AHTC hands over to PRPTC accumulated surplus and higher sinking funds for Punggol East SMC
The Aljunied-Hougang Town Council (AHTC) submitted the Punggol East SMC audited accounts for the period 1 Apr 2015 – 30 Nov 2015 to Pasir Ris-Punggol Town Council (PRPTC) on 28 September 2016.
AHTC has handed over Punggol East SMC to PRPTC in better financial health as compared to the time it took over the constituency in the aftermath of the Punggol East by-election of 2013. While PRPTC handed over to AHTC $22.5 million in Sinking Funds after the Punggol East by-election, AHTC is handing over to PRPTC $26.8 million in Sinking Funds and another $755,000 in accumulated surplus, totaling $27.5 million.
AHTC has informed PRPTC that our auditors are available to address any questions that PRPTC may have over aforesaid accounts. However, AHTC has not received any such request to date, but will arrange for the needful should PRPTC require it.
Separately, we refer to the PRPTC’s Media Release dated 09 Oct 2016 pertaining to documents related to Punggol East SMC.
Since the court hearing on 18 August 2016, AHTC has submitted all the Category 1 documents (which pertain specifically to Punggol East SMC) in its possession to PRPTC. In fact, many Category 1 documents were submitted to PRPTC during the operational handover of Punggol East SMC on 30 November 2015.
AHTC staff has gone further to meet with PRPTC’s accountants, PwC, in the presence of AHTC’s accountants, KPMG, to answer its queries on its Category 1 documents at AHTC’s office, even as KPMG continues to work out of AHTC’s premises to complete its court-ordered Past Payment Review. It was confirmed by the Court of Appeal on 18 August 2016 that PwC is not expected to conduct a Past Payment Review, unlike KPMG.
PwC has also been communicating directly with KPMG to clarify matters and to understand the work that KPMG has done. This was what was envisaged and, in fact, directed by the Court of Appeal. We understand that this communication between the accountants is continuing.
AHTC is in the final stages of preparing for the hand over of the Category 2 documents (which pertain to Aljunied-Hougang-Punggol East Town) once AHTC’s lawyers and PRPTC’s lawyers confirm the conditions determining their release to PRPTC.
ALJUNIED-HOUGANG TOWN COUNCIL
09 October 2016