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Singapore

George Goh formally launches bid for Presidential Election, wants to serve 'people left behind'

The businessman, who is confident of qualifying under the private sector deliberative track, says he has a group of five companies with a combined shareholders’ equity of S$1.52 billion over three years. 

George Goh formally launches bid for Presidential Election, wants to serve 'people left behind'

George Goh greets supporters at the Elections Department of Singapore on Aug 4, 2023. (Photo: CNA/Marcus Mark Ramos)

SINGAPORE: Businessman George Goh submitted his presidential election eligibility forms to the Elections Department (ELD) on Friday morning (Aug 4), formally launching his bid for the Presidential Election. 

This comes nearly two months after Mr Goh, the founder of Harvey Norman Ossia, expressed his intention on Jun 12 to run for President of Singapore, making him the second person to do so after former Senior Minister Tharman Shanmugaratnam.   

In a press conference later on Friday, Mr Goh, who is 63, addressed doubts about his eligibility, which have emerged since he indicated his intention to run for President, by laying out details from his summary of submission to the Presidential Elections Committee (PEC). 

His supporters from all walks of life, including a hawker, an ex-convict and a disabled athlete, were also present to share their thoughts on why they backed Mr Goh. 

02:06 Min

Businessman George Goh submitted his presidential election eligibility forms to the Elections Department (ELD) on Friday morning (Aug 4), formally launching his bid for the Presidential Election. Jeraldine Yap with more. 

FIVE COMPANIES WITH COMBINED EQUITY OF S$1.5B

To meet the private sector service requirement to be President, an applicant must have served as the chief executive of a company for at least three years. During this time, the company must, on average, have shareholders' equity of at least S$500 million (US$372 million) and made a profit after tax for the entire time. 

Analysts had said it was unclear whether Mr Goh would qualify based on these criteria, but he could rely on the private sector “deliberative track”, also known as Article 19(4)(b) of the Constitution, to qualify.

Under this track, the criteria are that the person has served for a period of three or more years in an office in a private sector organisation; the person’s experience and ability are “comparable” to the experience and ability of a person who has served as the chief executive of a “typical company” with at least the minimum amount of shareholders’ equity; and that the person has the experience and ability to effectively carry out the functions and duties as President.

“I have a group of five companies that have a combined shareholders’ equity of S$1.521 billion over three years," said Mr Goh, adding that this is collectively equivalent to an average shareholders’ equity of S$507 million annually for the group as a whole.

Analysts have previously said it is unclear if a candidate can combine the average shareholder equity of several companies to meet the criterion.

He declined to name the companies when asked by reporters. 

“All five have been profitable every year, for the last three years. I am the most senior executive in every one of these companies,” the presidential hopeful added. 

Referring to the point on being the most senior executive in each company, Mr Goh pointed out that “you cannot be number two” in a company, in a thinly veiled jibe at fellow presidential hopeful and former GIC chief investment officer Ng Kok Song.

“If I’m the CIO (chief investment officer) in my organisation in the private sector, please don’t come forward because the CIO most likely ranks number five or number six in the organisation,” he said, adding that the chairman is ranked first followed by the deputy chairman, chief executive officer, chief financial officer, chief operating officer and then the CIO.

In media materials, Mr Goh showed that the five companies combined made profits for each of the last three years, although he did not state how much profit the combined companies generated each year. In total, the five companies collected S$377 million in profit over three years. 

“You have to trust me because I (am being) transparent with the figure now. This figure is exactly the same," he said.

"The only thing (that I) don’t have is the company name missing and which company made how much. I already disclosed to you, all (the companies) are profitable. And you have to trust me. I don’t say something that is against the principle. If (it is) not making (a profit), I will tell you (it is) not making." 

A more detailed set of accounts had been submitted to the PEC, along with official confirmation letters of his appointment in the companies. 

According to Mr Goh's website, he is both the founder and director of Harvey Norman Ossia, and founder and group chairman of ITG International, which has a property development business. 

He was previously the chairman of international operations at sporting company Rebel Sport, founder and director of VGO Corporation (known for the World of Sports stores), founder and director of water treatment solutions provider United Envirotech and founder and chairman of property fund manager SGL Capital Investment Management.

A “PEOPLE PRESIDENT”

Mr Goh also told reporters that he wanted to be “the people president” and wanted to “serve people left behind”. He has often spoken about being concerned for the average Singaporean – but noted that the office of the President is “the wrong office” to address the cost of living in Singapore. 

“(For) cost of living, on the ground, people explain to you their difficulty, but this is the wrong office (to address that). You cannot act (as) the executive role, you can’t do that. But when the people on the ground explain to you, your ear must be on the ground right?” he said in response to a question by CNA about why he does not stand for parliament instead.

