TR EMERITUS

By Eugene Yeo and Cheng Siew Peng, reporting from Hong Lim Park, 6pm In spite of the last minute change of plan by Mr Tan Kin Lian not to go ahead with his planned talk due to an Indian Cultural event occupying the same venue, about two hundred minibond investors still turn up at Hong Lim Park. Some of them are aware of the change in plan, yet decide to turn up anyway to hear what Mr Tan have to say in person. Many investors we spoke to have expressed doubts about the banks giving them a fair deal. Some still haven't heard from the banks despite a stipulated guideline under MAS that they have to respond to their complaints within 4 weeks. Mr Tan told the investors present to seek assistance from their MP and to share some of the pitfalls to take note of when they attend the interview conducted by the banks. He is currently discussing with two senior lawyers to seek the expert opinion of a Queen's Counsel of England. The initial legal fee is expected to range from S$10,000 to S$15,000. Mr Tan asked the crowd the number of investors who have been approached by the bank and only about 20 investors raise up their hands out of whom only a few have received a firm reply from the bank. Mr Tan ended his speech by urging the investors to have faith and keep the fight going for as long the matter is not resolved satisfactorily, Singapore's reputation as a finance hub will continue to plunge. The Chinese rendition of Mr Tan's speech was given by Ms Lee Wai Leng, a WP candidate who stood in the Ang Mo Kio GRC against Prime Minister Lee's team in the 2006 General Election. Mr Goh Meng Seng ended the day with a fiery speech lampooning the PAP government for paying lip service to its vaunted standards of accountability and transparency and implored the investors to help him collect the 100,000 signatures needed to persuade Mr Tan Kin Lian to run for public office. There will be a special meeting next Saturday at the same venue to celebrate the anniversary of The Online Citizen. Mr Tan will be giving an update on his discussion with the lawyers at the same time. As the minibond saga continues to drag on, it appears inevitable that the issue is becoming more and more politicized. While there were no political speechs in first three rallies, they have become a regular event of Mr Tan's rallies now. Will this attempt to awaken the political consciousness of Singaporeans create a backlash against Mr Tan ? Are the investors who are more concerned about their money than Singapore politics support Mr Tan's bid for public office ? Given the pragmatic and mercenary nature of Singaporeans, this may prove to be another false dawn. EDITORS' NOTE: More to come - iphotos, nterviews with minibond investors, video of Mr Tan Kin Lian, Ms Lee Wai Leng and Mr Goh Meng Seng's speech and a special feature on CLOB and Mr Steve Chia, who made a surprise turn out at the hustlings. Stay tuned at Wayangparty Club - we bring you the FASTEST news in Singapore.  Read More →

By Eugene Yeo, Senior writer Mr Tan Kin Lian's open declaration of his intention to run for the elected presidency during an interview with The Sunday Times last week was described by some as a bold, if not audacious move to announce his entry into the political arena. While his supporters welcome and applaud his move, there are others who doubt his chances of becoming Singapore's third elected President after Mr Ong Teng Cheong and the incumbent Mr S R Nathan. The elected presidency was first mooted by then Prime Minister Lee Kuan Yew way back in 1982 to safeguard Singapore's reserves from being frittered away by a "profligate" government should the PAP lose power one day. The President is supposedly vested with special powers to look into the accounts of the government and to ensure that the nation's balance sheet is in good order. In 1991, amendments were made in the Constitution to give the President certain reserve powers over government expenditure of financial reserves and appointments to key public office. Mr Ong Teng Cheong won the historic election in 1993 to become the first and only popularly Elected President in Singapore. However, soon after his election to the presidency, he became embroiled in a dispute with the government over the access of information regarding Singapore's financial reserves. The government said it would take 56 man years to produce a dollar-and-cents value of the immovable assets. Ong discussed this with the accountant general and the auditor general and came to a compromise that the government needed to give him only a listing of all the properties that the government owns. It took the government a few months to produce the list. But even then the list was not complete. In all, it took the government three years to come up with the information about the reserves that Ong requested Ong's conflicts with the PAP government led by Goh Chok Tong soon made him fall out of favor from the establishment. Though he indicated in 1998 that he is ready to serve another term, the government refused to support him on the grounds of health concerns (Ong was diagnosed to have lymphoma in 1993). Whether it is due to external pressure by the PAP or personal reasons, Ong decided not to run for the presidency in 1999. He passed away soon after and became the first former President who did not get a state funeral. S R Nathan, Singapore's 2nd President, assumed the position in 1999 by default because there is nobody qualified to run against him. In 2005, however, a little-known PAP cadre Mr Andrew Kwan declared his intention to challenge Nathan. Kwan came up with a blog in which he outlined his plans for Singapore as a future President should he win the election. Prime Minister Lee expressed his "surprise" at Kwan's announcement. Two days later, the state media reported Kwan being embroiled in a legal tussle with a fellow condominium management committee member over the management of funds. The press next went on a smear campaign against him by casting doubts on his moral character and integrity. It was an overkill since the Presidential Election Committee (PEC) disqualify him as a candidate being that Mr Nathan "won" again by default. Coincidentally, Kwan disappeared almost immediately from the mainstream media's radar after Nathan was declared the undisputed "winner". As we can see from the above example, the Presidential Elections is far from being free and fair. Not only must candidates possess qualifications which only a few have, including spending no less than three years being the chairman of the board of directors or chief executive officer of a company incorporated or registered under the Companies Act with a payup capital of at least S$100 million dollars. The PEC, which is appointed at the discretion of the PAP government, has the right to disqualify any candidate deemed unacceptable by the establishment so as to weed out "unfriendly" and "undesirable" candidates though he or she may possess all the necessary qualifications. Who is the ultimate kingmaker of Singapore's Elected President ? Is it the PAP or the people of Singapore ? The answer is pretty obvious. Mr Nathan is already 84 years old this year and it is likely that he may not run for the presidency again in 2011 by when he will be 87 years old. Knowing how "efficient" the PAP has been to always plan ahead for the future, they may already have a candidate in mind to replace the aging Nathan. Is the candidate Tan Kin Lian who after all, is a loyal PAP member for the last 30 years with intimate connections to leaders of the establishment including Senior Minister Goh Chok Tong ? Not very likely because the PAP only loves "leaders" who are obedient and easy to control. By defying the wishes of the establishment to advocate for the rights of the minibond investors, Tan has already burned his bridges. Furthermore, he would not dare to come out in the open to criticize the PAP had he been their anointed candidate. With the presidency still 2 years away, the PAP can always afford to wait for Tan's campaign to fizzle out if he did not garner the 100,000 signatures he set for himself. In the meantime, they may already have chosen another candidate to take over Nathan, and that is Mr Gerald Ee, the present NKF Chairman. Watch this man closely, his national profile and visibility will be gradually raised by the state media in the months to come.  Read More →

