Saturday 8 February 2014 marks the 12th anniversary of the passing of President Ong Teng Cheong.
And it’s been some 20 years since President Ong first faced off with the government over our national reserves. But things have not changed. Singaporeans are still in the dark about what he sought to clarify – the nature and extent of our national reserves.
The Ministry of Finance states on its website: “It is not in our national interest to publish the full size of our reserves. If we do so, it will make it easier for markets to mount speculative attacks on the Singapore dollar during periods of vulnerability. Further, our reserves are a strategic asset, and especially for a small country with no natural resources or other assets. They are a key defence for Singapore in times of crisis, and it will be unwise to reveal the full and exact resources at our disposal.”
President Ong was a dutiful son of Singapore. His abiding loyalty was to Singaporeans. Yet his Presidency was shrouded in controversy and ended in abject bitterness. While his courage, conviction and integrity took him to the very top, those same attributes eventually brought him untold pain and anguish. Full story
