AGO report: Nanyang Polytechnic gave $8.38m in 'hidden subsidies, excess funds' to subsidiary
[SINGAPORE] The manner in which Nanyang Polytechnic (NYP) managed transactions with its subsidiary involving public funds "reflect a disregard for financial controls and proper governance", the Auditor-General's Office (AGO) said in its annual report released on Tuesday (July 26).
NYP was one of 11 statutory boards audited for Financial Year 2015/16 by the AGO, which scrutinises the financial statements of all 16 ministries and eight organs of state, as well as a selected number of public sector agencies, each year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Warner Bros CEO earned US$49.7 million in strike-impacted year
Teheran signals no retaliation against Israel after drones attack Iran
India central bank cannot let its inflation guard down just yet, MPC minutes show
China’s Jan-March foreign investment inflows down 26%
South Korea government offers first compromise to end doctors' strike
Japanese AI tool predicts when recruits will quit jobs