Mr Borhan Saini was at the Elections Department on Friday (June 16) to collect application forms for Mr Farid Khan Kaim Khan, a candidate which ST identified.
Mr Farid is the chairman of marine service provider Bourbon Offshore Asia-Pacific,
(Second from right: Mr Farid Khan Kaim Khan)
Mr Abdul Halim Kader
While Mr Borhan supports Mr Farid Khan, we found out that his best friend, Mr Abdul Halim Kader canvasses for Mr Salleh Marican, another potential candidate who collected the nomination forms earlier this month.
(Mr Abdul Halim Kader supporting Mr Salleh Marican online and on the ground)
This is where things get interesting.
Both their candidates do not meet the minimum requirement
Mr Farid Khan, has been working at Singapore-based Bourbon Offshore Asia Pacific, he is also the director of several entities, including Greenship Holdings, which is in the marine sector. According to the Straits Times, the shareholder equity of Greenship Holdings is about US$200 million (S$277 million), while that of Bourbon Offshore Asia-Pacific is more than US$300 million.
Mr Salleh Marican, Second Chance Properties, shareholder equity was between $254.3 million and $263.25 million in the past three financial years.
One of the requirements for private-sector candidates is, to have run a company with at least $500 million in shareholder equity, to qualify automatically, otherwise, their only hope is to convince the Presidential Elections Committee that they are deserving.
They are the best of friends and they have a plan
By having two similar candidates who do not meet the minimum requirement in shareholder equity, the pair seems planning to pressure the committee by showing that the requirement is arbitrary.
They know that it will be difficult for the appeal committee to justify one candidate over the other because their appeals will be similar.
Rejecting both candidates is also tricky because it would reinforce their narrative that the $500 million in shareholder equity is unrealistic and limiting.
Role of the Elected President
The minimum requirement of $500 million in shareholder equity is a critical requirement. From 1990 to 2015, Singapore’s Gross Domestic Product (GDP) went from S$71 billion to S$402 billion; Central Provident Fund (CPF) balances from S$41 billion to S$300 billion; official foreign reserves from S$48 billion to S$351 billion and Temasek’s net portfolio value from S$9 billion to S$266 billion.
While the main role of the President is to be a unifying figure, we have made it clear in our previous article that we cannot compromise on its minimum requirements.
We wish them the best of luck proving to the appeal committee that their candidates are deserving.
We believe there are still candidates who can qualify based on their own merits out there.
Cheeky fellas these two.