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SMRT CEO uses "based on trust" method to handle cash inside MRT stations




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By: Forever Vagabond
It was reported in ST today that an SMRT station manager allegedly took $20,000 in cash from Tanah Merah station (http://www.straitstimes.com/singapore/transport/ex-smrt-employee-on-the-run-after-allegedly-pilfering-20000).
The missing cash mainly comes from commuters wanting to top up their cards at the control station.
It is believed that the SMRT manager had been siphoning off the cash in small amount at a time, over a period of several months. It was later discovered and a police report was made. The SMRT manager is said to have absconded and no longer in the country.
In fact, when cash was found missing, the SMRT manager had already gone out from Singapore for 2 months.
SMRT collects some $300,000 in cash a day for top-ups, according to an estimate. On average, each MRT station can be handling as much as $3,000 a day or $90,000 a month in cash. For interchange stations like the one in Tanah Merah, they may be handling even more cash from commuters.
ST reported that, according to an inside source, the handling of cash each day by the station manager is “based on trust”.
When ST contacted SMRT with regard to the incident, its spokesman Patrick Nathan, an ex-SAF colonel brought in by CEO LG (NS) Desmond Kuek, refused to comment and would only say that the case is currently under police investigation.
SMRT CEO still makes more than million despite pay cuts
Meanwhile, it has been reported that despite cut in income, SMRT CEO LG (NS) Desmond Kuek remains the highest paid chief in the history of SMRT (https://theindependent.sg.sg/despite-cut-in-income-smrt-ceo-remains-ptos-highest-paid-head-in-history).
In its latest Annual Report for fiscal year ended 31 March 2016, SMRT revealed that the basic salary of its CEO had increased by about $37,000, from $793,170 he earned in the previous financial year to, $830,955 he earned in the last one. The public transport operator has however cut his variable income.
Despite LG (NS) Kuek’s total income for FY16 dropping by about $500,000 compared to FY15, he still earned a whopping $1.87 million, and is SMRT’s highest paid chief executive in its history. The transport operator’s previous CEO Ms Saw Phaik Hwa drew about $1.85 million when she left SMRT in 2012.
It’s incomprehensible that a professionally highly-paid CEO would use quite an unprofessional method “based on trust” to handle its cash inside all the MRT stations.
What’s even more disturbing is that the missing cash was only found out after the alleged culprit had already fled Singapore for 2 months.

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