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Tag: President

  • Mohamed Salleh Marican – An Inspiration To Investors And Entrepreneurs

    Mohamed Salleh Marican – An Inspiration To Investors And Entrepreneurs

    Truly an inspiration to investors and entrepreneurs alike, Mr Mohamed Salleh Marican (or Mohamed Salleh S/o Kadir Mohideen Saibu Maricar as he is registered at the SGX) is the very embodiment of the epigram, “try and try until you succeed”. Undaunted by a first failed business, Mr Salleh put up what is now Second Chance Properties, and hasn’t looked back since.

    Now the company’s CEO and Executive Chairman as well as its founder, Mr Salleh is also a Spiking Sophisticated Investor. An SGX announcement last January put the post-transaction percentage of his direct and deemed shares of Second Chance Properties at 57.78%, and 8.45% respectively.

    If There’s a Will…

    Mr Salleh began as an entrepreneur in 1974, when he established a menswear tailoring business which he was compelled to shut down soon afterwards. He tried again just five months later by opening Second Chance, sticking to the menswear segment but switching to ready-to-wear retail. His determination paid off, and in less than 10 years, he had four outlets in Singapore.

    By 1988, Mr Salleh had adopted franchising, affordable pricing and a Western fashion image for Second Chance, which enabled him to grow the company to include 18 stores in Singapore and 7 stores in Malaysia.

    Mr Salleh’s first major award proved to be a double-edged sword, as winning created awareness of Second Chance as a local brand. As sales dropped drastically, he decided to change strategies again, and close 21 of his 25 stores. By 1992, he had diversified his business into ladies’ ready-to-wear for Malay women. The new line, dubbed “First Lady”, is still a bestseller today.

    Mr Salleh then followed up First Lady’s success with Golden Chance, which retails gold jewellery. Soon afterwards, during the Asian financial crisis, he again diversified his business to include property, which turned out to be his most successful venture yet. Property now accounts for over 60% of the company’s profits, with rental income being the top contributor.

    Today, Second Chance has over 200 employees working in 50 stores in Singapore and Malaysia. After listing on the SESDAQ in 1997, Second Chance moved to the SGX Main Board in 2004.

    Mr Salleh has since won several other awards, including the Inaugural Malay Businessmen Award from the Singapore Malay Chamber of Commerce and Berita Harian; the Entrepreneurship Excellence Award from Lianhe Zaobao and the Entrepreneurship Development Centre of Nanyang Technological University; the Ernst & Young Entrepreneur of the Year award, and the Best CEO Singapore Corporate Award.

    Mr Salleh in Action

    Mr Salleh’s latest trading activities include increasing 1 million deemed shares of Second Chance Properties at SGD0.25 at the end of last January. A few days before, he had also increased 291,500 deemed Second Chance shares at SGD0.252.

    Follow the investing action of Mr Mohamed Salleh S/o Kadir Mohideen Saibu Maricar at https://spiking.com/v/mohamedsalleh, and track Second Chance Properties’ performance at https://spiking.com/sgx/528-second-chance-properties-ltd.

    Source: https://blog.spiking.com

  • 2nd Chance CEO Mohamed Salleh Marican: I Hope To Run For President

    2nd Chance CEO Mohamed Salleh Marican: I Hope To Run For President

    The founder and chief executive officer of Second Chance Properties, Mr Mohamed Salleh Marican, 67, has said he hopes to run for president.

    He told The Straits Times in an email on Wednesday (May 31) that he will be collecting the application forms required to contest the presidential election in September.

    Mr Mohamed Salleh’s name had been bandied about in recent weeks as a potential candidate for the upcoming election, which will be reserved for Malay candidates. His company is the first owned by a Malay/Muslim to be listed on the Singapore Exchange.

    “It is encouraging to know that many have considered me as a potential candidate,” he said.

    “The short answer is that, I believe I have done well for myself in business and would like to step up and give back to society in a much larger way. The position and influence of the Elected President will have a great impact on whatever activities he or she choose to promote.”

    He added that he “can also fulfill the call of most Singaporeans who desire a truly independent Elected President, one who is untainted by party politics”.

    Under changes to the Constitution approved last November, candidates from the private sector must have been the chief executive of a company with at least $500 million in shareholders’ equity, on average, for the most recent three years.

    Second Chance Properties’ shareholder equity was between $254.3 million and $263.25 million in the past three financial years, which is lower than this requirement.

    However, the Presidential Elections Committee has the discretion to certify that a candidate who does not automatically meet the criteria can stand, if it is satisfied that he has the experience and ability to effectively carry out the functions and duties of the office of the President.

     

    Source: www.straitstimes.com

     

  • M Ravi Files Constitutional Challenge Against Changes To Elected Presidency

    M Ravi Files Constitutional Challenge Against Changes To Elected Presidency

    Human rights lawyer M. Ravi yesterday filed a constitutional challenge against changes to the elected presidency made last year.

