SINGAPORE: Veteran opposition politician J.B. Jeyaretnam has said he is forming a new political party "to give Singaporeans a chance again, an opportunity".

The 81-year-old announced this at a news conference on Sunday.

It could be called the "Reform Party" and he hopes to get it up and running in the next two to three months.

He said the party's platform is to change the current system of governance.

On top of the agenda for the party is to change the way the country has been run following 48 years of PAP rule.

That's because he feels the present situation here is unsatisfactory, citing what he calls a growing wage disparity and a lack of political freedom.

The formation of the new party came after the ex-leader of the Workers' Party was relieved of his status as a bankrupt after paying more than S$230,000 to his creditors.

Under the law, bankrupts are not allowed to stand in elections.

Mr Jeyaretnam was declared a bankrupt in 2001 for failing to pay court-awarded damages after he was found guilty of defaming several PAP MPs in 1996 and 1997. - CNA/ir