ICPAS encourages companies to open channels for whistle-blowing

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SINGAPORE: Recent fraud cases in the public sector and alleged breaches by Singapore-listed companies like China Sky Chemical Fibre have put the spotlight on whistle-blowing.

Experts said whistle-blowing has a role to play in uncovering fraud and it is necessary to ensure that channels are open for whistle-blowing.

The Institute of Certified Public Accountants of Singapore (ICPAS) -- the largest professional body in Singapore -- has called for companies to build a culture of ethics and governance.

Organisations should also put in place systems for its staff and external parties to be more vigilant and report wrongdoings.

Experts said fostering a culture that encourages whistle-blowing may help the authorities uncover issues or discrepancies within an organisation.

ICPAS's president, Mr Ernest Kan, said: "Whistle-blowing is not a new topic, but of late, it has gained much attention judging from the number of stories that have gripped our headlines."

Some industry observers said short-seller Carson Block and his research house, Muddy Waters' recent attacks on Singapore-listed commodities trader Olam may be regarded as a form of whistle-blowing.

But many point out that Carson Block should not be considered a whistle-blower.

Instead, he is an analyst who had raised questions about the company's accounting methods in the firm's research report.

Nanyang Business School's associate professor, Ms Tan Lay Hong, said: "The matter is really very contentious because you look at what Muddy Waters is questioning. It is their way of valuing the natural resources -- which is basically mark to market."

Given the recent rise in frauds in Chinese companies such as Sino-forest, experts said whistle-blowers should actively sound the alarm for any discrepancies they spot in listed companies.

Harry Elias Partnerships' managing partner, Mr Philip Fong, said: "Whistle-blowers also have a responsibility to make sure that what they are reporting is true to their best of their knowledge and in a sense, provide as many facts as possible to substantial their complaint."

In Singapore, there are laws to protect the identities of whistle-blowers who may be a staff member or external parties.

According to lawyers, whistle-blowers who made complaints based on good faith will be insulated from defamation lawsuits.

- CNA/lp



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Arvind Kejriwal's party joins protest by Bhopal gas tragedy victims

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NEW DELHI: Arvind Kejriwal-led Aam Aadmi Party today joined a protest by Bhopal gas tragedy victims near the Prime Minister's office and alleged the government's agenda of wooing foreign investments is acting as a deterrent in ensuring justice for those affected.

The party's chief spokesperson Manish Sisodia took part in the protest on the 28th anniversary of the gas tragedy and said if voted to power, the party will make a law which will put guilty corporations and their officials responsible for the tragedy behind the bars.

"I think the push for attracting foreign investments is acting as a deterrent in taking strong action against the accused company and the politicians," Sisodia told reporters.

The Bhopal gas tragedy in December 1984, the world's worst industrial disaster, killed thousands of people, with several lakhs still suffering from the lethal consequences of the gas leak.

The protesters demanded Prime Minister Manmohan Singh's intervention to punish the guilty corporations and their officials and adequately compensate all victims.

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Photos: Kilauea Lava Reaches the Sea

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Will Mortgage Deduction Survive Fiscal Cliff?

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When politicians talk about closing tax loopholes, it seems like they're targeting greedy corporations. But they're also talking about Jaclyn Picarillo, 33, mom of two and American homeowner.


The home mortgage interest tax deduction is one of the biggest tax breaks available and it allows individuals to deduct the interest they pay to their mortgage company.


It has encouraged millions of Americans to become homeowners. But as lawmakers search for ways to control federal spending, reform the tax code and avoid the "fiscal cliff," there's a good chance they'll take a look at the mortgage deduction. It's worth more than $100 billion each year. All or part of that money could go a long way to finding the $1.6 trillion in additional tax revenue President Obama wants negotiators in Washington to agree to.


Picarillo, who lives with her husband, a three-year-old and a 15-month-old in Fairfield, Ct., a New York City suburb with both high housing costs and a high cost of living, bought her first home last year after previously renting. Picarillo and her husband decided to buy because they knew they were getting the tax break, and they used that money to renovate the home as well as make a down payment on a new car Picarillo needed.








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The mortgage deduction has been fiercely guarded until now, although it costs the government over $100 billion a year by most estimates, because of the sentimental attachment to it and the idea that it helps middle class families afford homes. While those who benefit from the deduction, including homeowners and people in the real estate industry, are passionate about keeping the deduction in place, others say it should be eliminated because it overwhelmingly helps the wealthy and those who can afford to buy a home already.