By Eugene Yeo, Senior writer Is it a sincere "apology" which is long overdue or a posturing to reach out to the opposition camp ? Out of the blue, Mr Tan Kin Lian posted on his blog this morning " An apology to Dr Chee Soon Juan and his sister " about a comment from CNA forum posted on 14 October 6 weeks ago. Mr Tan said: "I wish to apologise to Chee Soon Juan and his sister for the damage that is caused to them by the statement, “what many stupid and selfish politicians in Singapore have done and seek self destruction.” In the first place, there was no explicit reference made to Dr Chee and his sister in the alleged "offensive" comment. Secondly, there was no furore or response from SDP or Dr Chee over the statement. And lastly, what "damage" has it caused the Chees when they have been through much greater tribulations including being slandered publicly by the state media. Had not Mr Tan chose to reveal the blog post now, nobody would have taken notice of it. Interestingly, Mr Tan chose to end his "apology" with an acknowledgement of Dr Chee's political convictions and struggle:   "I do not personally share this sentiment and wish to acknowledge their personal sacrifice in fighting for what they believe in." Dr Chee has been in politics for over 15 years. Since when did we hear Mr Tan expressing solidarity with him ? Perhaps he did realize the sacrifices Dr Chee has made, but is unable to say so due to his position then as CEO of NTUC INCOME. Much as I admire Dr Chee for his courage and fortitude, he is walking along a lonely path shunned by other opposition parties. To Mr Tan's credit, he did not call Dr Chee names unlike a particular opposition MP who callously described Dr Chee as a "mad dog" in a media interview. In spite of Mr Tan's repeated attempts to play down his bid for public office and his apparent nonchalant demeanour about it, this latest manoeuvring can be interpreted as a subtle posturing to reach out to the opposition camp. It could mean either one or all of the following: 1. Mr Tan knows that his links with the PAP may turn out to be a liability in the future should he run for the election either as an independent or as part of the opposition as the hardcore opposition supporters which constitute 20% of the electorate still harbor doubts about him. This may herald a series of moves to win them over to his side. 2. It may be a signal to Dr Chee that he is open to the idea of working together with him though I find this a remote possibility as it will mean ailenating many of his supporters who are moderates. 3. As a bargaining chip to be used against the establishment to coerce them to be more responsive to his requests to assist the troubled investors. If the regime views Mr Tan as a sufficient threat should he cross over to the opposition camp, they may relent and accede to some of his demands. Whether Mr Tan is posturing to reach out to the opposition or merely building up his support base, one thing is more sure: he is seriously contemplating the options available to him first before deciding on the next step to take. As a long-time PAP member, Mr Tan must be familiar with the "wayang" antics employed by the establishment. He should be well aware of the potential pitfalls ahead of his journey should he decide to turn his back on the PAP. With Mr Tan's entry into the political fray, we can expect more exciting "wayang kulit" in the days ahead. How will it turn out ? Let's hold our breath and see.  Read More →