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From rumour to reality: The shocking cosure of Singapore Turf Club rattles horse racing community

Singapore Turf Club (STC) is set to close in March 2027, stunning the horse racing community. Endorsed by Singapore’s Ministry of Finance and Ministry of National Development, this move follows a decline in spectatorship and the need for land repurposing.

Preceded by rumours, the official announcement of the closure has left stakeholders, trainers, and fans reeling. Concerns are raised over recent investments in the industry, the relocation of horses, and a lack of prior dialogue with those involved.

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1 year ago

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SINGAPORE — In an unexpected development that has stunned the horse racing community, the Singapore Turf Club (STC) has officially announced its impending closure set for March 2027.

This decision was jointly endorsed by the Ministry of Finance (MOF) and the Ministry of National Development (MND), citing a decline in local horse racing spectatorship and the necessity to repurpose the land for the city-state’s growing infrastructure needs.

Weeks prior, disquieting rumours – as reported by Asian Racing Report (ARR) – had started to circulate within the horse racing community about a potential shutdown of the STC as early as 2026.

These rumours hinted at a government audit into public land use and left Kranji’s trainers, owners, and bloodstock agents feeling particularly unsettled, especially during events such as the Magic Millions National Yearling Sale.

STC officials maintained a conspicuous silence amid these rumours, offering no comment or reassurances when approached, leaving stakeholders, trainers, and fans in a state of suspense.

This silence was abruptly broken on Monday (5 Jun), when STC’s assistant vice president, Zane Turner, summoned the trainers for an urgent meeting.

According to ARR, the trainers congregated with less than three hours’ notice in a space ironically named ‘Progress 1 & 3’ meeting rooms, where the club’s president and chief executive, Irene Lim, delivered the sobering news of the industry’s fate.

What transpired in that meeting turned out to be far from ‘progressive’ for the trainers. The recent buzz of rumours speculating about the potential closure of the STC by 2026 was confirmed by Lim, causing widespread dismay among the community.

Speaking to ARR, Michael Clements, the president of the Association of Racehorse Trainers Singapore (ARTS), and the current premiership leader, said, “I had a gut feeling going into the meeting,”.

The decision to close highlights the impact of regulatory restrictions and the establishment of a casino in 2010 on the sport, leading to a drastic drop in turnover, a decrease in horse populations, fewer race days, and dwindling public interest. The advent of COVID-19 only exacerbated the club’s struggles, particularly with the sudden need to pivot to online wagering.

The impending closure is a particularly hard pill to swallow given recent signs of recovery for the sport, including a fully occupied grandstand at the last Kranji Mile meeting and new investments from market players.

The decision has also left those who recently invested heavily in the industry, like Eric Koh of Team Cheval and Jason Ong, one of Kranji’s emerging young trainers, grappling with uncertainty and disappointment.

Later in that afternoon, the MOF and MND issued a joint statement, confirming that the 120-hectare land currently occupied by the STC will be repurposed for housing, leisure, and recreation facilities under the Singapore Government’s direction.

This marks the end of a rich chapter of Singapore’s history, with the last race meeting scheduled for 5 October 2024, and the land set to be returned to the government by March 2027.

Despite the club’s official confirmation, many stakeholders are still seeking an extension and support from the STC’s executive team.

Speaking to the Straits Times, Clements voiced the concerns of the 21 trainers. They feel the timeline for the closure is unrealistic given the magnitude of the industry. They also expressed worries over the logistics of relocating the horses.

“We have new horses who were just bought, and owners have been busy buying horses to bring in,” he said. “They say horses will be repatriated after October next year. But… they can’t close it so quickly.”

Clements suggested the possibility of requesting an extension given the complexities involved.

He said, “You can’t wrap an 181-year-old industry in 16 months,” encapsulating the prevailing sentiment among the horse racing fraternity.

Jason Ong, a young trainer, also shared his discontent over the abrupt closure, noting that the STC should have advised them not to buy more horses had they known about the impending closure.

