Saturday, April 4, 2009

Said Zahari calls Singapore's Lee Kuan Yew "a political coward"

Ladies and Gentlemen,

Said Zahari was a Singapore opposition politician, jailed 17 years without trial by Lee Kuan Yew, Singapore's strongman. On Feb 2, 1963, in what was called Operation Coldstore, Singapore's Lee Kuan Yew arrested 107 people, arbitrarily jailing them for allegedly being communists. Although none of them were in fact Communists and there was nothing illegal in it, Lee Kuan Yew used the Internal Security Act, a law put in place by the British, to put away his political opponents through the expedient that they were Communists and therefore a threat to Singapore's security.

In the video "Zahari's 17 years" by Singapore filmmaker Martyn See, Zahari publicly called Lee Kuan Yew "a political coward". He said only a coward would resort to jailing his opponents instead of taking them in a political discourse and letting the best man win. According to Zahari, Lee Kuan Yew knows that he cannot win in a contest of ideas with his critics. Fearing he would lose, he eliminates his opponents by abusing the law, using his police force and compliant judges to put away those who disagree with him. According to Zahari, these are the acts of “a political coward”.

You can watch Martyn See's film, "Zahari's 17 years" on his blog "the Singapore Rebel" The film was shot in Kuala Lumpur Malaysia where Zahari lives as a permanent resident. Zahari is still a Singapore citizen.

There is no doubt. Zahari was spot on when he said Lee Kuan Yew is "a political coward". His cowardice continues to this day. Yes, Singapore has some skyscrapers and manicured lawns. But these things do not make him any less "a political coward". These are some shameful instances that drive home this fact.

JB Jeyaretnam, a worthy opposition politician of the Worker's Party challenged Lee Kuan Yew's policies since 1974. As Lee Kuan Yew feared taking on the late JB Jeyaretnam in free and fair elections, instead he repeatedly uses the law with compliant judges and compliant police officers to arrest imprison and bankrupt Jeyartnam, effectively removing him from the political arena. I need not list out the details as most Singaporeans are aware of the injustices perpetrated against him by this man whom Zahari calls "a political coward".

In May 21, 1987, Lee Kuan Yew arrested 22 church and political activists in Operation Spectrum generally known as the Marxist conspiracy claiming they were planning to overthrow the government and replace it with a Marxist government. This of course was totally untrue. All they were trying to do is to replace this dictatorship with a democratic government. Coincidentally, at this time, in the Philippines, there was massive unrest in the streets of Manila against the dictatorship of Ferdinand Marcos. Fearful as to what may happen to him if this happened in Singapore, Lee Kuan Yew yet again, as the "political coward" that he is, removes them through the misuse of the Internal Security Act to arrest, and torture them.

Then we have Dr. Chee Soon Juan of the Singapore Democratic Party another of his dissenters, whom he repeatedly jails and bankrupts, through his minions such as Judge Belinda Ang Saw Ean. Just like his other minions, she shamelessly abuses the law by ordering him to pay Lee Kuan Yew $410,000 in court ordered damages merely for legitimate criticism.

Zahari's charge that he is "a political coward" is again borne out by these facts. If he is not "a political coward" which is a damning charge, why does he not sue Zahari in court either in Singapore or in Kuala Lumpur? Over the years, he has sued others for saying much less. Francis Seow has written various books from his home in exile in the USA saying not just this but even more. Why is he not suing Francis Seow?

In Sept 17, 2008, while I was in Singapore, I was sent to jail for 3 months for "insulting" (according to Singapore's dictatorship) Judge Belinda Ang Saw Ean by calling her a stooge of Lee Kuan Yew and a corrupt judge in this blog. All I did was to say that she "prostituted her position as a judge" by favoring Lee Kuan Yew as against Dr. Chee Soon Juan in a defamation trial brought on by Lee. After I left Singapore, from the United States I have said this again in this blog. If the purpose of sending me to jail was to stop me from calling her his stooge and to stop people in Singapore from reading my criticism, why then is he not suing and charging me while I am here in the US? Why is he not applying to have me extradited to Singapore for being a fugitive having broken the laws of Singapore? Are Singaporeans not continuing to read the charges that I level against these corrupt judges? Is this not further proof of what Zahari had leveled against him; that he is nothing more than "a political coward"?