"By getting rid of the [home mortgage interest tax deduction], I'm more likely to hold on to my car longer and less likely to hire a builder to improve the house," Picarillo said. "Why would you become a homeowner without it? There are so many worries with owning a home, many people might think it's easier to rent."


If Picarillo sounds savvy about the deduction, it's because she is. She is also in the real estate industry, working with her mother to sell homes in Fairfield County, which includes Westport, Ct., where some of the country's most expensive homes are located.


She says that many of her customers are "on the fence" about buying in a market that has been struggling the last few years.


Picarillo describes her family as "definitely middle class" and says without the deduction she will have to "work a lot harder" to maintain the lifestyle she currently has.


The deduction, which has been around in some form or another since 1913, overwhelmingly helps people in areas like the Northeast and metro areas with high home prices. Edward Kleinbard, the former chief of staff to the U.S. Congress's Joint Committee on Taxation, says it should be up for elimination or reduction because it just doesn't help the majority of Americans.


"The bottom 80 percent of America, which includes the middle class, is only getting 20 percent of the tax benefit," Kleinbard, who is also a professor at the University of Southern California Gould School of Law, explained. "That's a very top-weighted distribution and it doesn't apply to the middle class because by definition the middle class is the 50 percent."






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DIA sending hundreds more spies overseas

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The Pentagon will send hundreds of additional spies overseas as part of an ambitious plan to assemble an espionage network that rivals the CIA in size, U.S. officials said.


The project is aimed at transforming the Defense Intelligence Agency, which has been dominated for the past decade by the demands of two wars, into a spy service focused on emerging threats and more closely aligned with the CIA and elite military commando units.

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Myanmar team on 5-day visit to study S'pore's development

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SINGAPORE: A ministerial delegation from Myanmar will be in Singapore for a five-day study visit.

The delegation, which will be here from 3 December, will focus on industrial policies, industrial park development, as well as technical and vocational education and training.

The Ministry of Foreign Affairs (MFA) said on Sunday that the study visit is part of Singapore's technical assistance to Myanmar, under the Singapore-Myanmar Technical Cooperation Programme.

It said Singapore is sharing its expertise and experience as part of the broader commitment to support Myanmar's efforts in reforms.

Singapore also contributes in a concrete way to Myanmar's development and the strengthening of bilateral ties.

The delegation is led by Union Minister in the President's Office and Chairman of the Myanmar Investment Commission, Soe Thane.

It'll call on Prime Minister Lee Hsien Loong and will be hosted to dinner by Emeritus Senior Minister Goh Chok Tong.

- CNA/ck



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FDI in retail to safeguard international market mafias' interest: BJP

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ANI Dec 1, 2012, 03.28PM IST

NEW DELHI: India's main opposition Bharatiya Janata Party (BJP) today said retail reform is a step taken by the Congress led-federal government to safeguard the interests of the international market mafias at the cost of national interest.

BJP vice president Mukhtar Abbas Naqvi said on Saturday that voting inside the parliament would decide as to who is in favour of national interest and who is working for international interests.

"The government feels that their responsibility is to safeguard the interest of international market mafias instead of national interest and for saving the interest of international market mafias, the government is ready to compromise with national interests. Now, the parliament will decide as to who is in support of international market mafias and who are supporting national interests," said Naqvi.

The government's decision to allow foreign supermarket chains such as Wal-Mart had triggered protest not only from opposition parties but also from some of its allies.

BJP had sought debate on the issue of allowing Foreign Direct Investment (FDI) in the retail sector, under the rule that entails voting after discussions.

Meanwhile, Minister in the Prime Minister Office (PMO), V Narayanaswamy said the government would answer all the queries raised by the opposition parties in the parliament and will explain the benefits of allowing FDI in retail sector.

The lower house of parliament has set December 04 and 05 as the date to vote and debate on FDI. The dates for the upper house are yet to be decided.

Narayanaswamy said the government is confident of becoming victorious in the debate.

