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Establish $10 billion a year global health threat fund and other mechanisms for future preparedness: SM Tharman Shanmugaratnam

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3 years ago

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Among efforts needed to strengthen global defence against future epidemics and pandemics is the establishment of a Global Health Threats Fund to mobilise $10 billion a year collectively contributed by the international community, said Senior Minister Tharman Shanmugaratnam on Wednesday (25 Aug).

During a World Health Organization (WHO) briefing, Mr Shanmugaratnam, who is also the co-chair G20 High-Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response, spoke on several of the recommendations made by the panel in its recently published report.

Warning that COVID-19 is not simply a one-off disaster, he asserted: “What is clear is that global health security is dangerously underfunded.”

“We are consequently vulnerable to a prolonged COVID-19 pandemic, with repeated waves affecting all countries, and we are also vulnerable to future pandemics. We can fix this.”

Mr Shanmugaratnam explained that the current system of global health funding being raised by individual global health organisations on a siloed basis is a “non-system of complex, inefficient, unpredictable, and greatly inadequate”.

Instead, he reiterated the panel’s call for a new global mechanism that would overcome these silos and mobilise resources on the needed scale and predictability, adding that this is the only way to “plug the gaps” in global health security with agility.

On the proposed sum of $10 billion a year, Mr Shanmugaratnam noted that it would require countries to only contribute a small percentage of about 0.1 per cent of their annual budgets.

“That sounds like a large sum but $10 billion spread across a large number of countries on a fair and equitable basis means national contributions that are less than one-thousandth of the annual budgets of almost all countries.

“The fund will catalyse funding from other sources as well besides national contributions. It’ll catalyse funding from private, philanthropic and bilateral sources,” he elaborated.

The Senior Minister also said that the fund with not be a new institution with its own operations but will rather serve to fund existing institutions and networks, and prioritise based on the needs of the times.

“This way, we add a strong multilateral layer on top of a siloed landscape without duplicating existing mechanisms,” he added.

Better governance of financing for global health security

Mr Shanmugaratnam later pointed out that greater and sustained funding for global health security can only be achieved with better governance, noting that this should be done without replicating existing governance mechanisms.

He then explained the need for a mechanism to ensure a proactive rather than reactive funding of global health security and the alignment of different sources of internal financing, as well as how they are deployed.

Mr Shanmugaratnam also stressed the need for a mechanism that brings together finance and health decision-makers around the world, noting that the existing governance of global health at the WHO and World Health Assembly lacks this particular mechanism.

As such, he cited the G20 high-level independent panel’s proposal to establish an inclusive G20 Plus board comprising of health and finance ministers from nations around the globe, with the WHO and other key multilateral organisations playing a key role.

Beyond that, the panel has also proposed the establishment of a permanent independent secretariat to support the board and the fund, with the secretariat drawing on the resources of the WHO and other key multilateral organisations.

Repurpose international financial institutions

Another recommendation by the panel is to repurpose international financial institutions such as the World Bank and the International Monetary Fund (IMF) so that they can bolster countries’ preparedness in normal times and respond quickly when a pandemic occurs.

“The IMF, World Bank, and the [multilateral development banks] are unique international institutions with the ability to catalyse domestic investments by national governments as well as leverage private sector investments,” said Mr Shanmugaratnam.

“They have the ability to multiply resources, and we’ve got to make much better use of these international financial institutions.”

He stressed, “We have to make financing of global public goods for resilience against climate change as well as pandemic security part of the core mandates of these international financial institutions.”

Mr Shanmugaratnam went on to urge shareholders to support the move by making timely replenishment of grants and capital required by such institutions so as to ensure that the greater focus on public doesn’t come at the expense of poverty reduction and shared prosperity.

“We cannot prevent recurring pandemics through incremental reforms to individual organisations, but neither can we wait for a grand reconstruction of the global architecture, which in any event is unlikely to come.

