TCB: Chuan Hup is like a little Temasek Holdings

[PhuaTeKor]

Is this a tip to sell or buy Chuan Hup tomorrow?

Tan Cheng Bock defends financial knowledge
by Lin Yanqin and Tan Weizhen [email protected]
04:46 AM Aug 21, 2011
SINGAPORE - Presidential candidate Tan Cheng Bock has responded to comments by rival Tan Kin Lian that he lacked experience in finance, saying that the latter needed to take a look at his CV.

Speaking to the media at Cineleisure Orchard yesterday evening, where his volunteers had been giving out flyers, Dr Tan defended his 20 years as non-executive independent chairman of investment holdings company Chuan Hup Holdings, likening it to a "little Temasek (Holdings)".

"You need to do investments in many portfolios ... there's shipping, there's construction, there is manufacturing, all these are very important portfolios," he said. Such experience will help him in safeguarding the reserves if he was elected President, Dr Tan added.

The former Member of Parliament also drew attention to his two years as an independent director at ING Asia Private Bank. "If Kin Lian thinks that is not an important consideration (as to) whether I am financially capable or not, I would advise him to look at my portfolio," he said.

Putting himself forward as the best candidate, Mr Tan Kin Lian had told reporters yesterday morning that while Dr Tan "is a good doctor", he may not be "a good financial person".

In the fourth day of campaigning, Dr Tan went to town centres and markets at Redhill, Jurong East and Tiong Bahru.

Asked what he thought of some of the initiatives other candidates had said they would support as President - such as Dr Tony Tan's contingency "Resilience Package" for Singaporeans in an economic crisis, and Mr Tan Kin Lian's pensions for the elderly - Dr Tan felt these are issues best left to parliamentarians.

"These are day to-day politics, and as President I don't want to be involved in day-today politics," he said. "I guess there will be some Singaporeans thinking that this is still a General Election, and they will be taken up by all this sort of issues."

But these are not part of what a President is constitutionally tasked to do, and he would rather concentrate on the key role of safeguarding the reserves, he said.

 

[jw5]

TCB's role as non executive chairman is probably as close to the president's purported powers as can be.
As non executive chairman, his role was more ensuring that corporate governance was in place and that there was accountability and transparency to the minority shareholders, than in making strategic investment and business decisions.

Funny he mentioned Temasek Holdings, because Chuan Hup is a company which the father is an executive director and the son the CEO. But in their case, the father is also the majority shareholder and not just another shareholder!!!

 

[sense]

Asked what he thought of some of the initiatives other candidates had said they would support as President - such as Dr Tony Tan's contingency "Resilience Package" for Singaporeans in an economic crisis, and Mr Tan Kin Lian's pensions for the elderly - Dr Tan felt these are issues best left to parliamentarians.

"These are day to-day politics, and as President I don't want to be involved in day-today politics," he said. "I guess there will be some Singaporeans thinking that this is still a General Election, and they will be taken up by all this sort of issues."

But these are not part of what a President is constitutionally tasked to do, and he would rather concentrate on the key role of safeguarding the reserves, he said.

TCB just want to sit and watch the Reserve like Nathan, get $4m/yr.

Looks like check and balances on the Govt are of least interest to him. PAP must be pleased with him.

 

[Khun Ying Pojaman]

"You need to do investments in many portfolios ... there's shipping, there's construction, there is manufacturing, all these are very important portfolios," he said. Such experience will help him in safeguarding the reserves if he was elected President, Dr Tan added.

And so what Cheng Bock's role as NON-executive chariman ?? Chuan Hup can be a Little Temasek or Giant Temasek, but that's not the point. The point is what was Cheng Bock role ? Was he part of the decision-making process ? What were his contributions ?

Most importantly, why did Chuan Hup whose nature of business has nothing to do with medicine, rope in TCB as Non-Executive Chairman ? If TCB was not a PAP MP, would CHuan Hup have appointed TCB ?

And if TCB had the professional experience with the kind of business that Chuan Hup was involved, why did Chuan Hup appoint him as Non-Executive, and not "Active Director" ?

TCB should tell TKL what exactly was his role at CH. How many hours did he spend at CH per month ? Looking through the minutes of CH every month in his Amakeng office does not amount to experience with investing and managing the company.

 

[jeesus]

One wonders why TCB didnt run against Nathan the last two PEs. Why now? Is it because he thinks he has a good chance to win given the recent watershed GE? Opportunist, I would say. Especially when he refuses to bulge with regards to the 4m salary.

 

[sharingan83]

One wonders why TCB didnt run against Nathan the last two PEs. Why now? Is it because he thinks he has a good chance to win given the recent watershed GE? Opportunist, I would say. Especially when he refuses to bulge with regards to the 4m salary.

a bit late to the game aren't you?

 

[halsey02]

TCB's role as non executive chairman is probably as close to the president's purported powers as can be.
As non executive chairman, his role was more ensuring that corporate governance was in place and that there was accountability and transparency to the minority shareholders, than in making strategic investment and business decisions.

Funny he mentioned Temasek Holdings, because Chuan Hup is a company which the father is an executive director and the son the CEO. But in their case, the father is also the majority shareholder and not just another shareholder!!!

The 'little bird' ( not angry birds) up the 'tee' says TCB is a proxy of party "X" & TT is a proxy of sampa pa ti..opps!, party "A', iszzat, true?

 

[mojito]

The 'little bird' ( not angry birds) up the 'tee' says TCB is a proxy of party "X" & TT is a proxy of sampa pa ti..opps!, party "A', iszzat, true?

Or perhaps to give the impression that there is more than one faction within the Party. I bet the inner circle within PAP has never left the Family. Every now and then, PAP co-opts popular candidates to be MPs, who in turn naively think they could change the system from within. Yet after going through tests like the infamous "Operation Coldstore", is it any wonder that it is inevitable for TCB to develop some degree of Stockholm Syndrome for the PAP?

Notice that both TCB and TT advocate status quo as both agree on the intended role of the elected president (piggy bank jaga + community patron). There is also something magical about TCB's folksy ways that reminds people that the PAP has (or once had, depending on who you talk to) a humane side too. Candidates like TCB has always been made use of to represent the humane side of the PAP, much like the Singapore Girl has been to represent the public face of SIA.

Somewhat skeptical of TCB's independence from PAP atm, but financial knowledge should be a non-issue for TCB if he is humble enough to ask for specialist advice. Still, these inadequacies are not something you can acknowledge to the press.