[ad_1]
FIVE COMPANIES COMBINED MAKING PROFIT AFTER TAX
To meet the private sector service requirement to be President, an applicant must have served as the chief executive of a company for at least three years. During this time, the company must, on average, have shareholders’ equity of at least S$500 million (US$372 million) and made a profit after tax for the entire time.
Analysts had said it was unclear whether Mr Goh would qualify based on this criteria, but he could rely on the private sector “deliberative track”, also known as Article 19(4)(b) of the Constitution, to qualify.
Under this track, the criteria are that the person has served for a period of three or more years in an office in a private sector organisation; the person’s experience and ability are “comparable” to the experience and ability of a person who has served as the chief executive of a “typical company” with at least the minimum amount of shareholders’ equity; and that the person has the experience and ability to effectively carry out the functions and duties as President.
“I have a group of five companies that have a combined shareholders’ equity of S$1.521 billion over three years, making the average shareholders’ equity of S$507 million,” said Mr Goh.
He declined to name the companies when asked by reporters.
“All five have been profitable every year, for the last three years. I am the most senior executive in every one of these companies,” the presidential hopeful added.
Referring to the point on being the most senior executive in each company, Mr Goh pointed out that “you cannot be number two” in a company, in a thinly veiled jibe at fellow presidential hopeful and former GIC chief investment officer Mr Ng Kok Song.
“If I’m the CIO (chief investment officer) in my organisation in the private sector, please don’t come forward because the CIO most likely ranks number five or number six in the organisation,” he said, adding that the chairman is ranked first followed by the deputy chairman, chief executive officer, chief financial officer, chief operating officer and then the CIO.
In media materials, Mr Goh showed that the five companies combined made profits for each of the last three years, although he did not state how much profit the combined companies generated each year. In total, the five companies collected S$377 million in profit over three years.
“You have to trust me because I (am being) transparent with the figure now. This figure is exactly the same,” he said.
“The only thing (that I) don’t have is the company name missing and which company made how much. I already disclosed to you, all (the companies) are profitable. And you have to trust me. I don’t say something that is against the principle. If (it is) not making (a profit), I will tell you (it is) not making.”
A more detailed set of accounts had been submitted to the PEC, along with official confirmation letters of his appointment in the companies.
According to Mr Goh’s website, he is both the founder and director of Harvey Norman Ossia, and founder and group chairman of ITG International, which has a property development business.
He was previously the chairman of international operations at sporting company Rebel Sport, founder and director of VGO Corporation (known for the World of Sports stores), founder and director of water treatment solutions provider United Envirotech and founder and chairman of property fund manager SGL Capital Investment Management.
[ad_2]
Source link