TR EMERITUS

I was greeted this morning, by the carefully choreographed news that Tharman will be resigning from his Ministerial post and from the PAP in order to run for President. This was a mild surprise as I had expected LHL to foist his wife on Singaporeans and that this is why she had resigned as CEO of Temasek to head up its charitable arm. (Now I am really concerned about why she stepped sideways but that’s for another day) I guess pains will be taken to ensure that Tharman is the only candidate and he will be elected unopposed. The PM has carefully tightened the criteria to exclude everyone who has not been a PAP Minister or run a sovereign wealth fund or been a Supreme Court judge or civil servant appointed by him. So it looks like Tharman will be the third Indian President out of the last four. The PAP will be hoping that Tharman’s general popularity will rub off on them in the impending General Election. To many he represents the acceptable face of the PAP and a success story of assimilation and integration of ethnic minorities. I know or knew Tharman personally. He was doing an M.Phil, a vanity degree at Cambridge when I was an undergraduate and during his time in the UK he and his Japanese Singaporean wife were friends with exiles such as Tan Wah Piow and Ho Juan Thai (at whose house i saw Jane Ittogi, Tharman’s wife, though she was careful not to introduce herself to my father and me.) He has demonstrated clearly to me that he will always choose money and career prospects over doing the right thing and that he is not a brave man. I considered him a good acquaintance at Cambridge and indeed we used to regularly meet for coffee after lectures where we discussed economics and he appeared to be quite left wing and to support Marxist economic theory. However when I tried to meet up with him in Singapore after graduation he was suddenly afraid to be seen with me even for a coffee. He’d started working at MAS by that time and was clearly afraid that continuing any contact with the son of the Opposition leader could damage his career prospects. Much in the manner that his wife avoided us at HJT’s house. He also didn’t continue his friendships with the exiles in the UK once back in Singapore. Another conclusion could be that he was actually already spying for the PAP in the UK and this is why he kept close to the dissidents in one group and to me at Cambridge. From his behaviour, I don’t see how he can represent all Singaporeans or do what is right when he was scared to even have a coffee. I wasn’t in politics at that time. This is a man who is too susceptible to pressure and the role of EP is supposed be above politics. Suffice to say I don’t see him as a man imbued with a great deal of moral integrity. But this is not just a personal view. There is also the matter of his criminal conviction for a breach under the Official Secrets Act. Whilst Director of the Economics Department he allowed journalists at a meeting to see advance figures for GDP growth which were written on a document that he had with him. The meeting was with private sector journalists and one of his junior colleagues. He was tried and acquitted of the original charge of “communication” of the figures but the court introduced a lesser charge of negligence. He also contested that but the court nonetheless convicted him and the other accused. Consider that for a moment. The role of EP being to guard state assets may go to a man who when in a senior civil service position was convicted of negligence in revealing our data. Or we can just hope that this works in our favour and that Tharman as EP, writes down the amount of the reserves and leaves that piece of paper in the view of foreign journalists. As a result of the conviction Tharman, the Director of the Economics Department of MAS was somehow fined less than the journalists who viewed his figures. For the conviction of negligence he was fined $1,500 which was just below the limit to disqualify him from standing as an MP. His co-accused were all fined $2,000. Surprise surprise, a few years later Tharman resigned from MAS to stand as an MP in Jurong GRC. Tharman’s lenient treatment stands in stark contrast with that meted out to JBJ who was barred from standing by the Presidential Elections Committee in 1993 which simply said he was not of sufficient moral character despite the Privy Council having told the Government that it needed to reverse JBJ’s false conviction for a non-existent offence and that JBJ had suffered a grievous miscarriage of justice. Changes to eligibility based on skin colour were introduced to keep Tan Cheng Bock out of the race yet as I said Tharman will be the third Indian EP in a row. More recently Lee Hsien Yang was advised that he was unlikely to meet the criteria to run for the Elected Presidency given a court finding in the Oxley Road saga. It is therefore quite astonishing that Tharman, convicted by a court, will face no such impediment. Sadly I fear that Singaporeans no longer appreciate the basic pillars needed for democracy such as checks and balances. If they even believe that democracy is a desirable form of government. A key reason for me, that Tharman should be disqualified from running for President is that he is a former Finance Minister and thus played a key role in presenting fraudulent accounts at every Budget. I have written extensively about the tricks the Government employs to hide money and to mischaracterize hypothetical future spending as current. In 2012 I wrote a letter to the head of the IMF pointing out that Singapore’s budgetary framework did not follow IMF best practice. Since leaving the role of Finance Minister Tharman has continued in the roles of Chairman of MAS and in 2019 was appointed Deputy Chairman of GIC (LHL is the Chairman) and head of its Investment Committee. It is a patently ludicrous conflict of interest to have someone who was in charge of the management our reserves to move to a position where they are in charge of checking on the past management of those reserves, just as you would not have an investment manager allowed to audit their own investment fund. As we call it : Ownself Check Ownself. I said earlier that the EP has to be above politics. I wrote an open letter to our current President asking for an Independent Commission of Inquiry into the SLA’s management of the Ridout Road properties and their tenants the Ministers. Clearly the Government cannot run their own inquiry into their own Ministers. She has not replied but also notably silent is Tharman himself even on the moral issues. I am not surprised given my knowledge of Tharman’s character and Tharman himself has also given the Press a very clear account of how he views the role of EP. According to his interview on CNA he would not even see himself as a co-driver but as a back-up driver defending the PAP government from the rear. Say goodbye to any checks and balances with this president. Interestingly Tharman’s humble “just part of the team” sports analogy doesn’t hold up with his love of tennis. He played singles tennis regularly with Tan Wah Piow and I have never heard that he stood in the back of the court allowing himself to be pelted with balls. For Tharman to be Elected President is just another example of the PAP’s flagrant disregard of any of the normal rules of checks and balances that apply in other countries. It is on a par wh the PM condoning or approving the appointment of his wife. At one point there was a kind of movement to forward Tharman as a candidate for Prime Minister. In response LHL and Heng Swee Kiat announced that Singapore’s government is a racist entity that determines a person’s value by their skin colour. I imagine the Presidency was offered up as a consolation prize to Tharman, for not making a fuss at the time. Although with his card marked by the earlier conviction he hasn’t really ever been in position to express an independent thought. Indeed the EP from the time when the first President was not able to find out the size of our reserves has always just been a Wayang used to demonstrate to the outside world that our government is not authoritarian and presiding over a virtual one party state.   Kenneth Jeyaretnam   About the author: I’m a Singaporean economist who became an opposition activist. I blog to provide an alternative to the porkies that the Pinkies tell. It just so happens that my alternative is the truth. That’s why I’ve never been sued in any civil or criminal court no matter how hard hitting my criticism. I’m quoted and interviewed and asked to speak across the world but largely censored in Singapore in an effort to silence my political opinions. The left hate me because they think I split their vote and because I eschew their outmoded economic models. Models that don’t work. The Right and the Conservatives hate me because I’m a liberal. I’m not sure what the middle think of me. I don’t think there are more than a handful of people in the middle, here in Singapore. I’m a Singaporean born and bred, dual heritage, my parents Singaporean established here before the State of Singapore was created. I’m not Eurasian. I read economics at Cambridge and could be broadly described as from the Keynesian school but I believe in interventions. I was formerly a successful hedge fund manager. After economics and politics my greatest interests are history, film and Makan. I run but I run so I can eat like a Singaporean.      Read More →

