SGX sets up board of inquiry to probe power outage: DPM Tharman

SGX sets up board of inquiry to probe power outage: DPM Tharman

The power outage caused a halt in the trading of securities and derivatives for more than three hours on Wednesday afternoon (Nov 5).

SINGAPORE: A board of inquiry has been set up by the Singapore Exchange (SGX) to investigate the power outage which caused a halt in the trading of securities and derivatives for more than three hours on Wednesday afternoon (Nov 5).

Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said this on the sidelines of a free health screening event in Jurong on Sunday. Mr Tharman said SGX has appointed independent experts to look into several matters, including power supply and recovery processes.

Preliminary investigations showed that SGX's backup power supply, also known as the Uninterruptible Power Supply, did not kick in. Mr Tharman said this is one area the board of inquiry will investigate.

"This is equipment that had been tested, has gone through disaster recovery exercises, but something failed. Not just with regard to the primary power supply, but the backup system. So they have to get to the bottom of that," he said.

The inquiry team will comprise four Board directors who are all independent of management. It will be chaired by Mr Quah Wee Ghee, the Chairman of SGX's Risk Management Committee. The other three members are Mr Chew Choon Seng, Mr Kevin Kwok and Mr Lee Hsien Yang. SGX is required to submit a preliminary investigation report to the Monetary Authority of Singapore (MAS) within two weeks of the Nov 5 incident.

Mr Tharman also said the board of inquiry will be looking into decision-making processes during a crisis. "Sometimes you need a setback like this to look at all your processes very thoroughly, because crises don't happen often, but you have got to have a tight system of SOPs so that you can make decisions quickly and understand the risks and make a judgment quickly in that circumstance."

Mr Tharman said Wednesday's incident "does not help" Singapore's reputation as a financial hub, even though similar incidents have occurred in financial centres overseas. "It doesn't matter what happens overseas. We've got to get it right here, and make sure our reputation is kept intact," he said.

He added that the Monetary Authority of Singapore (MAS) will be monitoring investigations closely and will decide on any course of action at a later date.

Mr Tharman was speaking after touring the Community Health Day at SATA CommHealth Jurong East Medical Centre. Some 300 Jurong residents received free health screening on Sunday morning.

Those above the age of 50 had glaucoma and osteoporosis checks. In Singapore, glaucoma affects about 3 per cent of people aged over 50, and the risk increases with age. Given the ageing population, more people are expected to suffer from hip fractures.

During Sunday's event, participants also went for chest X-rays or had their blood pressure, blood glucose and cholesterol levels checked. SATA CommHealth provided these services as part of Community Health Day. This is the 12th time that Community Health Day is held in Singapore.

- CNA/nd/ir

- wong chee tat :)

Singapore Flyer to remain closed pending investigations

Singapore Flyer to remain closed pending investigations
By Imelda Saad/Pearl Forss, Channel NewsAsia Posted: 23 December 2008 1843 hrs

Over 100 people trapped in Singapore Flyer

SINGAPORE: The world's largest observation wheel, the Singapore Flyer, will be closed until investigations into Tuesday's incident are complete.

A major power disruption left 173 passengers stranded for about six hours.

Police say operations will be allowed to resume once the ride is certified safe.

All trapped passengers were able to leave their capsules after the Singapore Flyer resumed rotating at about 11:11pm (1511 GMT) on Tuesday.

Earlier, a few passengers were lowered down to safety in a sling-like device from one of the observation capsules.

A 59-year-old woman complaining of dizziness, and a boy who vomited were taken to hospital, said Lieutenant Colonel N. Subhas, of the Singapore Civil Defence Force.

A spokeswoman for the attraction said about 173 people were onboard the wheel when a short circuit in one of the drive motors occurred at around 5:00pm.

At least five passengers were lifted through the hatch on top of each capsule and winched to the ground by a private rescue firm engaged by Singapore Flyer.

The Flyer's technical team managed to isolate the problem and restored electricity, including the air-conditioning, to the capsules. The team also worked with the Singapore Civil Defence Force to resolve the problem.

Those stranded were provided with food and drink.

Mr Steven Yeo, General Manager of the Singapore Flyer, said: "At 4.50pm, we experienced an electrical problem on our drive unit number 1, north unit, which caused several of our electrical supplies to be cut. The defect has actually been isolated. We found it to be the drive unit itself. The rest of the wheel, the rest of the supply, is in full functioning order at the moment."

A passenger who was stuck in one of the capsules said there was a sudden jerk before the wheel stopped turning. An announcement a few minutes later said there was a technical error.

Madam Lim Boon Siang, a passenger stuck in one of the capsules, said: "About 4.30pm or 4.15pm, after we passed the maximum altitude, it suddenly jerked to a stop, and then for a good five to 10 minutes, we waited.

"We thought that this could be something normal. And then there was a message that came in that said that it has stopped temporary. Everybody was calm, but initially the air-con was switched off, so it was very hot due to the evening sun. They opened up the air ventilator, and the air-con is working now."

She said there were about 10 other people, including children, in her cabin.

The spokesperson said: "Their safety was never at risk while they were in the capsules. Every capsule is equipped with an intercom system which is linked to the control room - for passengers and the control room personnel to communicate.

"Our staff promptly informed passengers of the situation and reassured them that measures were being taken to fix the technical problem. There are also surveillance cameras installed in every capsule for the operations team to monitor what is going on in all capsules."

Singapore Flyer has reimbursed all affected passengers for their tickets and is making alternative transport arrangements for travellers who missed their flights to Europe and coaches to Malaysia.

A ride on the 165-metre tall wheel, about 42 storeys high, typically takes half an hour and each capsule can take up to 28 people.

Since the Flyer became operational in February this year, this is the third time it has encountered problems.

The last time a technical glitch occurred was just three weeks ago, on December 4. The wheel was stuck for nearly five hours due to extreme weather conditions and some 70 people were affected. In July, the Flyer stopped due to a minor fault in the braking system.

Unlike cramped, old-style Ferris wheel carriages that hang in the open air, the Singapore Flyer and other large observation wheels feature fixed "capsules".

The 28 sleek-looking capsules - about the size of a city bus - can hold up to 28 people, and passengers can walk around during the slowly-moving ride.

The Singapore Flyer, worth about S$240 million (US$171 million), was a private venture backed mainly by German investors and built by Mitsubishi Corp and Takenaka Corp of Japan.

Singapore-based Great Wheel Corp is also building wheels in Beijing and Berlin, which will edge out the Singapore Flyer as the world's biggest when they begin turning in about two years, the chairman of Singapore Flyer, Florian Bollen, said before the attraction opened.








- AFP/CNA/vm/de