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Former GIC Chief Investment Officer Ng Kok Song announces intent to run for Singapore presidency

Ng Kok Song, former Chief Investment Officer of GIC, has announced on his website his intention to run for the Singapore presidency. His potential bid raises questions about qualification criteria, given his current role as the executive chairman of Avanda Investment Management.

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Ng Kok Song, 75, former Chief Investment Officer at the Government of Singapore Investment Corporation (GIC), was seen at the Elections Department (ELD) on Wednesday morning to collect the application form for the Certificate of Eligibility, accompanied by his 45-year-old Singaporean fiancée.

This follows his comments to local media on 15 July that he was considering a run for the presidential office, citing the national importance of the role and the consequential personal implications.

Mr Ng, who served GIC for 27 years before retiring in 2013, is presently the executive chairman of Avanda Investment Management. He co-founded the firm in 2015 along with two former GIC colleagues.

His consideration to join the race comes as the presidential election scene is already heating up.

In June, former Senior Minister Tharman Shanmugaratnam declared his bid and resigned from the Government and People’s Action Party on 7 July. Entrepreneur George Goh also expressed his intentions to contest on 12 June.

Meanwhile, current President Halimah Yacob has confirmed she will not be standing for re-election when her term concludes on September 13.

Mr Ng, who began his public service career as an investment analyst with the Finance Ministry in 1970, joined the newly formed Monetary Authority of Singapore a year later.

In 1986, he joined GIC, becoming its first non-expatriate director, and in 2007, he was appointed the group’s first chief investment officer. Mr Ng also founded the Singapore International Monetary Exchange in 1984.

However, questions remain over Mr Ng’s qualification for the presidency.

Under Article 19(4)(a) of the Constitution, he must have served as the chief executive or the most senior executive of a firm for at least three years, with the company demonstrating an average shareholders’ equity of at least S$500 million and consistent post-tax profitability.

While Mr Ng holds the title of executive chairman at Avanda, it is not clear if he is considered the most senior executive. Avanda has not met the S$500 million shareholder equity criteria. It had an average shareholder equity of around $73 million over the last three years from 2020 to 2022, despite turning a profit in each of these years.

Although Mr Ng’s service in public roles falls within the 20-year consideration window, his positions are not among those that automatically qualify him for the presidency.

The candidate may need to apply through the private or public sector deliberative track, similar to former candidate Tan See Jay in the 2011 presidential election.

Limited Singaporeans who qualify under the criteria for private sector candidate

As of 31 December 2022, of the 413 companies registered with the Accounting and Corporate Regulatory Authority with shareholders’ equity exceeding $500 million, 165 are headed by CEOs or managing directors who are Singaporean citizens.

This information was disclosed by Deputy Prime Minister and Finance Minister Lawrence Wong in response to a question from Non-Constituency Member of Parliament, Leong Mun Wai from Progress Singapore Party.

In response to a question from Associate Professor Jamus Lim, MP for Seng Kang GRC, on why an equivalent criterion to measure successful leadership is not included for public service candidates, Education Minister Chan Chun Sing expressed that it would be inappropriate to compare or impose the same requirements on both sectors.

He suggested that while the performance of private sector candidates can be objectively assessed through financial indicators, such as profitability, measuring the performance of public sector candidates presents more challenges.

President aspirant George Goh shared his views on this matter on Facebook, noting the relatively small pool of private-sector CEOs meeting the $500 million equity threshold.

He argued that the eligibility criteria may overlook the potential capabilities of candidates who have built successful companies from the ground up, as opposed to those who were placed in already profitable entities.

The tightened criteria in recent years have made it challenging for private-sector candidates to qualify for the Presidential Elections.

This was evident in the 2017 reserved presidential election for Malays, which saw Mdm Halimah elected as President following the disqualification of two aspirants for failing to meet the shareholders’ equity criteria.

