Salient. Victoria University Student Newspaper. Volume 38, Number 13. 12th June 1975

13-5-75 — The 'Ugly Faces' of Foreign Investors

13-5-75

The 'Ugly Faces' of Foreign Investors

The Senior Parliamentary (Environment), Mr. Chor Yeok Eng has hit out at some professionals who, he said, has stooped to flattery to serve the interests of foreigners. He said they acted selfishly for their own interests, forgetting Singapore's national interest. Mr. Chor also hit out at those foreign investors or industrialists who, he said, came to Singapore in recent years to escape turbulent situations elsewhere, and had now resumed their past misdeeds such as debauchery, cheating, drug-trafficking and tax-evasion. They also The people must be organised to take action against them or evict them if necessary, to protect their national interest, he added.

(In 1968, Singapore Government passed the Employment Act and the Industrial Relation (Amendment) Ordinance which reduced fringe benefits (including overtime and overtime pay, bonuses, retrenchment and retirement benefits, maternity leave, and sick leave), increased working hours, curtailed the union's right to strike, and gave management sole jurisdiction over hiring, firing and transfers. Obviously, Mr. Chor purposely omits to speak on the role of the government in his respect. After all, the Singapore government merely serves the interest of the foreign capitalists by creating an attractive financial climate for industrial investment, including a wide range of tax concessions, free profit repatriation for foreign investors, cheap labour force, etc.)