Singapore: no drugs, no thugs
Strange bedfellows. Opinion editorial
By Dr Chee Soon Juan, secretary general of the Singapore Democratic Prty.
Protesters demand accountability from PM Goh on drugs
The Nation (US) November 24, 1997.
Letter: Jean Tan, Singapore Embassy, Washington, USA
In "Singapore's Blood Money" (Oct. 20), Dennis Bernstein and Leslie Kean allege that the Singaporean government is engaging in joint business ventures with drug lords in Myanmar. Bernstein and Kean are recycling old allegations made by an Australian television station, Special Broadcasting Service, in October 1996. In November 1996 the government rebutted these allegations. It pointed out that the government of Singapore Investment Corporation (GIC.) was a passive investor in the Myanmar Fund and was not involved in the investment decisions of the fund. Other investors included Air Liquids International and beneficial interests held by nominee companies such as Coutts & Co. (an old British bank) and Swiss Bank Corporation.
The government also explained that GIC kept securities with Morgan Guaranty Trust Co. because this was the common practice of most investment corporations. There was nothing sinister or secret about this investment, which had been publicly disclosed.
As for opposition leader Dr Chee Soon Juan's criticism, the government invited him to get his party to move a motion in parliament calling for a commission of inquiry. There would be a full debate, and the government would support the motion. Dr Chee could then bring evidence to the commission to prove that the government had acted immorally and colluded with drug traffickers by investing in the Myanmar Fund. Dr Chee declined to do so.
In August of this year, a majority of other shareholders voted in favor of winding up the Myanmar Fund. As a passive investor, the GIC supported the decision.
Washington DC, USA.