Since the inception of the elected presidency, all Presidents have emerged from the public sector who are connected to the People’s Action Party

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Dr Chee Soon Juan criticises Ho Ching’s vision for 8-10 million population

SDP chief Dr Chee Soon Juan criticised Ho Ching’s claim that Singapore could support a population of 8 to 10 million through effective city planning. He expressed scepticism, citing adverse effects like rising living costs and mental health issues. Dr Chee argued that smaller populations can thrive, referencing Scandinavian countries that excelled internationally and produced Nobel laureates.

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Dr Chee Soon Juan, Secretary-General of the Singapore Democratic Party (SDP), slammed Senior Minister Lee Hsien Loong’s spouse, Ho Ching, for her assertion that Singapore could accommodate 8 to 10 million people with proper city planning and land reclamation.

In a video message published on 1 October, Dr Chee expressed strong scepticism regarding the narrative of increasing the population, highlighting that the current surge past the 6 million mark had been largely driven by the influx of foreigners, which led to several adverse consequences.

He further highlighted that smaller populations were not inherently negative, drawing examples from some Scandinavian countries that had flourished on the international stage despite their smaller populations and had even produced Nobel Prize laureates.

Ho Ching expressed confidence that with proper city planning, Singapore could accommodate up to 8-10 million people

Last Friday (27 September), in a Facebook post, Madam Ho, who was also the former CEO of Temasek Holdings, highlighted the growing demand for caregivers as the population aged and the need for workers to sustain sectors like construction and engineering, particularly as the workforce shrank due to lower birth rates.

“As we have less children, we need more people from elsewhere to join us to keep this city functioning, from repairing train tracks through the night to serving patients in hospitals through the night. ”

Dr Chee Highlights Risks of Population Growth

In response, Dr Chee recalled his experience of being reprimanded by Minister for Foreign Affairs Dr Vivian Balakrishnan during the last General Election for raising concerns about the implications of a rapidly growing population.

He questioned why Madam Ho, who shared similar views, had not faced the same scrutiny.

In his video, Dr Chee articulated several concerns regarding the proposed increase in population, highlighting the potential negative impacts, including increased demand for food, housing, and transportation, which would result in a significant rise in living costs.

With a larger population, Dr Chee pointed out that more flats, roads, hospitals, and public transportation would need to be constructed, which would ultimately require higher taxes and fees to maintain the necessary infrastructure.

The SDP leader emphasized that an influx of residents would intensify competition for jobs, exerting downward pressure on wages and potentially leading to higher rates of unemployment and underemployment.

Dr Chee further expressed concern over the environmental degradation that would accompany population growth, citing the recent clearing of forests for housing and industrial developments, including Tengah and Kranji Forests.

Dr Chee questioned the ability of existing infrastructure to cope with a growing population, referencing the persistent issues with the MRT system, including breakdowns and safety hazards.

He highlighted the toll that congestion and overpopulation take on the mental health of Singaporeans, noting a rise in reported mental health challenges.

“All this while the ministers live in secluded and luxurious bunglows and villas, far from the madding crowd which we are subjected to every single day.”

“So, when Ho Ching says that we can accommodate up to 10 million people, I’d like to ask her, where and what type of house she lives in?”

Dr Chee Argues for Innovative Economic Solutions Over Traditional Urban Expansion

Regarding the ruling government’s persistent push to increase Singapore’s population to what he considered “unhealthy levels,” Dr Chee suggested that the PAP lacked viable alternatives for fostering economic growth.

He implied that the government resorted to traditional methods of expansion, such as construction and urban development.

He highlighted that the government is fixated on physically expanding the city—“digging, pouring concrete, and erecting structures”—to sustain GDP growth.

This approach, he argued, creates an illusion that Singapore remains a productive economic hub, despite potential downsides.

Dr Chee Advocates for the Value of Smaller Populations: Cites Political Freedom as Key to Innovation and Success

Dr Chee further contended that a smaller population did not necessarily hinder a nation’s success.

He cited several Scandinavian countries and Taiwan, emphasising their global brands and innovations despite their relatively small populations.

Dr Chee connected the success of these nations to their political freedoms, arguing that the ability to think and express oneself freely fostered innovation and societal progress.

