Former head of Ren Ci Hospital, Ven Shi Ming Yi, charged in court

It's sad that the image of charitable organisations in Singapore has taken yet another beating, casting doubts on the true intentions of those who seek public donations to support the needy.

According to the COMMISSIONER OF CHARITIES ANNUAL REPORT 2006, there are 1,875 charities and IPCs (Institutes of Public Character), out of which, half are religious organisations, and 320 are set up for social & welfare purposes. 64 of these charities had annual income exceeding $10 million, accounting for 77% of the $4.97 billion of total income of all registered charities in 2006.

From its 2006 Annual Report, the NCSS alone supports 63 charities and caters to 350,000 people (close to 8% of Singapore's population!).

Why are there so many needy Singaporeans out there, despite the economic growth and the many good years?

It is contended that if every working adult were to take personal responsibility to do their own financial plans (including cash-flow management, life and health insurance planning), they would be able to live in dignity and not have to depend on the charities of others, should misfortunes strike.


Back to the Ren CI case, a re-cap of the events leading to the criminal charges.

17 months ago
Feb 2007
Ven Ming Yi was told he could not hold the posts of chief executive and chairman concurrently as that was contrary to good corporate governance practices.

10 months ago
Sep 2007
Prominent businessman Chua Thian Poh, head of property developer Ho Bee Group, took over as chairman. Ven Ming Yi became the honorary chief executive.

8 months ago
07/11/07 Ren Ci under probe after MOH found financial irregularities:

MOH added that Ren Ci's past transactions also disclosed other gaps in corporate governance and internal controls.

The Ren Ci's Board of Management Committee stated that it has "a culture of strong corporate governance and transparency", and when complaints are made, they will be fully investigated.

So, how does Ren Ci's Management Committee define strong corporate governance and transparency?

5 months ago
18/02/08 CAD called in to probe Ren Ci's finances
The honorary CEO Ven Ming Yi applied for leave of absence.

Contacted yesterday, the charity's chairman, Mr Chua, told The Straits Times that he planned to improve the charity's 'credibility and sustainability' by bringing in new blood, among other things.

He has roped in Mr Seah Moon Ming, president of Singapore Technologies Electronics, to head the committee on corporate governance, while Mr Tan Huay Lim, a partner with audit firm KPMG, now leads its audit committee.

Last week
15/07/08 Former head of Ren Ci Hospital, Ven Shi Ming Yi, charged in court

The monk faces four charges under the Penal Code involving two counts of alleged criminal breach of trust. He also faces one count of forgery for the purpose of cheating, and one count of abetment for allegedly falsifying accounts.

He also faces six charges under the Charities Act for allegedly providing false information over a decade.

The venerable's lawyer, Andre Yap, said: "Some of the charges relate to matters which the previous board of Ren Ci had discussed at board meetings and had even sanctioned. So we don't believe that there's a criminal element to many of these charges."

Member of Parliament, Dr Ong Seh Hong, took over as CEO.

19/07/08
The charity has also implemented a whistle-blowing policy.

Chairman Chua said: "We have come up with some regulation on checks and balances, and approval system and for corporate governance. Of course, we’re trying to be more transparent and even (have) a more independent director on the board.

"We will ensure... that all these money coming in, every dollar and cent in future, will be spent on the patients."

"From now onwards, we will be more prudent... all the mistakes which we have made, we will correct them," said Mr Chua.

One wonders what is meant by "more independent"? Also, what can one single independent director do to further strengthen the "culture of strong corporate governance and transparency"?

As the Jedi Master Yoda once said, "Try not. Do, or do not. There is no try."

Hypertension

High Blood Pressure (HBP) or Hypertension is a common condition here as about 27% of Singaporeans suffer from high blood pressure.

Hypertension, if left untreated, may lead to stroke, heart attack and kidney failure, which can kill or leave one severely disabled.

