SINGAPORE: Deputy Prime Minister (DPM) Gan Kim Yong will join the GIC board as a director starting on 1 October, according to an announcement from the sovereign wealth fund on Tuesday (24 September).

Mr Gan is also Singapore’s Minister for Trade and Industry.

His appointment adds to his extensive portfolio, which already includes his responsibilities as the Chairman of the Monetary Authority of Singapore (MAS) and his role overseeing the Strategy Group in the Prime Minister’s Office.

He is also a member of key national boards such as the Research, Innovation, and Enterprise Council and the National Research Foundation Board.

In a statement, Lim Chow Kiat, Chief Executive of GIC, welcomed Gan’s appointment, stating, “His wide-ranging experience will add valuable insights to important asset allocation and other strategic decisions.”

Lim expressed optimism about the contributions Gan will make to the board in shaping GIC’s investment strategies.

Gan’s career began in Singapore’s Civil Service, where he worked in the Ministry of Trade and Industry and the Ministry of Home Affairs.

In 1989, he transitioned to the private sector, joining NatSteel, a company that produces reinforcement steel products for the construction industry.

During his time at NatSteel, Gan rose to the position of Chief Executive Officer and President in 2005. His leadership at the company spanned several years, during which he contributed significantly to its development.

In addition to his corporate experience, Gan has had a distinguished political career.

He entered politics in 2001 and has since held various ministerial roles, including positions in the Ministry of Education, the Ministry of Manpower, and the Ministry of Health.

His leadership in these ministries contributed to Singapore’s policy development in areas ranging from workforce management to public health.

Gan holds both Bachelor’s and Master’s degrees in Engineering from Cambridge University.

In a sudden development, former transport minister S Iswaran pleaded guilty on 24 September 2024, on the first day of his highly anticipated criminal trial.

The 62-year-old, who had previously expressed his intent to contest the charges to clear his name, admitted to four charges under Section 165 of the Penal Code, which prohibits public servants from receiving valuable items from individuals involved with them in an official capacity. Iswaran also admitted to a charge of obstructing justice.

In addition to these charges, 30 more charges will be taken into account during sentencing. The charges against Iswaran involve the acceptance of valuable gifts, such as tickets to theatre shows, football matches, the Singapore F1 Grand Prix, whisky, international flights, and hotel stays. The total value of these items exceeds S$400,000.

The hearing commenced at 10 am, with the prosecution presenting a fresh set of charges.

Deputy Attorney-General Tai Wei Shyong informed the court that two charges initially filed under Section 6(a) of the Prevention of Corruption Act were being replaced with lesser charges under Section 165 of the Penal Code. Senior Counsel Davinder Singh, representing Iswaran, confirmed that his client would plead guilty following the reduced charges.

Background of the Charges

The case against Iswaran revolves around his interactions with property tycoon Ong Beng Seng and construction firm head Lum Kok Seng, neither of whom has been charged. Two of the charges amended by the prosecution directly concern Ong Beng Seng.

One amended charge, originally laid out in September 2022, accused Iswaran of corruptly receiving various tickets to the 2022 Singapore F1 Grand Prix.

The tickets, valued at over S$145,000, were allegedly obtained as an inducement for advancing Ong’s business interests with the Singapore Tourism Board (STB).

The second amended charge related to Iswaran accepting a private flight from Singapore to Doha, along with a hotel stay at Four Seasons Doha and a business class return flight, cumulatively valued at approximately S$20,847. This was purportedly to facilitate a contract between Singapore GP Pte Ltd and STB regarding the ABBA Voyage virtual concert in Singapore.

Both charges were later altered to reflect that Iswaran had accepted these items as a public servant rather than as part of a corrupt exchange, shifting the legal basis of the accusations under the Penal Code.

Timeline and Sentencing

The earliest charge against Iswaran dates back to November 2015, when he served as the minister for trade and industry. His involvement in this corruption probe came to light in July 2023, while he was still serving as transport minister and minister-in-charge of trade relations.

He resigned from his government positions and from the People’s Action Party in January 2024 after being formally notified of the criminal charges.

The defence, led by Senior Counsel Davinder Singh, has portrayed Iswaran’s relationship with Ong and Lum as close personal friendships.

According to Mr Singh, Iswaran was unaware that the gifts he received could be perceived as “veiled gratification.”

Despite his guilty plea, Singh maintained that the defence initially pursued several legal strategies, including attempts to consolidate the charges into one trial and demands for complete access to the prosecution’s witness statements. The prosecution, however, resisted these efforts, and while the court allowed a single trial, Iswaran’s legal team was unsuccessful in obtaining all witness documents.

Iswaran now faces the possibility of imprisonment, with a maximum sentence of seven years for the obstruction of justice charge under Section 204A of the Penal Code. For his charges under Section 165, he could face up to two years in prison or be subject to fines.

The trial’s progression has attracted considerable public attention due to Iswaran’s high-profile status and the extensive value of the gifts he received. His guilty plea marks a significant turn in a case that has been under public scrutiny for months.