He contrasted this with Singapore, where he claimed that the government controlled media and stifled freedom of expression.

He criticised the ruling People’s Action Party (PAP) for its centralised control and for limiting the potential of Singaporeans. Dr Chee used the metaphor of a “grotesque monkey” clinging to the nation, suggesting that the PAP hindered progress and growth.

Dr Chee emphasised that the quality of a population—its talent, energy, and potential—was far more important than its size.

He suggested that Singapore possessed the necessary attributes to succeed on a global scale but was held back by the current political landscape.

He urged Singaporeans to engage in critical thinking rather than passively accepting government narratives.

Dr Chee advocated for a more mature and sophisticated approach to governance and civic engagement, encouraging citizens to take an active role in shaping their society.

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Court Cases

PSP seeks greater clarity from AGC on prosecutorial decisions against ex-minister Iswaran

Following former Transport Minister Iswaran’s sentencing to 12 months in jail on 3 October, the Progress Singapore Party (PSP) issued a statement expressing its anticipation for clarity from the Attorney-General’s Chambers regarding prosecutorial decisions, given the high public interest. On 24 September, the AGC cited litigation risks in amending Iswaran’s charges but affirmed the case’s merit.

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SINGAPORE: Following the sentencing of former Transport Minister Iswaran to 12 months in jail by Singapore’s court, the alternative party Progress Singapore Party (PSP) has issued a statement expressing concern over the ruling.

In a statement released at noon on 3 October, Ms Hazel Poa, Secretary-General of the PSP, noted that Mr Iswaran, who is also a former Member of Parliament from the ruling People’s Action Party (PAP), was sentenced for four counts of obtaining gifts as a public servant under Section 165 of the Penal Code 1871, and one count of obstructing justice under Section 204A of the same code.

Ms Poa, who is also a Non-Constituency Member of Parliament, stated that, given the high level of public interest in this case, the PSP looks forward to receiving greater clarity from the Attorney-General’s Chambers (AGC) regarding its prosecutorial decisions at the appropriate juncture.

On the morning of 3 October, the court granted Iswaran’s request to surrender himself at 4 p.m. on 7 October to begin serving his sentence.

However, his lead lawyer, Davinder Singh, indicated that the start of the sentence could be delayed depending on “instructions,” hinting at the possibility of an appeal.

Iswaran admitted to accepting valuable gifts from prominent businessmen, including Ong Beng Seng, chairman of Singapore GP, and David Lum Kok Seng, managing director of Lum Chang Holdings, while holding public office.

These gifts, which included private flights and other benefits, were worth over S$400,000 in total.

The 35 charges against Iswaran were amended by the prosecution on 24 September from corruption to lesser offences under Section 165, which pertains to public servants receiving valuable items in connection with their official duties.

The court also took into account Iswaran’s admission of obstructing the course of justice, for which he had repaid over S$5,000 to Singapore GP for a business-class flight he had taken at Ong’s expense.

The remaining 30 charges were taken into account during sentencing.

Iswaran had originally faced 35 charges, including two counts of corruption.

The charges were amended from two counts of corruption under the Prevention of Corruption Act (PCA) to offences under Section 165.

This section, unlike Section 8 of the PCA, does not include a presumption of corruption, which would have placed the burden on the accused to prove the gifts were not given as inducements.

The AGC in an explanation cited substantial evidentiary risks in proving the original corruption charges, which involved  Ong Beng Seng and Lum Kok Seng.

The AGC noted that proving the original corruption charges under PCA would have been difficult due to the involvement of both Iswaran and Ong as primary parties.

Both would have had to implicate themselves to establish corrupt intent.

The AGC explained that “there are two primary parties to the transactions, and both would have an interest in denying corruption in the transactions.” This made securing a conviction for corruption highly uncertain.

In light of these risks, the AGC amended the charges to offenses under Section 165 of the Penal Code, which carries a lower evidentiary threshold and a reduced maximum sentence of two years’ imprisonment.

According to AGC, the amendment was made to ensure a fair and just outcome while considering public interest.

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