Lee Kuan Yew had hoped that he could abuse the law, like he has done with all his other political opponents, and send me into oblivion after a 3 month jail term; and thereafter I would be forgotten as so many other of his political detractors. But I simply refuse to go away and remain determined to continue exposing his abuse of the law and state institutions in Singapore.

Blogs such as this and the literature on the Internet continue to weaken his authority. Only a few days ago the state controlled newspaper the Straits Times reports the increasing difficulty he faces in attracting Singaporeans to join his political party to contest elections, despite the fact they would stand to profit by millions of dollars and a great career. The only reason for this is that people now know his days in power are numbered and they don't want to take the risk of backing the wrong horse. As Singapore does not have any investigative journalism, since the media is state controlled, one will never know the whole truth. But if I could take a guess. Civil servants are leaving their jobs in droves and there are no new recruits; the Singapore Police Force is not achieving their recruiting target as Singapore policemen are leaving and there are no new entrants, with places being filled up by foreigners such as Malaysians. The legal profession continues to shrink with the lawyer population being less than 3,000 in a country of 4.5 million! It is becoming increasingly difficult to recruit new lawyers into the Singapore Legal Service to serve as government lawyers.

With the Singapore Administration being a pyramid, with Lee Kuan Yew at the top and everyone taking a queue from him; as he is now roundly disgraced, it sends jitters down the spine of each and everyone of his minions that the horizon is no longer safe. He is not the horse that a wise punter should be backing.

This is the moment when every Singaporean who cares about Singapore to realize that something can be done. With the prospect of changing this government through civil parliamentary elections almost impossible, the only avenue remaining is peaceful protest and civil unrest. And such an action in this precarious position this dictator finds himself in, has great prospect of success.

So this is the moment. Carpe Diem. Seize the day. Fortune is on the side of the truth. It must only be so.

Gopalan Nair
39737 Paseo Padre Parkway, Suite A1
Fremont, CA 94538, USA
Tel: 510 657 6107
Fax: 510 657 6914

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Anonymous said...

Lee Skunk Yew was indeed correct that he is insignificant if he was not feared.

To fear him, he implemented a system in which he could not be challenged freely and fairly.

Anyone who challenges him in open political debate will very easily defeat him.

And that's why history will remember him as an insignificant person.

Anonymous said...

There will come a day not too long from now when the hidden sins of the father comes to light. The state controlled press will lose all credibility. Award winning Mediacorp and its Channel News Asia will the joke of the free world. Really democratic Malaysia, Thailand, Philippines & Indonesia will be laughing at the little red dot who thought it could teach everyone a thing or two about democracy and freedom. Founding father, LKY will be scorned like Marcos. The day is coming...soon.

Renaldi said...

This is what Singapore has become today:

Gary: He said to me at the lift lobby 90% of the exact words - ”Mr Tan,if you walk out of here tomorrow,you might get killed.You might meet with a mysterious accident,you might disappear and nobody will know what happened to you! Mr Tan, some things and people in this country you cannot offend! Some people are above all things! You better make sure you know this! Mr Tan,we can arrange for things to happen to you.You understand or not!”.

Any man with a conscience will not tolerate LKY reign.

Anonymous said...

and Chia Thye Poh calls him a "Political dwarf"!

Wendy Neo said...

Lee hsien long got no balls too!

Anonymous said...

Today, this is what this real coward feared the most. How to explain the S$200 billion lost in value of GIC from July 2008 to Feb 2009 and the S$58 billion lost by Temasek Holding over the same period.

So instead of explaining the true situation. He pulled a marveloius trick. That is, dig into the pocket of the retail investors and shore up the value of GIC and Temasek Holdings.

