Concerns over financial integrity and transparency emerge as George Goh’s business dealings come under scrutiny.
As Singaporean entrepreneur and philanthropist George Goh Ching Wah enters the presidential race as an independent candidate, concerns about his financial integrity and eligibility for public office have surfaced. Two significant developments have sparked questions about his business dealings, notably his company Ossia International’s inclusion on the SGX watchlist and a mention in the Offshore Leaks database.
Ossia International, a company founded by Mr. Goh, was placed on the SGX watchlist due to its consecutive pre-tax losses and market capitalization falling below S$40 million over the past six months. While the company has reported pre-tax profits in the past three years, the inclusion on the watchlist raises concerns about its financial standing. Mr. Goh remains confident that Ossia’s performance will not affect his candidacy, citing that the company represents just one aspect of his broader business portfolio.
In a statement from Mr. Goh’s team, they clarified that the watchlist inclusion was due to Ossia’s market capitalization being under the required S$40 million threshold, which had been impacted by the fact that Mr. Goh and his two brothers held 75% of the company’s shares, reducing liquidity. They also highlighted that Ossia’s market capitalization recently exceeded the threshold, standing at $46 million as of June 2023, and that the company had consistently reported pre-tax profits since 2017.
While the financial details of Ossia may be clarifiable, another issue has emerged in relation to the Offshore Leaks project, which unveiled data about offshore entities linked to individuals, including someone named “Goh Ching Wah.” The leaked documents raised suspicions about the potential misuse of offshore entities for purposes such as tax evasion or money laundering. Although it remains uncertain whether the individual listed in the leaks is the same George Goh, the connection warrants scrutiny.
Inclusion in the Offshore Leaks database does not automatically imply illegal activity, but it has raised questions given the role of Singapore’s president as the custodian of the nation’s reserves, which requires the utmost financial integrity. Given the importance of transparency and accountability for public figures, it is imperative that Mr. Goh address any potential connections to the individual listed in the offshore leaks.
Mr. Goh’s response to these concerns could significantly impact his public image and the perception of his candidacy. Transparency about his involvement in any offshore arrangements would demonstrate his commitment to ethical business practices and help reassure the public about his suitability for high office.
As Singaporeans look for leadership that values integrity and accountability, Mr. Goh’s proactive clarification regarding his business dealings and any links to the Offshore Leaks database will play a key role in shaping his path to the presidency.