Risk factors of hypertension are:
- Family history of hypertension.
- Sedentary lifestyle; exercise helps maintain normal blood pressure.
- Stress.
- Smoking
- Weight gains (extra weight increases blood pressure)
- Diet: Fats, cholesterol-rich foods and salt can all lead to raised blood pressure.
- Birth control pills; many women have a slight increase in blood pressure while on the pill. It is necessary to switch contraceptives if dangerously high hypertension arises.
- Alcohol: Heavy alcohol consumption has been linked to hypertension.

If the blood pressure remains high despite a modification in life-style and diet, you will need a drug to bring the blood pressure down. The drug does not cure the hypertension but will control it.

Classification of Blood Pressure Levels for Adults
Category Systolic BP, Diastolic BP
Normal BP: <130, <85
High-Normal BP: 130 – 139, 85 – 89
Grade I Hypertension (mild): 140 – 159, 90 – 99
Grade 2 Hypertension (moderate): 160 – 179, 100 – 109
Grade 3 Hypertension (severe): >180, >110

An important question on most hypertensive people's minds would be, "Can I still buy health insurance at standard rates and standard coverage?"

Most insurance companies will impose a clause in their health insurance plans to exclude coverage for hypertension-related conditions for applicants who are already diagnosed with hypertension.

However, I am glad that I have been able to get standard coverage (without any exclusions imposed) for my clients with only mild hypertension and who have shown that their conditions are under control through regular medication. My insurance principal takes a more liberal view and will offer standard coverage for those who take responsibility to maintain their blood pressure under control through regular consultation with their physicians and regular medication.

So, for those with mild hypertension, it's not too late to review your health insurance coverage.

Cancer treatment & Insurance

Cancer is the top killer and the 2nd most common condition of hospitalisation in Singapore. For men, the most common cancer is lung cancer followed by colo-rectal cancer. For women. it is breast cancer followed by colo-rectal cancer.

What are the insurance plans that can help?

1. Critical Illness Insurance

When we become ill, our focus should be on recovery and regaining our health. Critical illness insurance pays a lump sum benefit following the diagnosis of major cancers, which is one of the 30 critical illnesses covered. It offers you choices and allows you to recover on your own terms.

Your benefit could allow you to:
- avoid withdrawing money from savings or investments
- pay down debts such as your mortgage or loans
- choose medicine and treatments not covered by health plans
- replace lost income so you have choices

2. Hospital & surgical insurance

As shown in the news clip above, cancer treatment include surgery to remove the tumour followed by chemotherapy to destroy remnant cancer cells.

The many "Shield" plans available in the market today are able to cover both the inpatient and surgical expenses (after the deductible and co-insurance portion which is borne by the Insured) as well as chemotherapy expenses which is usually given as an outpatient procedure. The deductible and co-insurance portion may be covered by taking up a supplementary/rider plan.

3. Disability Income Insurance

As in the above story, chemotherapy may be administered over a period of 12 months. During chemotherapy, the patient may not be able to work full-time, and will suffer a loss of income. Companies may allow medical leave on full pay for up to 2 months, and will probably terminate an employee after 6 months of medical leave.

The Employment Act provides only for 14 days of outpatient sick leave per year and 60 days of hospitalisation leave (including the 14 days of outpatient sick leave).

The disability income insurance will pay a specified amount every month (til a certain age, usually 55 , 60 or 65) when the Insured is medically unfit to work either due to illnesses or injuries, and a reduced amount if working for a reduced pay due to the disability.


Hence the above three policies should be among the top priorities when planning for insurance to cover the ongoing family expenses, hospitalisation & surgical expenses, and other out-of-pocket expenses (including outpatient doctor's and specialist's consultation charges and medication) which would otherwise drain the hard-earned savings and cause much anxiety and financial distress, should a major illness or injury strike.

Career Seminar 24 July 08

Interested to:
1. make a difference in people's lives?
2. win respect and honour?
3. make more money?
4. enjoy freedom of time and money?