Today, I am sharing an example, "S$712 million right issue on Kepland Land when its balance sheet is so strong that all security analysts could not believe such a right issue is necessary at all." If this right issue is not stopped dead, all the other GLC will go through the same exercise with one simple mimded objective. That is, to shore up the value of GIC and Temasek Holdings.

On April 24, 2009, Shiyin Chen of Bloomberg wrote on: “Keppel Land Plans to Raise S$712 Million in Rights Offer on April 23, 2009.
“Keppel Land Ltd., the property developer partly owned by the world's largest maker of oil rigs, said it plans to raise S$712 million (US$475 million) from an offering of rights shares.

Shareholders will be able to purchase nine rights shares for every 10 held at S$1.09 apiece, the company said in a statement to the Singapore stock exchange today. Keppel Corp., which owns almost 53 percent of the developer, plans to subscribe in full for the rights.”

Does Keppel Land need to raise S$712 million now?

On April 23, 2009, Pang Chin Hong ( wrote in The BNP Paribas Angle -

1) Industry outlook on Keppel Land “1Q09 core earnings largely in line"
Keppel Land (KPLD) reported a 38.8% y-y decline in net profit to SGD36.9m for 1Q09, which is line with our estimates. 1Q09 profit was largely derived from the progressive recognition of Marina Bay Residence (SGD15.6m), The Sixth Avenue (SGD7m), Reflections at Keppel Bay (SGD3.7m) and The Arcadia in Tianjin (SGD3m). Property development comprised 86% of the group net profit.
Net gearing not going to exceed 1x in the next 2 years

KPLD’s balance sheet remains healthy, with net debt/equity ratio unchanged at 0.54x (4Q08: 0.54x). Management does not expect its net gearing ratio to exceed 1.0x in the next two years due to the deferment of various overseas and local projects to conserve cash. Despite this, the group has a gross cash of SGD627m, which is slightly below the short term debt of SGD674m. Although its average debt maturity is only 1.32 years, 7% of its total borrowings will only be due in 2009.

2) Encouraging sales in Singapore and China projects:

KPLD’s projects are benefiting from the recent revived market sentiment with strong home purchases in Singapore and China. In Singapore, YTD, 15 units each were sold at Park Infinia at Wee Nam and The Tresor at about SGD1,200 psf and SGD1,300 psf, respectively. In China, KPLD sold 420 units YTD (i.e. The Botanica, 264 units; Central Park Wuxi, 97, Summer Ville, 37; and Serenity Cove, 22).

3) Low impairment risk, maintain BUY:
Although investors believe that KPLD’s overseas land bank is at a high impairment risk, our study shows otherwise (see our KPLD note dated 23 March). Besides, using history as a guide, KPLD tends to adopt a more defensive strategy during an economic recession. Hence, we believe a cash call is also unlikely. Note, the last rights issue took place in 1996. Maintain BUY with a TP of SGD1.90, based on a 40% discount to our SGD3.17 RNAV estimates. Keppel Land trades at a 45% discount to our RNAV estimates.”

Pang Chin Hong wrote “We believe a cash call is also unlikely.” At the end of the same day, Keppel Land announced it plans to raise S$712 million in rights offer.

Is Pang Chin Hong an idiot security analyst? I don’t think so.

He wrote:”The group has a gross cash of SGD627m, which is slightly below the short term debt of SGD674m. Although its average debt maturity is only 1.32 years, 7% of its total borrowings will only be due in 2009.”

At a market capitalization of US$842 million (based on April 22 closing price, $1.76), a net debt/equity gearing ratio of 0.54 equates to a total debt of US$455 million or S$564 million. 7% of its total borrowings equates to S$39.5 million and with S$627 million in cash and S$39.5 million of debt due by end 2009, there is no reason to raise S$712 million at all. Why does Keppel Land want to go ahead with the rights offer?

Right issue is often a remedial for poor balance sheet where the company is in need of cash money to meet its short term obligations. However, Keppel Land has a balance sheet that is far too healthy to raise additional funds under a right issue. All the security analysts and funds managers were surprised by Keppel Corp, its parent company such move.

