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.

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