Media Allegation of Png Eng Huat Closing down 8 Companies in 12 Years
12 Years close down 8 companies
The scoreboard of Png Eng Huat as a businessman – 12 years close down 8 company
Is Png Eng Huat very secretive?
Png Eng Huat: Will do it when opportunity comes
The above are the headlines and sub-headlines in some mainstream media such as My Paper and ZaoBao in the run-up to Polling Day for the Hougang By-Election.
These headlines not only gave readers an impression that I am an incapable businessman but also an opportunistic person who would not hesitate to set up and wind down companies to maximize profits.
I regret that these papers deem it necessary not only to dig up my business records in the run-up to Polling Day, but also did not even get their facts right.
I worked with NTUC Income from 1998 to 2001. By virtue of my work with NTUC Income, I was appointed by them as a Director in four of their companies and 1 co-op.
When I left NTUC Income, these 4 companies were still operational. The 4 entities are part of the 8 companies the newspapers alleged I had closed. I do not own these companies and had no role in their operations long after I left NTUC Income in 2001.
Of the remaining 4 companies I was alleged to have shut down, I am in control of only 3. The 3 companies were shut down in an orderly manner and they have no outstanding debt. No one suffered any financial loss as a result of the voluntary winding up action. One of the companies was dormant.
The 8 companies in the list are:
1. i-MAP Pte Ltd (NTUC Income)
2. E-Lifestyle (S) Ltd (NTUC Income)
3. Juzclickcar.com Pte Ltd (JV between NTUC Income and ST Automotive)
4. ID Connect.com Pte Ltd (JV between NTUC Income and Cartel Design)
5. Trancosi Singapore Pte Ltd (Not my company)
6. Flora De Paradis (Closed – Sole-Proprietorship)
7. Crenner International Pte Ltd (Closed – Dormant company)
8. i Productions Pte Ltd (Closed – Software/Multimedia (CD-i) company)
The Pen is mightier than the sword and the media has a duty to wield the pen responsibly and not present untruths or half-truths.
Png Eng Huat
MP-elect for Hougang SMC