Four-time Singapore champion jockey Vlad Duric empathised with the staff at the STC, expressing sympathy particularly for the owners who have recently invested in the industry. He also emphasised the bond and resilience within the community, stating they will stick together until the end.

One jockey, speaking under anonymity to ARR, said: “It’s unfortunate that it is closing but the current model was unsustainable, it was a sinking ship and they were very happy to let it sink, it is disgraceful how they have handled it but totally unsurprising.

“Did those people that have left the club over the last couple of years already know the club’s future? Governments don’t make these sorts of decisions overnight.”

ARR also quoted a trainer saying that “the sickening part of it is that we have been busy buying horses, and all the while they have been planning this. I think the anger is that there was no dialogue whatsoever … The history of the place, the livelihoods at stake … and there was zero dialogue.”

The sudden announcement has also raised questions about the STC’s strategic planning and the transparency of its decision-making process.

For now, stakeholders, horse owners, and racing enthusiasts are left contemplating the future of the sport in Singapore.

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Business

Temasek in negotiations for over US$1 billion stake in India’s largest snack maker

Temasek Holdings is in talks to acquire a minority stake in Haldiram Snacks, India’s largest snack manufacturer. This potential transaction could value Haldiram at around US$11 billion (S$14.3 billion). Temasek is considering buying 10% to 15%, with an investment worth over US$1 billion (S$1.3 billion), possibly paving the way for an IPO.

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36 mins ago

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4 October 2024

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SINGAPORE: Temasek Holdings is reportedly in discussions to acquire a minority stake in Haldiram Snacks, India’s largest snack manufacturer.

As reported by Bloomberg news, sources familiar with the matter have indicated that the transaction may value Haldiram at approximately US$11 billion (S$14.3 billion).

The Singapore’s sovereign wealth fund is contemplating purchasing between 10 per cent and 15 per cent of the company, which could equate to a stake worth over US$1 billion (S$1.3 billion).

The potential investment could serve as a stepping stone towards an initial public offering (IPO) for Haldiram, though the discussions are still at a preliminary stage and may not culminate in a deal.

The company, also known as Haldiram’s, has attracted interest from various other bidders, underscoring its significant market position.

A representative for Temasek has declined to provide any comments, and Haldiram has not responded immediately to requests for information.

Established by Ganga Bishan Agarwal in the 1930s in northern India, Haldiram’s offers an extensive range of products, including sweet and savoury snacks, frozen meals, and breads.

The company also operates 43 restaurants in and around Delhi, as detailed on its website.

The Agarwal family is reportedly considering various options, including a potential sale of the business or an IPO, as noted by Bloomberg News.

The growing interest of global investors in India has been fuelled by the nation’s rapid economic expansion, making it a prime location for significant deal-making.

Over the past two decades, Temasek has invested nearly US$37 billion in India, according to Mr Vishesh Shrivastav, the managing director for India investments at Temasek.

In July, Mohit Bhandari, Temasek’s Managing Director for India, during an interview with Reuters, indicated that Temasek Holdings plans to invest up to US$10 billion (approximately S$13.4 billion) in India over the next three years, with targeted investment areas including financial services and healthcare.

As Temasek becomes more cautious about investing in China, it is leaning towards increasing its investments in India.

India’s economy is growing rapidly, with its stock market near historical highs, and there is a boom in initial public offerings and mergers and acquisitions.

Bhandari stated that India currently accounts for 7% of Temasek’s global investments, and the company intends to increase this proportion.

Approximately 22% of Temasek’s investments are in the US, while 19% are in China. In the last fiscal year, for the first time in a decade, Temasek’s investments in the Americas surpassed those in China.

Temasek has been focusing on acquiring minority stakes in companies, assisting them in their growth, while largely avoiding the trend of securing majority holdings in Indian firms.

Its primary areas of interest include digitisation, consumer trends, and sustainable living.

Notable potential minority investments are said to include VFS Global, which is valued at about US$7 billion, including debt, according to Bloomberg News.