We have a Career Seminar as follows for suitable self-motivated candidates who would like to find out more about financial planning as a career:

Date : 24 July 2008 (Thursday)
Time : 6.30pm – 9.00pm
Venue: Centre for Excellence, Level 2 (Above Hans)
1 Pickering Street, Great Eastern Centre

One of the invited speakers is Mr Adam Khoo who will share on his Ultimate Business Success factors.

Registration will start at 6.30pm followed with a buffet dinner.

SPECIAL BONUS: A seminar bonus of $200 will be awarded to the potential recruit who submits an application form on that day and is contracted by 23 Oct 08.

Please call me at 94560418 to register for this life-changing event.

Down Memory Lane

I came across this article from "The Encyclopedia of the Chinese Overseas", compiled and published under the aegis of the Chinese Heritage Centre which was set up in Singapore in 1995. I had borrowed this encyclopedia from the National Library.

I was "proud" to learn I had shared the same alma mater, St Thomas's Secondary School with the late Mr Wee Kheng Chiang, reputedly the richest man in Sarawak, if not the region, in his lifetime. I remembered my uncle mentioning his name to me, as a child, when we passed by his mansion, sited on top of a hill in Kuching.

I remember my primary and secondary school with much fondness. Unfortunately, during my latter years in St Thomas's Secondary School, the standard of education dropped drastically when it became politically imperative for the principals of government and government-aided schools in Malaysia to be a bumiputera under the New Economic Policy, introduced in the aftermath of the May 13 1969 racial riots in Malaysia. I still remember the expat principal Mr Nigel Heyward from New Zealand (or was it Tasmania?) who had served the school with distinction.

I was much heartened when one of my best friends and classmate, Chee Sun, assured me that the high standard has been restored since then, and St Thomas's Secondary School is again a premier school in Sarawak. :)

Carpark inside High-Rise Condo

I read this article at my friend Peh SK's blog, and made the following comments, from an insurance practitioner's point of view:

There are perils associated with such arrangements. The car is a potential fire & explosion hazard because of the petrol in its tank. Cars have been known to catch fire due to short-circuiting.

I have a client who runs a motor workshop business. His business insurance provides coverage for vehicles parked within the premises but not outside. He is however reluctant to keep them parked within his workshop, as from his personal experience, a lorry, whilst awaiting repair at his workshop, caught fire due to a short-circuit. He would not risk his workshop, the lifeblood of his business, go up in smoke.

Another hazard faced by landed properties is impact by motor vehicles (this is one reason why houses at the end of a T-junction is unpopular). This is one of the standard perils covered in a home insurance policy.

Again, I am able to quote a real life example. A client lent his car to a friend who lost control of the car and collided into the walls of a landed property, whilst drink-driving! The driver was personally liable for the damages as the standard car insurance policies do not provide any coverage for drivers who drive under the influence of alcohol or drugs.

Although these risks may be remote, my personal opinion is that it is a bad idea. There have even been instances in Singapore of cars plunging down multi-storey car parks. I suspect these are cars with automatic gear transmission. Such cars will not 死火, unlike cars with manual transmission.


Although Samuel Johnson once said, "Prudence keeps life safe, but does not often make it happy", we should not throw caution to the wind.

"Caution is the eldest child of wisdom”
Victor Hugo


"Caution is not cowardly. Carelessness is not courage."
Unknown

Life's Priorities

I read this article in My Paper and agreed very much with the good doctor.

It also reminded me of an incident a few years ago. I was driving along Upp Bt Timah Road on my way home after a badminton game, and had stopped at a traffic light-controlled intersection. I neglected to pull the hand brake and because I was on the phone (with hands-free set, of course), I didn't notice my car rolling forward due to a slight gradient. It hit the car in front before I realised it. Both of us got out to inspect for any damage done.

