NKF to be audited!!!
-
SINGAPORE - Singapore on Wednesday announced a special audit of the country's largest charity, and an entire new board of directors, after a rare public outcry over allegations that the group conspired to mislead the public and mask its assets.
The National Kidney Foundation's new board has assigned accounting firm KPMG to conduct an independent audit of the foundation's finances, said Health Minister Khaw Boon Wan.
The foundation - long a favourite charity for many Singaporeans - has reserves of $260 million (US$156 million).
In Parliament on Wednesday, Mr Khaw said the foundation's board of directors has taken on a new chairman and seven new members, days after the former board quit.
Mr Khaw said the new members 'need to specifically ask the questions which Singaporeans have been asking: Have there been lapses in judgement? Are there misleading claims? Are there errors?'
He stressed that the foundation is an independent body, and said its board had asked him to intermediate in the crisis. He did not say whether the foundation's former board would face any criminal charges.
Mr Khaw said the board is searching for a new chief executive to replace TT Durai, who resigned after his lavish pay and perks were revealed.
The scandal came to light after Mr Durai sued Singapore's Straits Times newspaper for libel, claiming it had implied the foundation had misused funds when the paper reported last year that gold-plated water taps were installed in Mr Durai's office suite.
The suit backfired. Singaporeans were outraged by revelations in court - including Mr Durai's $25,000 monthly salary, and his use of several Mercedes-Benz vehicles.
The Straits Times' lawyer got Mr Durai to admit in court that the foundation had overstated the number of Singapore's kidney dialysis patients by a thousand, in an apparent effort to get more money for the foundation than it needed.
Mr Durai said the error was unintentional.
About 40,000 people lent their names to an Internet petition demanding Mr Durai's resignation. Vandals sprayed angry graffiti on the foundation's headquarters, and rotten eggs were hurled at one of its 21 dialysis centres. -
more will be revealed with the audit.
Did they impound Durai's passport? -
more will be revealed with the audit.
Did they impound Durai's passport? Just in case mah -
Overdue liao. If the audit had been done earlier, this whole can of worms wouldn't have been open and NKF's dirty linen washed in public.
-
they should hire a bigger audit firm like pwc to audit them..they so rich sure got money to pay..
-
be patient.
let's see what comes out of the audit. -
so how liao?? whts the outcome?
-
audit does not report why CEO gets tat kind of pay and tat kind of bonus..they just report the bonus spendings...
Their figures are for public scruntiny all the time, just tat nobody bothers... -
so wat... already the majority of nkf supporters are not giving up on them...
only 15000 or 5% of the donor pool pulled out...that means nkf still have a steady stream of income......
how abt diverting some of the funds to other charities with a more generous charitable expense ratio to its patients!
wah lau... 24% of money goes back into "fund-raising" activities... only 10% goes to patient care... that means fund raising is 2x more important in nkf rather than the patients??
i donate $1 but only 10 cts goes to help the patient directly.... i so mad...
-
The audit work was previously done by PWC. Refer to this website. They haven't updated the website.Originally posted by stellazio:they should hire a bigger audit firm like pwc to audit them..they so rich sure got money to pay..
http://www.nkfs.org/finance%20data.htm -
It is now more seem to be a plot by SPH...Originally posted by iveco:Overdue liao. If the audit had been done earlier, this whole can of worms wouldn't have been open and NKF's dirty linen washed in public.
See what SPH did to Dr Vivian's report -
hmm...they should have been audited earlier...even once a year is enough. Now, better audit once a week or a month.
-
You know how much or not???Originally posted by alexkusu:hmm...they should have been audited earlier...even once a year is enough. Now, better audit once a week or a month.
Tens of thousands dollars per audit.. Dun tell me peanuts, that Durai gone