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Court Cases

AGC announces no charges against businessman Lum Kok Seng in Iswaran case

In a statement on 4 October, the Attorney-General’s Chambers announced no charges against businessman Lum Kok Seng. This follows the sentencing of former Minister S. Iswaran, who pleaded guilty to five charges, including receiving gifts from Lum such as wine, whisky, and a Brompton T-Line bicycle.

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1 hour ago

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4 October 2024

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SINGAPORE: The Attorney-General’s Chambers (AGC) announced on 4 October 2024 that no charges will be filed against businessman Lum Kok Seng  (林國城).

Mr Lum, the managing director of Lum Chang Holdings, had been named in March this year as one of two businessmen involved in a case concerning former transport minister S Iswaran.

The AGC had previously stated that it would take a decision regarding Mr Lum following the conclusion of Iswaran’s case.

On 24 September, Mr Iswaran pleaded guilty to a total of five charges, including receiving luxury items from Mr Lum between November 2021 and November 2022.

The items, allegedly given without any compensation, included several bottles of high-end whisky and wine, expensive golf equipment, and a premium bicycle.

The specific gifts from Mr Lum to Mr Iswaran were detailed as follows:

  • Four bottles of Gordon & MacPhail Caol Ila whisky valued at S$1,084.46
  • Fourteen bottles of whisky and wine worth S$3,255.75
  • A TaylorMade golf driver valued at S$749
  • Two more bottles of Gordon & MacPhail Caol Ila whisky, priced at S$542.23
  • A set of Honma Beres BE-08 Black AQ MX golf clubs worth S$4,420
  • A Brompton T Line bicycle worth S$7,907.50
  • Two bottles of M&H Elements Sherry Cask whisky worth S$198
  • A Scotty Cameron Phantom golf putter and two golf chippers valued at S$800

In total, these gifts amounted to approximately S$18,956.94.

These items were given during a period when Lum Chang Holdings was involved in a contract for construction work at Tanah Merah MRT station.

Attorney-General’s Chambers cites evidentiary risks in reducing Iswaran’s corruption charges

On 3 October, Iswaran has been sentenced to 12 months in jail after pleading guilty to four amended charges under Section 165 of Singapore’s Penal Code and one charge of obstructing the course of justice under Section 204A(a) of the Penal Code.

Iswaran admitted to accepting valuable gifts from prominent businessmen, including Ong Beng Seng, chairman of Singapore GP, and Mr Lum, while holding public office.

These gifts, which included private flights and other benefits, were worth over S$400,000 in total.

The 35 charges against Iswaran were amended by the prosecution on 24 September from corruption to lesser offences under Section 165, which pertains to public servants receiving valuable items in connection with their official duties.

The court also took into account Iswaran’s admission of obstructing the course of justice, for which he had repaid over S$5,000 to Singapore GP for a business-class flight he had taken at Ong’s expense.

The remaining 30 charges were taken into account during sentencing.

Iswaran had originally faced 35 charges, including two counts of corruption.

The charges were amended from two counts of corruption under the Prevention of Corruption Act (PCA) to offences under Section 165.

This section, unlike Section 8 of the PCA, does not include a presumption of corruption, which would have placed the burden on the accused to prove the gifts were not given as inducements.

The AGC in an explanation cited substantial evidentiary risks in proving the original corruption charges, which involved  Ong Beng Seng and Lum Kok Seng.

The AGC noted that proving the original corruption charges under PCA would have been difficult due to the involvement of both Iswaran and Ong as primary parties.

Both would have had to implicate themselves to establish corrupt intent.

The AGC explained that “there are two primary parties to the transactions, and both would have an interest in denying corruption in the transactions.” This made securing a conviction for corruption highly uncertain.

In light of these risks, the AGC amended the charges to offenses under Section 165 of the Penal Code, which carries a lower evidentiary threshold and a reduced maximum sentence of two years’ imprisonment.

According to AGC, the amendment was made to ensure a fair and just outcome while considering public interest.

 

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