'Even if you make billions of losses in public sector, you still can walk into the Istana': George Goh

Ever since entrepreneur George Goh announced in June his decision to run for the Singapore presidency, he has been open about how it is difficult for private sector candidates like him to meet the stringent qualification criteria. 

After submitting his application for a certificate of eligibility at the Elections Department earlier on Friday (Aug 4) morning, the 63-year-old chairman of Ossia International held a press conference at the five-star Sheraton Towers along Scotts Road. 

The bullish Goh pointed out that those who applied to be considered eligible via the public sector service "are very fortunate" since they "don't need to worry about profits". 

"Even if you make billions of losses in public sector, you still can walk into the Istana," Goh said. "For private sector if you don’t make a profit, you go home."

"And you must be the most senior executive in your organisation. You can't be number two," he added. 

“If I’m the CIO (chief investment officer) in my organisation in the private sector, please don’t come forward because the CIO is ranked number five or number six in an organisation.”

Ex-GIC CIO Ng Kok Song, former senior minister Tharman Shanmugaratnam and Tan Kin Lian are among the other presidential hopefuls.

To qualify for a certificate of eligibility, prospective presidential candidates must have either held a senior public office, or been a chief executive of a company for at least three years, during which time it must have at least $500 million on average in shareholders' equity and made profit for the entire period. 

While Goh said that none of his five companies meet the $500 million requirement on its own, he confirmed that he applied to be considered eligible via the private sector deliberative route.

This leaves the Presidential Elections Committee (PEC) to determine if he has the experience and ability required for the role.

But Goh said that he is confident that he has met the requirements, adding that his group of five firms have a combined shareholders' equity of $1.5 billion over three years - making the average shareholders' equity of $507 million. 

Describing how all his five companies have also been profitable in the last three years, he said: "It's not easy to meet the requirements because we were working during the Covid-19 period when most businesses were down. 

"But our hard work paid off and I'm confident that I've met the requirements." 

Goh, however, declined to name the five companies. He said that this would "put a lot of stress" on them.

In the press conference, nine of Goh's friends and supporters made up the panel. 

Labelling them as the 'Heart of Singapore', Goh said that they are "ordinary heroes from different segments of society". 

They are not his proposer, seconder and assentors, according to Goh. He said that those details will be announced on Nomination Day. 

Goh's 'Heart of Singapore' members are: 

• Dayal Khemlani, a semi-retired retailer dealing in electronics, jewellery and textiles. 
• Shureen Teh, a Singapore Management University graduate. 
• Jonathan Tan Siang Huat, founder of a landscape cleaning services firm. 
• Bahri Rajib, a retired Malay linguist and Goh’s Malay tutor. 
• Alicia Cheong, Goh’s niece and co-founder of an online learning platform. 
• Joey Foo Jye Sen, a small business owner and volunteer with Border Mission, the charity founded by Goh and his wife. 
• Hajjah Roziah Adon, a Malay-Muslim Hawker who owns three food stalls in Bedok. 
• Jack Lai, a wheelchair basketball player.
• Matthew Fong Kum Fai, founder of The Mill International, which provides flooring solutions. 

Hajjah Roziah Adon, a Malay-Muslim food hawker at Bedok Corner Food Centre, shared that she believes Goh will be a capable "People's President". 

The 63-year-old said: "I invited him to my grandson's birthday party and he came with his wife to celebrate at the HDB void deck. 

"I like his humble character [and] he's very down-to-earth."

Han Fook Kwang, former editor of The Straits Times and moderator of the press conference, likened Goh's presidential bid as a "David vs Goliath battle". 

"Too many of our past presidents have associations [with a political party]. Not just senior members of the ruling party, but also senior government officials working very closely with government ministers," he said. "So it's a small circle. I think it's not healthy. 

"We need to get more people outside of this small circle."

READ ALSO: 'Misleading to the public': Presidential election not a two-horse race, says George Goh

chingshijie@asiaone.com