, your immediate environment and surroundings are the perfect places to start moving and kickstart a brand new you!

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Saturday, 25 May 2019

There’s no nepotism in Temasek and GIC

DPM Heng Swee Keat tells Swiss newspaper
Deputy Prime Minister Heng Swee Keat was interviewed by Swiss newspaper, Neue Zürcher Zeitung (NZZ), last Fri (17 May)

During the interview, Heng who is also the finance minister, was asked many pointed questions by the Swiss newspaper. He was asked about the one-party regime in Singapore, despite Singapore having elections.

“Would not the time be ripe for more democracy and more political competition?” NZZ asked.

Heng maintained that Singapore has free and fair elections. He said numerous parties participated in the last election and in 2011 five Members of Parliament from the People’s Action Party lost their seats.

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I do not believe that the free market can handle everything
"The country we most like to live in is Switzerland," emphasizes Singapore Deputy Prime Minister Heng Swee Keat during his visit in May 2019. (Image: Wei Leng Tay / Bloomberg)

"Capital for what purpose?" Asked students this year at the St. Gallen Symposium and invited the Singapore Finance Minister. Though promoted to only vice premier on 1 May and likely to be the next city state prime minister, Heng Swee Keat turned to dialogue and then questions from the NZZ. The often friendly smiling gentleman did not seem like a typical politician, more like a somewhat shy professor. He took his time, wondering, before answering, spoke softly. And yet, it quickly became clear: the now 57-year-old, who began his professional career with the police, studied in Cambridge, England, and in economics and administration at Harvard, led the Singapore Central Bank for six years.

If you think that Singapore is better off with a one-party regime, how do you prevent the usually associated nepotism?
"Decisive are governance and leadership. For example, we have our sovereign funds Temasek and GIC. Not once did I intervene as Minister of Finance in their investment decisions. Because if I did, I would not be able to hold her responsible for her performance. Under the Constitution, as Finance Minister, I am responsible to Parliament for its performance, and I, in turn, must hold the leadership of the SWF accountable. We have very strict rules against nepotism, very strong anti-corruption rules."
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Finance Ministers have never interfered in Temasek and GIC's investments: Heng Swee Keat
Deputy Prime Minister Heng Swee Keat

Deputy Prime Minister Heng Swee Keat said that he and former finance ministers did not interfere in what countries or sectors to invest in.

As finance minister, he has never once interfered in investment decisions taken by the national sovereign wealth funds, Temasek and GIC, as doing so would lead to him losing the authority of holding them accountable for their performance, Deputy Prime Minister Heng Swee Keat said in an interview with a Swiss newspaper published last Friday.

Mr Heng told Neue Zurcher Zeitung (NZZ) that his predecessors also did not interfere in what countries or sectors to invest in.

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Singapore's biggest challenge is to build 'a sense of unity' amid 'tremendous changes': DPM Heng
Deputy Prime Minister and Finance Minister Heng Swee Keat said Singapore must continue to "learn how to evolve and improve our systems" and adopt useful policies from other countries. Mr Heng was interviewed by Swiss newspaper Neue Zürcher Zeitung at the sidelines of the recent 49th St Gallen Symposium in Switzerland.

ST GALLEN, Switzerland: Deputy Prime Minister (DPM) and Finance Minister Heng Swee Keat said Singapore must continue to "learn how to evolve and improve our systems" and adopt useful policies from other countries.

Speaking at the sidelines of the recent 49th St Gallen Symposium in Switzerland, Mr Heng was interviewed by Swiss newspaper Neue Zürcher Zeitung on several topics, including Singapore's housing policy, the country's governance and democracy, and the Government's role in managing the economy.

When asked about the biggest challenge that Singapore faces, Mr Heng said: "Well, our biggest challenge that we need to address is to build a sense of unity amidst this tremendous changes that are going on around us."

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Heng Swee Keat: If my party does not deliver what it promises, it’s out

Deputy Prime Minister (DPM) Heng Swee Keat, who was in Switzerland recently for the 49th St Gallen Symposium, gave an interview to Swiss newspaper Neue Zürcher Zeitung (NZZ) on several topics pertaining to the local and global economy, including what he perceives to be a good relationship between citizens, business, government, and politics.

Mr Heng said that the ruling People’s Action Party (PAP) has been enjoying success for decades since it has won the confidence and trust of the people of Singapore. However, he also asserted,
“IF MY PARTY DOES NOT DELIVER WHAT IT PROMISES, IT’S OUT.”
Singapore’s DPM and Finance Minister believes that the government and the business sector have certain responsibilities in taking care of the workforce. When it comes to the free market, Mr Heng said to NZZ,  “I believe that it is not true that the free market can handle everything and that it only needs competition. Governments, in my opinion, have an important role to play. They must give investors security, they must provide critical infrastructure.”

