SINGAPORE - Presidential hopeful George Goh said on Friday that he has a group of five companies that would achieve a combined total of $507 million in average shareholder equity, addressing doubts about his eligibility for the presidency.

All five companies have been profitable every year for the last three years, and he is the most senior executive of each company, he said at a press conference held at Sheraton Towers Singapore.

It was not easy to meet the requirements during the Covid-19 period when most businesses were down, he added.

“It was difficult to make profits. But our hard work paid off and I am confident that I have met the requirements,” he said.

Under Article 19(4)(a) of the Constitution, a presidential hopeful going through the private-sector route must be the most senior executive of a company that has an average shareholder equity of at least $500 million over three years, and has made profit throughout this period.

Mr Goh has applied for a certificate of eligibility under Article 19(4)(b), the private-sector deliberative track.

Through this route, the Presidential Elections Committee (PEC) must be satisfied that with regard to the nature of the office, the size and complexity of the organisation and the applicant’s performance in the office, the candidate has the experience and ability comparable to that of someone who satisfies the Article 19(4)(a) route.

It must also be satisfied that, having considered any other factors, the applicant has the experience and ability to effectively carry out the functions and duties of the president.

Asked what the five companies are, Mr Goh declined to disclose their names, citing his responsibility to shareholders and to avoid putting stress on the companies.

“I have to make sure I’m not disclosing in public which companies because, you know, there’s a lot of fake news,” he said. “It will put a lot of stress on the companies... then I’m not a responsible CEO.”

Mr Goh said he founded and “built from nothing” all five companies. He added: “We should let the PEC go into the details; this is the best I can (reveal) at this point in time.”

Earlier on Friday, Mr Goh submitted his papers for the certificate of eligibility at the Elections Department. He had taken along three thick binders to support his application.

At the press conference, he said that he had planned for this day since 2017, when he first heard of the changes to the eligibility criteria for private-sector candidates. 

“They are very stringent conditions. Very few people can qualify. So I worked hard with my team to make sure that I will be able to meet the requirements,” he said.

“I have said previously in various media interviews that I wouldn’t have run if I didn’t meet the criteria, but there have been doubts about my eligibility.

“So today, after I have submitted my papers, I am putting out some numbers to show that I am a serious candidate,” he added.

On Friday, former Straits Times editor Han Fook Kwang was also present at the press conference, where he served as a moderator for the question-and-answer segment.

He said he was a friend of Mr Goh’s, and was asked to help with his campaign’s media matters.

Responding to a question on how confident he was of meeting the criteria, Mr Goh reiterated that he was the most senior executive of the five companies, and that all five were profitable in the last three years despite the Covid-19 pandemic.

He also appeared to take shots at other potential candidates.

“The public-sector (candidate) is very fortunate, because you do not need to worry about your profit,” said Mr Goh. “If you’re making a loss, you’re still walking into the Istana. For the private sector, if you don’t make profit, you go home.”

Referring to the private-sector route, he added: “You must be the most senior executive in the organisation... You cannot be No. 2.”

He said that if he were the chief investment officer in his organisation, he would not have come forward, as he would most likely be ranked fifth or sixth there.

Former GIC chief investment officer Ng Kok Song and former senior minister Tharman Shanmugaratnam are among the other presidential hopefuls.

What he plans to do if he is elected

In his speech, prior to taking questions from the media, Mr Goh said he wanted to ensure that Singapore continues to be a place where anyone can make it, even if they come from a background like his.

He was born in a village in Negeri Sembilan in Malaysia, the seventh of nine children of a lorry driver and a housewife.

He faced hardship in his younger days, having to take on random jobs, such as tapping rubber, to help make ends meet. At 15, he dropped out of school to come to Singapore, and started out sweeping floors in a shoe factory.

His entrepreneurial spirit led him to start a small shoe-making outfit, and it kick-started his rise as a businessman.

Mr Goh said he wanted to have his ear to the ground to understand what ordinary Singaporeans are going through.

“This is what we are missing now,” he said. “If you’re sitting on a different level, the 73rd floor, you (won’t) understand what is happening on the first floor.”

He did note, however, that the role of the president is different from that of the prime minister.

He said that the “community role” of the president is important, and gave the example of the President’s Challenge as one thing where he would look to do more.

If he were elected, he would want to “upsize” the event to bring together more businessmen, family offices, wealthy individuals and big institutions, among others.

“(As) president, you can only champion, you can mobilise these people to... explain that this is a good cause for Singapore,” he said. “If we can do it, it will be excellent.”

Mr Goh said that if he becomes president, he will implement a “yearly report card” for the office, in order to be transparent – and for Singaporeans to understand what the president does.

He believes some may have the impression that the president just shakes hands and cuts ribbons, when the role comes with quite a heavy responsibility. The report card, he said, would explain to the people what he had done each year.

His ‘ordinary heroes’

Sitting next to Mr Goh at the press conference were nine friends and supporters, whom he called “ordinary heroes from different segments of society”.

When asked if they were his potential proposer, seconder and assentors, Mr Goh said that he would announce his team later, as he was not yet at the nomination stage.

“These people I have with me, they are the heart of Singapore,” said Mr Goh, who was also accompanied on the panel by his wife, Madam Lysa Sumali.

They were:

• Mr Dayal Khemlani, a semi-retired retailer dealing in electronics, jewellery and textiles. He represents small and medium-sized enterprises.
• Ms Shureen Teh, a Singapore Management University graduate. She represents young people.
• Mr Jonathan Tan Siang Huat, founder of a landscape cleaning services firm. He represents former convicts.
• Mr Bahri Rajib, a retired Malay linguist and Mr Goh’s Malay tutor. He represents education and the arts.
• Ms Alicia Cheong, Mr Goh’s niece and co-founder of Geniebook, an online learning platform. She represents young families.
• Mr Joey Foo Jye Sen, a small business owner and volunteer with Border Mission, a charity founded by Mr Goh and his wife. He represents social volunteers.
• Hajah Roziah Adon, a Malay-Muslim hawker who owns three food stalls in Bedok. She represents hawkers.
• Mr Jack Lai, a wheelchair basketball player. He represents athletes with disabilities.
• Mr Matthew Fong Kum Fai, founder of The Mill International, which provides flooring solutions. He represents entrepreneurs.

Some shared about how they got to know Mr Goh, his heart for the less fortunate and his humble nature.

Madam Roziah, who runs a nasi ayam penyet stall at Bedok Corner Food Centre, in addition to two other food stalls elsewhere, said she liked “his humble way of life”. “When he comes and eats at the hawker centre (where I have my stall), he will be there with his wife, (and) eat together with us.”

Another time, she was surprised when Mr Goh turned up for her grandchild’s birthday party.

Mr Khemlani, who has known Mr Goh for the last five years, described him as a good-hearted man with no airs. They met through Mr Khemlani’s wife, who is the current president of the Bowling Association for the Disabled (Singapore).

He said that Mr Goh would not only sponsor cash and prizes for para-bowling events, but also never failed to turn up for them and speak to the bowlers there.

“I started realising, wow, we’ve got a good man amongst us.”