Tharman will become a Lame Duck President eventually, regardless whether there is a contest or not. This is No Elected President but just Selected Presidency. The selection is already done by PAP appointed President Selection Committee. George Goh claims he is "Independent" but we know PAP Govt won't anyhow appointment ambassador to any country without any "connection". It's just a matter of relative "closeness" to PAP, so to speak. Most importantly, Mdm Ho Ching aka Mrs Lee HL has openly confirmed what I have said is absolutely right. PAP is not interested in getting an Elected President who is Independent and they don't want the President to perform Checks and Balances on them! They don't even want the President to know how our sovereign funds are invested or managed but just a insurance against opposition kicking PAP out of power, so to prevent opposition to use the reserves for anything. It's about keeping PAP political interests and definitely, it has nothing to do with separation of powers. They would definitely prefer someone who is PAP, not anyone who is "Independent"! Is that what we want for an Elected President?   Goh Meng Seng      Read More →

The Business Times carried this article buried deep in its ‘market-companies’ section. Straits Times, I believe, reported nothing. Not surprising. SS operates the Shengsiong chain of supermarkets. The company is listed on the Singapore Stock Exchange. SGX listing rules require companies to have Independent Directors (IDs) and Non-Executive Directors make up a majority of the Board. SS Annual Report for y/e 31 Dec 2022 indicated it has 5 IDs and 5 Executive Directors and expressed an opinion the Board has adequate independence and does not require additional IDs considering the company size. On Jun 8 SGX wrote to SS advising the breach of Board rulings. SS has responded to explain the non-compliance, insisting they have confidence their Board has independence and they have already explained this in the 2022 Annual Report. Which means what exactly? That SGX should go pound sand? After parliament, are we now to accept “ownself check ownself” in the corporate world? Market watchers surely understand the SS snub of SGX isn’t an empty challenge but came with the sheen of authority rubbed onto those close to the Emperor. Will SGX produce some new lexicon in classical Singapore Inc fashion to allow SS continuation of its breach of ruling? Or will SGX demand compliance and show us external regulatory mechanism wins over “ownself check ownself”? Will SGX chair Koh Boon Hwee show his mettle, or slink away like an eunuch? Time to go buy some popcorns from Shengsiong and watch the next move of SGX. I remember the early days of SS when their shop was a mess. An acquaintance once told me an insider friend narrated how disorganized the operation was back then. Credit to them for coming a long way and establishing themselves today as a household brand. SS is so much a part of our daily life that it gets into the background of our mundane routines. There are two things about SS that trigger quick recall for most folks. One is the 2014 kidnapping of the CEO's 79 year old mother. The police were super efficient. The 2 kidnappers were arrested within 2 hours of $2m ransom being dropped off. Mom was unhurt. The other is the Prime Minister’s daughter is married to the scion of the owners of SS. Inevitably, gossip there always will be when such relationship exists. There is much disquiet about SS’ ability to secure many HDB retail space. Such talk is unfair and prejudiced since we know HDB, URA and SLA let out their properties by public auction. Currently SS has 68 stores island-wide. Two of these seem incongruous – the one at Woodlands Industrial Park E7 and Serangoon North Ave 5. These 2 are located in industrial parks. Is there a reason why SS is allowed to conduct commercial business in an industrial park? It is very highly unlikely there was a rezoning for change of use. Is there some special process to obtain change of use? In 2001 department store operator Mustafa Centre had a 6 storey warehouse at Aljunied Industrial Park. URA turned down Mustafa's 2004 application to change the building's use to a wholesale centre for household goods and appliances. Mustafa proceeded without aproval to operate a department store on the first level and a supermarket on level two for a few weeks in 2009. Within weeks, URA shut down the operation and Mustafa was fined $10,000. Commercial activiies are not allowed in an industrial park.   Patrick Low * Article first appeared on Down The Rabbit Hole.      Read More →