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Nepotism, Aristocracy, Meritocracy & Conflict of Interest:
PM Lee rebuts siblings' allegations about nepotism
Li Shengwu - Singapore should reject nepotism
“We've very strict rules against nepotism” – DPM Heng on Temasek

Nurul Izzah wanted to end all nepotism accusations, say sources
Singapore Can Have Meritocracy or Aristocracy, But Not Both

PM Lee rebuts siblings' allegations about nepotism
Family feud involving Singapore's prime minister reignites - Nikkei
Singapore's Lee Family and Nepotism – Asia Sentinel
'It's sad if I need magic properties to bolster my position'
New Auditor-General is wife of Senior Minister of State for Defence
Parliament: 'No conflict of interest' in appointing new Auditor
Singapore's ruling party reveals the next prime minister - Banyan

Li Shengwu - Singapore should reject nepotism
DPM Heng Swee Keat tells Swiss newspaper there's no nepotism'
No conflict of interest' in appointment of new Auditor-General, wife
Would One Know That It Is a Conflict of Interest? - Singapore
Chan: No confict of interest in appointment of Auditor-General
Policy on Directors' Conflicts of Interest - Singapore Post
Parliament: 'No conflict of interest' in appointing new Auditor
Parliament: 'No conflict of interest' in appointing ... - The Straits Times
No conflict of interest between AGO and ministries in audits: Chan
Lawyer suspended 3 years for conflict of interest when he favoured
Perceptions matter when it comes to questions on conflict of interest
“We have very strict rules against nepotism” – DPM Heng on Temasek
DPM Heng Swee Keat tells Swiss newspaper there's no nepotism in
Heng Swee Keat: If my party does not deliver what it promises, it's out
Nurul Izzah wanted to end all nepotism accusations, say sources
Family feud involving Singapore's prime minister reignites
Singapore's ruling party reveals the next prime minister
Speculation that Li Hongyi will enter politics and Chan Chun Sing
Singapore Can Have Meritocracy or Aristocracy, But Not Both
Directors' Duties in Singapore | SingaporeLegalAdvice.com

New Auditor-General is wife of Senior Minister of State for Defence
Conflict of interest in national dental matter? Report filed with CPIB
Appointment of the new Auditor-General is a conflict of interest
Policy on Directors' Conflicts of Interest - M1
Neo-Feudalism in modern Singapore
Meritocracy in Singapore: Solution or problem? | Global-is-Asian

Understanding the four critiques of Singapore's meritocracy
Meritocracy is best model for Singapore, but needs to evolve to meet
Meritocracy and the paradox of success, Opinion News & Top Stories
How Singapore is fixing its meritocracy - The Washington Post
If We Celebrate Singapore's Meritocracy, We Must Also Embrace Its
MERITOCRACY latest news & coverage - CNA
Why elitism in Singapore exists and how we can change it
Educator Mark Rozells questions the idea of Singapore's meritocracy
The Two Faces of Meritocracy in Singapore - The Online Citizen
meritocracy privilege elitism intolerance problems
Meritocracy and Elitism in a Global City: Ideological Shifts in Spore

INTEGRITY, MERITOCRACY AND INCLUSIVENESS
Ong Ye Kung urges a 'doubling down' on meritocracy
The country that celebrates meritocracy like no other
Mending our Meritocracy: Socioeconomic Affirmative Action

Singapore Sociology: After Meritocracy - Global Dialogue
globaldialogue.isa-sociology.org/spore-sociology-after-meritocracy

Singapore's Meritocracy is Broken, CPF is a “Confiscation of

Good Meritocracy, Bad Meritocracy - IPS Commons
Meritocracy, Inequality and Elitism in Singapore's Education System
meritocracy Latest News & Headlines - THE BUSINESS TIMES
Singapore Can Have Meritocracy or Aristocracy, But Not Both
Without "natural aristocracy", society "will lose out": PM Lee
Indranee says stop thinking people in terms of social class but her
Is Singapore an aristocracy disguised as a democracy?
Class divide: Singapore in danger of becoming academic aristocracy
Meritocracy still the best model, says Ong Ye Kung
Meritocracy and its toll on our students, Opinion News

Meritocracy in Singapore: Why Is It So Hard To Get Right?
Is Singapore's meritocracy producing 'perverse' outcomes such as
TENSIONS BETWEEN MERITOCRACY & EQUITY IN SPORE
Meritocracy is still the best model, Latest Singapore News
Mark of a 'natural aristocrat', Letters on the Web News

TODAYonline | PM tackles questions on S'pore system, freedom of

We're an aristocracy now, are we? - Welcome to the Singapore
Unnatural aristocrats - Banyan - The Economist
Conflict of Interest Policy - Securities Investors Association
If Govt say no conflict of interest,... - All Singapore Stuff | Facebook

conflict of interest - The Law Society of Singapore
CODE OF CONDUCT
Is there a conflict of interest for finance professionals with side jobs
Brad Bowyer - RedWire Times Singapore
Parliament: 'No conflict of interest' in appointing new Auditor
Ch. 16 Singapore Company Law www.singaporelawwatch.sg
code of ethics for employees of singapore labour foundation
a practical anti-corruption guide for businesses in singapore corrupt
Conflict of Interest - The National Kidney Foundation Singapore
Aristocracy of Armed Talent: The Military Elite in Singapore
Unnatural aristocrats - Banyan - The Economist
Of "natural aristocracy" - Yahoo News Singapore
Singapore Can Have Meritocracy or Aristocracy, But Not Both
Singapore needs younger leader for the longer haul: PM Lee
What Lies Ahead: A Natural Aristocracy or a Self-Perpetuat aristocracy
Singapore Politics: Blog
PMO | Transcript of Dialogue with Prime Minister Lee Hsien Loong
PM Lee Hsien Loong: Singapore society will lose out if Singaporeans
Singapore or Israel: We think none of them are smart and this is why
Cementing the Elite: 99% of Singaporeans are “Very, Very Mediocre
Aristocracy of armed talent :the military elite in Singapore
Aristocracy of Armed Talent: The Military Elite in Singapore
Aristocracy Of Armed Talent: The Military Elite In Singapore
Every aristocracy has a judgement day. - Wake Up, Singapore
Natural aristocracy and the detriment of our society
Can education fix inequality in Singapore? If not, what?
Aristocracy - Picture of Raffles Hotel Singapore, Singapore
Aristocracy of Armed Talent: Military Elite in Singapore on JSTOR