    The changes, which Parliament approved last November, tighten the qualifying criteria for candidates, and include a provision to reserve a presidential election for candidates from a racial group that has not been represented in the office for five continuous terms.

    Mr Ravi argues that the changes are unconstitutional because they deprive citizens of their right to stand for public office and discriminate on the grounds of ethnicity.

    The High Court confirmed that Mr Ravi had filed an originating summons and supporting affidavit.

    A spokesman for the Attorney-General’s Chambers told The Straits Times that “it will study the papers” filed by Mr Ravi.

    Mr Ravi, currently a non-practising lawyer, said on Facebook that he filed the application in his capacity as a private citizen.

    His is the second legal challenge related to the elected presidency mounted this month.

    On May 5, former presidential candidate Tan Cheng Bock filed a challenge over whether the upcoming presidential election should be a reserved one.

     

    Unlike Dr Tan, Mr Ravi challenges the entire reserved election mechanism as unconstitutional, he said on Facebook yesterday.

    He believes that the elected presidency is not consistent with Article 12(2) of the Constitution.

    It states that unless expressly authorised by the Constitution, there shall be no discrimination against Singapore citizens on the ground only of religion, race, descent or place of birth in any law, or in the appointment to any office, or employment under a public authority.

    “The right to stand for the elected presidency should be no different from the right to participate in parliamentary elections – all citizens should be equal,” he wrote.

    “The selection of the elected candidate should be based on merit, all other relevant requirements being fulfilled.”

    Mr Ravi also contends the amendments run counter to a legal principle called the basic structure doctrine, which he says applies here.

     

    Source: www.tnp.sg

     

  • President Rejects Plea For Clemency By Death-Row Inmate

    President Rejects Plea For Clemency By Death-Row Inmate

    The President has just replied :

    That he will not direct a constitutional court to be convened under Article 100 of the constitution.

    Be that as it may , he can still cancel the Warrant of Execution on the advice of the Cabinet.

     

    Source: Ravi MRavi

  • High Court Accepts Application By Dr Tan Cheng Bock On Constitutionality Of Counting Late Wee Kim Wee As First EP

    High Court Accepts Application By Dr Tan Cheng Bock On Constitutionality Of Counting Late Wee Kim Wee As First EP

    COURT APPLICATION ACCEPTED

    I would like to announce that this morning, the High Court accepted my application (HC/OS 495/2017), which seeks the Court’s determination on whether a piece of legislation (section 22 Presidential Elections (Amendment) Act 6 of 2017 which counted President Wee Kim Wee as the first Elected Presidency term for the purposes of calling a Reserved Election), is consistent with our Constitution (Articles 19B(1) and 164(1) which introduced the mechanism of a Reserved Election into our Constitution).

    I am the Plaintiff and for the purposes of serving Court papers on the Government, the Defendant is the Attorney General.

    The application was filed on 5 May 2017. The Court accepted my application this morning, and has fixed a pre-trial conference on 22 May 2017.

    To recap, on 31 March 2017, I held a press conference explaining why in my layman’s opinion, starting the count from President Wee’s term appeared to be inconsistent with the spirit and purpose for reserved elections. I then invited the Government or AG to explain the legal reasons for their count.

    On 1 April 2017 the Government through MCI said I raised no new points that require a response. I responded to say the MCI missed my point. Nothing further was heard on this issue.

    Since this is a matter of national importance, I sought to find the legal answer and consulted the best constitutional lawyer I could find. He is Queen’s Counsel Lord David Pannick. I gave Lord Pannick the Commission Report, White Paper, all relevant Hansard parliamentary reports from 7 Nov 2016 to 6 February 2017, our Constitution and all related statutes on this issue. I asked him one question: whether the AG correctly advised the Government to specify President Wee’s term as the first to be counted on the basis that he was the first President to exercise elected powers.

    Lord Pannick has advised that he disagrees with the AG’s advice, and that section 22 Presidential Elections (Amendment) Act 6 of 2017 as it stands is unconstitutional. After receiving Lord Pannick’s reply, I felt I could not keep his legal opinion to myself. It would be in public interest to have the Court decide which legal view is correct – Lord Pannick or the AG.

    On 28 April 2017, I engaged M/s Tan, Rajah & Cheah to make the necessary application, and to produce in my affidavit Lord Pannick’s written opinion before the Court. I believe this question can be answered without confrontation or hostility. Both the Government and I have the nation’s best interest at heart. It is in nobody’s interest to have a Reserved Election that is unconstitutional.

    I am satisfied that I have, to the best of my ability and capacity, done my part to do what is right in the circumstances, which is to bring to this Court’s attention Lord Pannick’s opinion. Since the matter is now before the Court, it is only right that I refrain from making any further public comment until this case is decided.

     

    Source: Dr Tan Cheng Bock