Not seeing any damage on both cars, we exchanged names and contact numbers and moved our separate ways. Minutes later, as I was almost home, the other driver called, sounding rather agitated. He claimed he had found a dent on his rear bumper and asked me to meet with him to resolve the matter. When we met, he pointed to a dent on his bumper which I thought was hardly noticeable. It was surreal how upset he was over it!

He went on to claim against my insurance and the repair bill came to more than $400! He had got the whole bumper replaced because of a tiny dent which one would have to examine closely to even see it! He failed to understand what a bumper is really designed to do.

Is it any wonder why motor insurance premiums have increased by about 20% on average this year, as a result of huge losses incurred by the insurance companies last year?

Over the years, within the first months of getting my new cars, someone would invariably scratch them. It seemed that there are always people out there who cannot stand the sight of the perfect paintwork on new cars. I just shrugged it off - life is too short to get a heart attack over such trivialities.


"Fastidious taste makes enjoyment a struggle."
Mason Cooley

Personal Accident Insurance for Foreign Domestic Workers

Changes w.e.f. 1July 2008

Extracted from Source: www.mom.gov.sg

Frequently Asked Questions

1. What is the rationale for increasing the minimum compensation coverage for personal accident insurance for foreign domestic workers?

With effect from 1 July 2008, Ministry of Manpower (MOM) will be raising the minimum coverage of the personal accident insurance for foreign domestic workers from $10,000 to $40,000. This is part of the broader review of work injury compensation for all employees. It will apply to all new applications for foreign domestic workers submitted from 1 July 2008 onwards. For existing foreign domestic workers, the requirement will apply as long as their Work Permits expires on or after 1 July 2008.

2. Why is the minimum compensation coverage for personal accident insurance increased from $10,000 to $40,000 and not another quantum?

The increase in the minimum compensation coverage for personal accident insurance from $10,000 to $40,000 takes into account the cost impact on employers while enhancing the protection for foreign domestic workers. The quantum also reflects that unlike workmen's compensation, personal accident insurance provides for compensation in the case of permanent disablement or death regardless of whether or not the accident occurs as a result of work.

3. What is the cost impact to employers of foreign domestic workers with the increase in minimum compensation coverage for personal accident insurance?

With the increase in minimum compensation coverage for personal accident insurance, the cost is estimated to increase by about $30-$50 for a 2-year employment term.

4. Why is MOM increasing the minimum compensation coverage for personal accident insurance for foreign domestic workers when employers are now also required to purchase medical insurance for their foreign domestic workers?

The personal accident insurance will complement the existing medical insurance for foreign domestic workers. While the medical insurance requirement provides basic cover for medical expenses, including hospital bills, the personal accident insurance covers accidental death and permanent disablement. Any compensation payable will be made to the foreign domestic worker or her beneficiaries.

5. Why does the requirement for increasing the minimum compensation coverage for personal accident insurance from $10,000 to $40,000 take effect from 1 July 2008 when the requirement for compulsory medical insurance for foreign domestic workers takes effect from 1 January 2008?

The increase in minimum compensation coverage for personal accident insurance is in tandem with the broader review of the work injury compensation for all employees.

Separately, with MOH's withdrawal of hospital subsidies for all foreigners from 1 January 2008, it would be necessary to effect the requirement for compulsory medical insurance for foreign domestic workers from 1 January 2008 to ensure that potentially high medical bills continue to remain affordable for employers.

6. I have already purchased personal accident insurance for my existing foreign domestic worker. Do I need to purchase a new personal accident insurance policy now?

Employers will only need to purchase a new personal accident insurance policy with the new minimum coverage of $40,000 upon renewal of the existing Work Permit, as long as the Work Permit expires on or after 1 July 2008.

7. If I apply for my foreign domestic worker on 1 June 2008 but only bring her in after 1 July 2008 (since the “letter of notification to bring FDW into Singapore” is valid for 3 months), do I have to meet the new $40,000 minimum coverage for personal accident insurance?