“Of course, if you want to do the day-to-day, you go to GE (General Election), not PE (Presidential Election).”

He added that the President is not the Prime Minister.  

For a President, “you can only champion” causes, Mr Goh said. But “you can mobilise these (wealthy individuals) … to tell (them) this is a good cause for Singapore and so on”. 

George Goh greets a supporter at the Elections Department of Singapore on Aug 4, 2023. (Photo: CNA/Marcus Mark Ramos)
George Goh at the Elections Department of Singapore on Aug 4, 2023. (Photo: CNA/Marcus Mark Ramos)

Asked why he believes he could represent Singapore on the international stage, Mr Goh pointed to his years of experience in doing business across different countries and regions.

Being able to set up businesses in different countries requires an understanding of politics, as well as speaking more than one language, he said.

Mr Goh added that he has been “put in the position” to combine this entrepreneurial experience, along with being Singapore’s former non-resident ambassador to Morocco, and believes he “can serve my people better”.

IMPORTANT FOR SINGAPORE TO HAVE “TRULY INDEPENDENT” PRESIDENT 

It is important for Singapore to have “a truly independent president with no past associations with any political party”, added former veteran newspaper editor Han Fook Kwang at Friday’s press conference. 

Mr Han – who had agreed to help Mr Goh on “media-related matters” for his campaign – said that “when you find somebody who not only qualifies, like George, but who’s willing to come forward and who is not endorsed by the powers-that-be, we should support them (and) if possible, help them”. 

In his explanation of why he believes Mr Goh qualifies for the role, Mr Han added that Mr Goh “has been the most transparent all the candidates in revealing some of these numbers”.

Often stressing his lack of political ties as his advantage, Mr Goh had previously described an "independent" candidate as one who is not from any political party, not on the board of any government-linked company, and not involved in Citizens’ Consultative Committees. 

Other supporters at the press conference also expressed their belief that Mr Goh is right for the job, highlighting his “down-to-earth” nature. 

Mr Joey Foo, a volunteer at Border Misson, the charitable foundation that Mr Goh and his wife founded, pointed out that he has seen the presidential hopeful interacting with participants at every event that the foundation is involved with.

He also recalled an "unforgettable" incident where Mr Goh invited “a couple of (cardboard) collectors and disabled people” to his house for Chinese New Year celebrations.

Another supporter, entrepreneur Matthew Fong, similarly shared that “in spite of his business”, Mr Goh had a “heart for the less fortunate”, including cardboard collectors. 

Meanwhile, Ms Alicia Cheong, co-founder of online learning platform Geniebook and Mr Goh’s niece, added that her uncle “possesses a deep empathy and understanding of the pain and challenges faced by ordinary citizens”, having experienced hardships himself. 

“This personal connection drives his passion for community work and serving the people, ensuring that their needs remain a priority in his leadership,” she said. 

Mr Goh's wife, Mdm Lysa Sumali, told reporters on Friday that when her husband first told her about his intention to run for the Presidential Election, she "fully supported him because I know his heart is really with the people". 

"And in terms of preparing, well, I have to prepare many things, be it for the family, for my children ... We always have an honest conversation, open conversation with them," she added.

"And with George, we have been discussing ideas and I've been following (him) to many events with him because we work as a team. It's always been (that way). We also set up Border Mission, our charity organisation ... as a team."

George Goh at the press conference after submitting his presidential election eligibility forms on Aug 4, 2023, at Sheraton Towers Singapore. (Photo: CNA/Marcus Mark Ramos)

Mr Goh’s supporters at the press conference – whom he described as ordinary Singaporeans – are not his proposer, seconder and assenters. He said those names will be shared at a later date, as it is “not at the stage” of Nomination Day yet. 

Electoral rules require each presidential candidate’s nomination paper to be signed by a proposer, a seconder and at least four other people who are registered voters. 

Under Singapore's electoral rules, the campaign period starts after nomination proceedings end on Nomination Day, the date for which has yet to be announced.

Mr Ng, who announced his bid for the presidency on Jul 19, submitted his application for a certificate of eligibility via the public sector “deliberative track” on Wednesday.

Of the three prospective candidates who have publicly announced their intention to run, Mr Tharman is the only one who unequivocally clears the bar to run in the election.

Meanwhile, former presidential candidate Tan Kin Lian said he had applied on Jul 11 through "a proxy" for a certificate of eligibility to run in the election, but political analysts have said his path is not guaranteed. 

Source: CNA/gy(sn)

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