Society
Money culture
Large salaries paid to the elite are propelling many Singaporeans towards an unhealthy pursuit. By Seah Chiang Nee.
Apr 25, 2009

Synopsis: Buddhist monk Ming Yi on his lavish lifestyle in court: “The world has changed... (It’s) no longer like what it was in the past.
“If people earn more, they will spend more. Many religious people, not just myself (sic), are very different now.”

THE trial of a high-living Bud­dhist monk who owns three properties and loves luxurious cars has shown how far Singapore has fallen under a money culture.

It is the latest of an ongoing debate whether this affluent city is over-paying its leaders in government, big business, big charities and religion.

Even priests and monks, who should be the last people to be involved, are not spared, the latest being one of Singapore’s top Buddhist monks.

He is Venerable Shi Ming Yi, who ran a popular and successful Buddhist hospital and medical centre for the poor.

As CEO and chairman of Ren Ci Hospital and Medicare Centre with assets of S$47mil, largely on public donations, he was paid a whopping annual salary of S$192,000.

The saffron-robed monk, aged 47, is facing charges over an unauthorised loan from Ren Ci’s coffers to his ex-personal aide.

He is accused of embezzlement and fraud, which are serious charges. But for a monk who has taken the vow of worldly abstinence, it is more like a bombshell; and for Buddhist followers, too.

The furore is even being played out outside the court-room, focused on his CEO-type salary that allowed him to live a lavish lifestyle, which critics say is unbecoming of a monk.

He had spent large amounts on branded goods like Montblanc and Louis Vuitton and stays at luxury hotels such as St Regis and The Regent, charged to credit cards.

Singaporeans have learned that Rev. Ming Yi owns three properties in the posh Orchard area as well as an expensive car (including a BMW in Australia two years ago.).

“All this is totally against Buddha’s teaching,” a critic exclaimed.

Another blogged: “Any monk that takes money as his private or personal income should be de-robed. Monks have taken a vow to give up material wants except for basic needs.”

The Christian faith, too, is not excluded by society’s grip of the money culture.

The majority of religious leaders of all denominations live frugally on moderate incomes.

The big organisations involved in large fund-raising could provide the exception.

A few are paid like CEOs because their efforts rake in large amounts of money from followers.

One of the richest is the New Creation Church, known for its fund-raising abilities, and was reported to have paid one of its leaders more than S$500,000 last year.

The church had an income of S$55.4mil and total assets of S$143.36mil last year.

In just one day alone it pulled in S$18mil for the building of its new premises.

Singaporeans are reminded of the notorious National Kidney Founda­tion charity scandal four years ago caused by its brilliant fund-raising CEO.

T.T. Durai was the very person who had helped it grow into a S$260mil charity to provide subsidised dialysis treatment for needy patients.

Durai’s salary of S$600,000, which was hidden from the public, was considered excessive by many of its two million donors.

He lost the job in 2005 when he was found to have spent the charity’s funds on luxury items (including a gold tap for an office) for personal use. He also gave misleading information to lure more people to contribute.

Recently, a public outcry arose when government-controlled Capitaland, South-East Asia’s biggest property company, gave its CEO Liew Mun Leong S$20.52mil for 2007’s enlarged profit.

The timing was terrible; the company’s profits were reeling.

The debate is whether quality leaders in charity and religion – and politics, too – should be paid similar to a top executive of a profitable private venture.

The difference, of course, is that the money is raised from the public, based on trust that it is for a collective purpose.

Rev. Ming Yi’s defenders, however, argue although he is a monk, where a high salary appears ridiculous, he is also chief executive of a large, well-run, hospital and medical centre.

“So what’s wrong about his high pay?” one asked.

Others say today’s Buddhist monkhood, like others, is different from ancient times when monks lived an austere life within high walls.

Rev. Ming Yi told the court that “we live in a modern world ... no longer like what it was in the past”.

Asked to elaborate, he added: “If people earn more, they will spend more. Many religious people, not just myself, are very different now.”

Unfortunately not many people’s expectations have changed.

Most Singaporeans believe that when they donate money to a religious organisation or a charity, it is aimed at helping people (or troubled souls) in need, not to provide comfort for a few leaders.

The debate about Singapore’s spreading money culture - with a per capita GDP of US$48,900 - has intensified since the economy plunged and sent many workers into hardship.

People have become more sensitive about the ruling elite – whether in the government, civil service or a large corporation – being paid excessively more than the average, middle class person.

Ironically, the unpopular elite pay policy is pushing many competitive Singaporeans towards giving wealth accumulation top priority.

People are lured to an unhealthy chase for the dollar.

“They see materialism as a god. Money can do anything, even deciding what is right or wrong,” remarked a semi-retired professional.

On the same day that Rev. Ming Yi was testifying, the manager of a shipping firm was fined S$1,200 for vandalising his neighbour’s flat.

The amount did not faze the apparently well-to-do man, who told a reporter: “After all, I can afford to pay. I spend S$4,000 on karaoke in one night. What’s S$1,200?”

Who says money doesn’t talk?

(This was published in The Star on Apr 25, 2009)