“We must instead strengthen multilateralism, strengthen the WHO and evolve and repurpose the international financial institutions. Establish a new effective multilateral mechanism to overcome today’s siloed financing, and to mobilise the much larger and sustained funding that is required,” he explained.

Stressing again that the collective investments required for this are “affordable” and that these steps have to be taken urgently, Mr Shanmugaratnam said: “It will be economically and politically myopic and morally indefensible to defer the collective actions and investments that are in both the global interest and the national self-interest everywhere.”

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Hotel Properties Limited suspends trading ahead of Ong Beng Seng’s court hearing

Hotel Properties Limited (HPL), co-founded by Mr Ong Beng Seng, has halted trading ahead of his court appearance today (4 October). The announcement was made by HPL’s company secretary at about 7.45am, citing a pending release of an announcement. Mr Ong faces one charge of abetting a public servant in obtaining gifts and another charge of obstruction of justice. He is due in court at 2.30pm.

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8 hours ago

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4 October 2024

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SINGAPORE: Hotel Properties Limited (HPL), the property and hotel developer co-founded by Mr Ong Beng Seng, has requested a trading halt ahead of the Singapore tycoon’s scheduled court appearance today (4 October) afternoon.

This announcement was made by HPL’s company secretary at approximately 7.45am, stating that the halt was due to a pending release of an announcement.

Mr Ong, who serves as HPL’s managing director and controlling shareholder, faces one charge under Section 165, accused of abetting a public servant in obtaining gifts, as well as one charge of obstruction of justice.

He is set to appear in court at 2.30pm on 4 October.

Ong’s charges stem from his involvement in a high-profile corruption case linked to former Singaporean transport minister S Iswaran.

The 80-year-old businessman was named in Iswaran’s initial graft charges earlier this year.

These charges alleged that Iswaran had corruptly received valuable gifts from Ong, including tickets to the 2022 Singapore Formula 1 Grand Prix, flights, and a hotel stay in Doha.

These gifts were allegedly provided to advance Ong’s business interests, particularly in securing contracts with the Singapore Tourism Board for the Singapore GP and the ABBA Voyage virtual concert.

Although Iswaran no longer faces the original corruption charges, the prosecution amended them to lesser charges under Section 165.

Iswaran pleaded guilty on 24 September, 2024, to four counts under this section, which covered over S$400,000 worth of gifts, including flight tickets, sports event access, and luxury items like whisky and wines.

Additionally, he faced one count of obstructing justice for repaying Ong for a Doha-Singapore flight shortly before the Corrupt Practices Investigation Bureau (CPIB) became involved.

On 3 October, Iswaran was sentenced to one year in jail by presiding judge Justice Vincent Hoong.

The prosecution had sought a sentence of six to seven months for all charges, while the defence had asked for a significantly reduced sentence of no more than eight weeks.

Ong, a Malaysian national based in Singapore, was arrested by CPIB in July 2023 and released on bail shortly thereafter. Although no charges were initially filed against him, Ong’s involvement in the case intensified following Iswaran’s guilty plea.

The Attorney-General’s Chambers (AGC) had earlier indicated that it would soon make a decision regarding Ong’s legal standing, which has now led to the current charges.

According to the statement of facts read during Iswaran’s conviction, Ong’s case came to light as part of a broader investigation into his associates, which revealed Iswaran’s use of Ong’s private jet for a flight from Singapore to Doha in December 2022.

CPIB investigators uncovered the flight manifest and seized the document.

Upon learning that the flight records had been obtained, Ong contacted Iswaran, advising him to arrange for Singapore GP to bill him for the flight.

Iswaran subsequently paid Singapore GP S$5,700 for the Doha-Singapore business class flight in May 2023, forming the basis of his obstruction of justice charge.

Mr Ong is recognised as the figure who brought Formula One to Singapore in 2008, marking the first night race in the sport’s history.

He holds the rights to the Singapore Grand Prix. Iswaran was the chairman of the F1 steering committee and acted as the chief negotiator with Singapore GP on business matters concerning the race.