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Photos: Kilauea Lava Reaches the Sea

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Wikileaks Case: Guards Deny Intimidating Manning

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gty bradley manning dm 121108 wblog Bradley Mannings Former Guards Testify About Controversial Incident

(Brendan Smialkowski/AFP/Getty Images)


Bradley Manning’s former guards testified today that they did not intimidate the man accused of leaking hundreds of thousands of classified cables to the anti-secrets website Wikileaks during  a Jan. 18, 2011 incident that resulted in Manning being placed on a temporary suicide risk watch.


Manning’s attorneys cite the event as a key reason why his pre-trial confinement at the Marine brig in Quantico, Va., was unlawful and warrants the dismissal of the charges against him.


Manning faces life imprisonment on charges that he leaked the classified military and diplomatic cables to Wikileaks.  Details of those charges will come at a trial scheduled for February and are not being discussed at this week’s hearing, which is focused on his nine-month confinement at Quantico from July 2010 to April 2011.


On Jan. 18, 2011 Manning was being moved to his daily “recreation call” in a room at the brig when he experienced an apparent anxiety attack.  Manning said Thursday the guards escorting him seemed to have an aggressive attitude that made him feel nervous and ultimately feel faint.


Manning testified Thursday that he “lost my demeanor” during a later discussion with brig officials about the incident that led them to place him on temporary suicide risk watch.


Former Marine guards Lance Corporal Joshua Tankersly and Lance Corporal Jonathan Cline testified today that Manning had been moving around while his hand and leg restraints were placed on him for the escort to the exercise room.  They said they reminded Manning that he should respond properly to their orders by referring to their ranks when he answered them.


When Manning entered the recreation room they described a situation in which Manning fell backwards and landed on his backside.


They then said that when out of his leg restraints Manning ran to a weightlifting machine, hid behind it and began to cry.  Both Cline and Tankersly said they could not explain Manning’s behavior.  Both guards were ordered to leave the room and were replaced by two other guards who escorted Manning back to his cell.


Cline said he was puzzled when a supervisor later told him “we intimidated him or something like that.”


Each guard said he could not recall if they sounded harsh when they talked to Manning on the way to the exercise room.


They both said that aside from the January incident, Manning was courteous and professional in his interactions with them.  Both described him as an average prisoner, though Tankersly acknowledged that Manning was a high profile detainee who had the attention of high-ranking officials at the base.


“It’s hard to put ‘average’ on such a high profile, when you have higher ups on base come and check through to that see all was OK,” Tankersly said.


Gunnery Sgt. William Fuller, one of the senior officers at the brig, also testified today about his participation in a Classification and Assessment board that routinely assessed whether Manning’s Maximum Custody and Prevention of Injury status should be downgraded. The board never reduced Manning’s status during his stay.


Fuller acknowledged that before the January incident he and another brig official had considered a downgrade because Manning was “doing pretty good.”


He said the Jan. 18incident “kind of reset things … we had to keep him on Prevention of Injury.”


Fuller also cited Manning’s quiet interactions with him as a reason for keeping Manning on that status.


According to Fuller “he wouldn’t communicate … it seemed like he didn’t really want to talk” and that concerned him, given training he had received that being withdrawn could be an indicator of suicidal behavior.


Fuller admitted that the conversations were really just quick interactions to see how Manning was doing..  When asked to provide examples of longer exchanges he had with other prisoners, Fuller provided brief sentences.  That led David Coombs, Manning’s defense attorney to say sarcastically, “so if he’d thrown in more words then he would have classified as a Chatty Patty?”


Manning’s attorneys claim that a protest on Jan. 17 by Manning supporters, at the entrance to the base, may have motivated an aggressive attitude towards the detainee.


Cline recalled other guards “were annoyed” by the protest” because it would close parts of the base and hinder or interrupt how they got home.”  But Tankersly said the protest had no impact on Manning’s treatment.

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Sen. Ayotte offers GOP an influential new voice

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The three Republican senators emerged grim-faced from a basement meeting room in the Capitol on Tuesday and took turns before a bank of televisions cameras, blasting away at the Obama administration for its handling of the deadly attack on an American outpost in Benghazi, Libya.


The first two were prominent national security heavyweights, Arizona’s John McCain and Lindsey O. Graham of South Carolina. Then the third senator, Kelly Ayotte of New Hampshire, stepped forward. A freshman in her second year and ranked 99th in seniority, Ayotte said she had not been swayed by the administration’s efforts to explain how and why U.N. Ambassador Susan Rice had initially suggested the attack was the result of a spontaneous street protest, instead of a coordinated terrorist attack.

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