The answer lies at the offer price which is at S$1.09 per share for every nine shares for ten shares. April 23, 2009 closing price was S$1.88 per share. That was a discount of S$0.79 per share which is equal to 42% (the difference of ($1.88 minus $1.09) divided by $1.88).

A 42% discount for rights issue is very steep. In addition, Keppel Corporation, its parent company who owns 53% share plans to subscribe in full for the rights. That means, it wants to scoop up the shares of Keppel Land at a cheap price which unfortunately, it dictates in accordance with its own will.

Assume none of the other investors subscribe to the right issue, and Keppel Corp has to subscribe for the remaining 43% of the right issues, it will end up controlling 75% of Keppel Land. With the S$712 million injection of capital, the new cash holding is S$1,339 million.

Assume half of the other investors took up half the right issue and Keppel Corp has to subscribe for the remaining 21.5% of the right issue it would have increased its share holdings to 63%. Of course, at a cash balance of S$1,339 million, the share price of the Keppel Land will go up by more than double to $3.52 ($1.76*2), perhaps.

Assume the price goes up to $3.52 after the capital injection of S$712 million, what is the net worth of Keppel Land to Keppel Corp for the three scenarios?
At April 23, 2009 closing price at $1.76 per share and 53% share holding, it is worth S$669 million. At $3.52 per share and 53% share holding, it is worth S$1,338 million. At $3.52 per share and 63% share holding, it is worth S$1,601 million. At $3.52 per share and 75% share holding, it is worth S$1,893 million.

As retail investors, we are not interested in Keppel Corp moves to improve its net worth in Keppel Land from S$669 million to S$1,601 million or S$1,893 million. We just do not want any dilution. Moreover, when there is no absolute necessity to ensure sufficient fund for Keppel Land to meet its short term obligation, it does not make any sense for a retail investor to dump in more money into buying the right issue to stop the dilution. We might as well retain this sum of money and invest it in another stock. This is totally outrageous.

However, such meteoric rise in the net worth of Keppel Land to Keppel Corp will go back into shoring up the value of the GIC total investment net worth especially, after it has lost S$190 to S$200 billion from July 2008 to February 2009 according to The Nation, a newspaper in Thailand.

Imagine, GIC or Temasek were to use its cold cash to buy up the rights issue of all the GLC companies that were instructed to do the same, it merely transfers its cold cash into these GLC and a direct result of which is the combine share value of all these GLC would have risen by more than double. The total rise in stock value of all these GLC would easily allow GIC and Temasek to gain back more than half its S$250 billion lost.

At the end of it all, I suspect the Singapore government is using this tool to shore up its loss at the expense of the retail investors who suffer dilution, mercilessly.

The message is very clear. This government does not care about the interest of its people. It cares only for itself. This is a government that works against it citizens. It is a wily bully once again.

Anonymous said...

Amazing there are so many losers and whiners who enjoy criticizing the very hand that feed or have fed then. Without LKY and team, most of you and your descendants will still be pulling rickshaws and riding bikes instead of cars. None will have the opportunity to post the whining you did here. Singaporeans have he infamous reputation of a shameless bunch with the disgraceful tendency to reap the fruits of their country and leaders, while at same time betraying and complaining when they cant get enough due to their incompetences. What a disgrace.

Gopalan Nair said...

To Anonymous who said

"Without LKY and team, most of you and your descendants will still be pulling rickshaws and riding bikes instead of cars".

How did you arrive at that conclusion?

Anonymous said...

I have to agree to a large extent. This is well written. Hopefully the newer generations get to know more about operation cold store and the ways and means he got to power.

Gopalan Nair said...

To anonymous who said

"I have to agree to a large extent. This is well written. Hopefully the newer generations get to know more about operation cold store and the ways and means he got to power".

Gratified about the "large extent". But the fact that you are anonymous and the suspense of waht the "small extent" of disagreemt is killing.

Who are you, the historian Hugh Trevor Roper!

Anonymous said...

Thank you for your work on exposing the reality that is LKY and his menace to Justice and Equality.

Unknown said...

PAP like the tsars of imperial russia r not immune from people's power revolution!