 

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Chee Soon Juan questions Shanmugam’s $88 million property sale amid silence from Mainstream Media

Dr Chee Soon Juan of the SDP raised concerns about the S$88 million sale of Mr K Shanmugam’s Good Class Bungalow at Astrid Hill, questioning transparency and the lack of mainstream media coverage. He called for clarity on the buyer, valuation, and potential conflicts of interest.

Published

2 weeks ago

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23 September 2024

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On Sunday (22 Sep), Dr Chee Soon Juan, Secretary General of the Singapore Democratic Party (SDP), issued a public statement on Facebook, expressing concerns regarding the sale of Minister for Home Affairs and Law, Mr K Shanmugam’s Good Class Bungalow (GCB) at Astrid Hill.

Dr Chee questioned the transparency of the S$88 million transaction and the absence of mainstream media coverage despite widespread discussion online.

According to multiple reports cited by Dr Chee, Mr Shanmugam’s property was transferred in August 2023 to UBS Trustees (Singapore) Pte Ltd, which holds the property in trust under the Jasmine Villa Settlement.

Dr Chee’s statement focused on two primary concerns: the lack of response from Mr Shanmugam regarding the transaction and the silence of major media outlets, including Singapore Press Holdings and Mediacorp.

He argued that, given the ongoing public discourse and the relevance of property prices in Singapore, the sale of a high-value asset by a public official warranted further scrutiny.

In his Facebook post, Dr Chee posed several questions directed at Mr Shanmugam and the government:

  1. Who purchased the property, and is the buyer a Singaporean citizen?
  2. Who owns Jasmine Villa Settlement?
  3. Were former Prime Minister Lee Hsien Loong and current Prime Minister Lawrence Wong informed of the transaction, and what were their responses?
  4. How was it ensured that the funds were not linked to money laundering?
  5. How was the property’s valuation determined, and by whom?

The Astrid Hill property, originally purchased by Mr Shanmugam in 2003 for S$7.95 million, saw a significant increase in value, aligning with the high-end status of District 10, where it is located. The 3,170.7 square-meter property was sold for S$88 million in August 2023.

Dr Chee highlighted that, despite Mr Shanmugam’s detailed responses regarding the Ridout Road property, no such transparency had been offered in relation to the Astrid Hill sale.

He argued that the lack of mainstream media coverage was particularly concerning, as public interest in the sale is high. Dr Chee emphasized that property prices and housing affordability are critical issues in Singapore, and transparency from public officials is essential to maintain trust.

Dr Chee emphasized that the Ministerial Code of Conduct unambiguously states: “A Minister must scrupulously avoid any actual or apparent conflict of interest between his office and his private financial interests.”

He concluded his statement by reiterating the need for Mr Shanmugam to address the questions raised, as the matter involves not only the Minister himself but also the integrity of the government and its responsibility to the public.

The supposed sale of Mr Shamugam’s Astrid Hill property took place just a month after Mr Shanmugam spoke in Parliament over his rental of a state-owned bungalow at Ridout Road via a ministerial statement addressing potential conflicts of interest.

At that time, Mr Shanmugam explained that his decision to sell his home was due to concerns about over-investment in a single asset, noting that his financial planning prompted him to sell the property and move into rental accommodation.

The Ridout Road saga last year centred on concerns about Mr Shanmugam’s rental of a sprawling black-and-white colonial bungalow, occupying a massive plot of land, managed by the Singapore Land Authority (SLA), which he oversees in his capacity as Minister for Law. Minister for Foreign Affairs, Dr Vivian Balakrishnan, also rented a similarly expansive property nearby.

Mr Shanmugam is said to have recused himself from the decision-making process, and a subsequent investigation by the Corrupt Practices Investigation Bureau (CPIB) found no wrongdoing while Senior Minister Teo Chee Hean confirmed in Parliament that Mr Shanmugam had removed himself from any decisions involving the property.

As of now, Mr Shanmugam has not commented publicly on the sale of his Astrid Hill property.

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