The new minimum coverage of $40,000 is only applicable for new applications for foreign domestic workers submitted from 1 July 2008 onwards. Hence, if you apply for the work permit of the foreign domestic worker before 1 July 2008, i.e. on 1 June 2008, the new minimum coverage will not be applicable to you. However, you are still encouraged to cover your foreign domestic worker with the new minimum PAI coverage.

8. My foreign domestic worker's Work Permit expires on 2 July 2008. If I renew her work permit on 3 June 2008, do I have to meet the new $40,000 minimum coverage for personal accident insurance?

The new minimum PAI coverage of $40,000 will be applicable as long as the Work Permit expires on or after 1 July 2008, regardless of when it is renewed.

Moments of Failures, a Lifetime of Success

Fragility of life - a fatal road accident

At the request of the deceased's father, I attended the Coroner's inquest held on 4/7/08 at the Subordinate Court to determine the cause of the untimely demise of a bright young man.

The verdict: misadventure. None was found culpable for the tragic incident. A series of unfortunate events leading to a lorry running over Mr Lim.

Yet the grieving parents could not find closure at such a verdict, as the findings were primarily based on the accounts of 2 witnesses - one from Mr Edward Phua who probably would be hard put to describe what exactly happened in the split seconds behind him.

Could it be possible that the lorry behind had first collided into Mr Lim's scooter thus causing it to knock into Mr Phua's bike? This doubt will probably forever linger in the minds of the elder Mr & Mrs Lim, unless other independent eye witnesses come forward with a different account. Another witness taking shelter under the flyover had in essence corroborated Mr Phua's accounts thus leading to the Coroner's verdict.

With this in mind, this post also serves as an open appeal to any eye witness to come forward with more information on how the accident occurred.

Date of accident: 20 Oct 2007. Time: around 7.30am. Venue: PIE in the direction of Changi Airport, under the Toh Guan Flyover. Weather: Rainy.

Meanwhile, I have helped the father make a claim on his personal accident policy which has been admitted by NTUC Income after a post-mortem toxicology test report proved that he was not riding under the influence of alcohol. It wasn't much but every bit helps as the family is not well-off and has a younger son still studying at NTU.

The elder Mr Lim has also asked me to assist in getting from the SAF a compensation due when a serviceman dies whilst in service. The payment was withheld pending the outcome of the Traffic Police investigation to ensure there was no "gross misconduct" by the deceased during this unfortunate incident.

Another matter which I hope to be of help is getting some form of compensation from Mr Lim's Prudential life insurance policy which had reportedly lapsed due to non-payment of premiums.


"... We do not choose to be born.
We do not choose our parents.
We do not choose our historical epoch, the country of our birth, or the immediate circumstances of our upbringing.
We do not, most of us, choose to die; nor do we choose the time and conditions of our death.
But within this realm of choicelessness, we do choose how we live."
- Joseph Epstein (Polish-born activist & leader of the French Resistance during WWII)

Given this lesson in the fragility and uncertainty of life, how will you choose to live your lives?
3. Make more money?
2. Gain respect from peers and the public?
1. Or, make a difference in others' lives?
Or, best of all, to be able to do all the above three, which, according to a survey, was the topmost 3 things (ranked as shown above) people want from their career.

How? you may ask. Email me.

First blog

Today, I kick off with my very own blog so as not to fall too far behind on this means of communication with my circle of friends, associates and clients.

I have always hesitated in the past, not sure whether I'd have the luxury of time to post something worthwhile/significant/informative, give meaningful/sensible replies to posts, etc. so as not to waste everyone's time and resources.

But, it is never too late to start. I sincerely hope that this wonderful, amazing internet world maybe just a little bit better off with my small contributions in this section of cyberspace.

Writing has always given me a sense of satisfaction and I hope I will continue to improve my wiritng everyday by putting thoughts into the written words.

"Success is not final: failure is not fatal.
It is the courage to continue that counts."
Sir Winston Churchill