Interesting take by MIWallergy from Sammyboy's forum. As with anything you read from Sammyboy's, take it with a pinch of salt (it was, after all, heard on the "grape wine"). But it is an intriguing theory nonetheless. For international readers, MIW stands for Men In White, which is a nickname for the Government.
Heard it on the grape wine. Talk is on in business circles that our MIWs were caught with their belly up by the new Indonesian administration of President SBY.
For years the Indons have been asking for an extradition treaty with Singapore as they suspected almost all the big time economic offenders, crooks sought refuge in Singapore after looting billions out of the country.
Singapore for its own reasons, had steadfastly refused to have any form of extradition treaty, till this new President SBY came along.
His ultimatum was clear. Sign on the dotted line when I come there on 15th. And they did.
The reason is simple. From beginning of this year, there was literally an embargo of goods imported from Singapore.
The customs department in Indonesia just went slow in clearing the shipping cargo from Singapore and used all sorts of delay tactics and red tape measures.
The end result was that Singapore export cargo was piling up at PSA and other places, choking the warehouses. Local agents refused to take cargo from local exporters due to this uncertain set of events. Local companies that depend on exports to Indonesia for their survival were in desperation. The situation was getting serious and alarm was all over the place.
The MIWs signed on the dotted line on 15 of this month when the Indon president visited Singapore, which they had refused to do for nearly 25 years since the Indons first requested for it under Asean spirit co-operation between member states.
The days are now numbered for the big time Indon businessmen who had traditionally sought and secured the right to stay in Singapore and own properties, while parking their loot in banks here.
Watch out, the property market will likely come under more selling pressure.