Chua Kim Yeow
Chua Kim Yeow | |
|---|---|
| Born | Template:Birth date Straits Settlements (now Chinatown, Singapore) |
| Died | August 21, 2016 (aged 90) Singapore General Hospital, Singapore |
| Occupation(s) | Banker, civil servant |
| Known for | First local accountant-general of Singapore; 1993 presidential candidate |
Chua Kim Yeow (28 January 1926 – 21 August 2016) was a distinguished Singaporean banker and notably the first local to hold the position of accountant-general, a role he fulfilled for 18 years. He also participated as a candidate in Singapore's inaugural presidential election conducted by popular vote in 1993, securing 41.31% of the ballots but ultimately losing to Ong Teng Cheong.
Early life and education
Chua was born in the Straits Settlements, in what is now known as Chinatown, Singapore. His father earned a living as a stevedore subcontractor for the Singapore Harbour Board. Following his father’s passing in 1943, Chua took on various odd jobs to support his family. Academically, he excelled at Gan Eng Seng School and subsequently attended Raffles Institution for two years until his studies were disrupted by the Japanese occupation.
In 1947, he successfully completed the London Matriculation External Examination and later qualified with the UK Association of Certified Accountants in 1953. His professional journey began at the Income Tax Service in 1954 before transferring to the accountant-general’s department two years later, where he ascended to head the department within five years.
Civil service career
In 1961, Chua was appointed Singapore’s first local accountant-general, a post he maintained for nearly two decades. Upon retiring from public service in 1979, he assumed the role of executive chairman at the Development Bank of Singapore (DBS Bank) until 1986, followed by leadership of POSB Bank until 1993. His responsibilities extended to chairing the Securities Industry Council from 1981 and holding board memberships at entities such as Singapore Press Holdings and City Developments Limited. Chua significantly contributed to introducing the Singapore dollar while serving as deputy chairman of the Board of Commissioners of Currency between 1967 and 1979. Additionally, he oversaw the closure of The Singapore Monitor in 1985, joined Asia Pacific Breweries Ltd as a director in 1990, and was appointed chairman of the Stock Exchange of Singapore in December 1993.
1993 presidential election
During Singapore’s first-ever presidential election decided by popular vote in 1993, Chua was encouraged by former Minister Goh Keng Swee and Finance Minister Richard Hu to contest against Ong Teng Cheong to prevent an uncontested election. Although initially hesitant and describing Ong as a "far superior candidate," Chua agreed to participate out of a sense of public responsibility. He filed his Certification of Eligibility on 18 August, backed by notable endorsers including Tan Boon Teik and Mah Kah Eng. Opposition parties such as the Workers' Party and Singapore Democratic Party supported him due to Ong’s association with the ruling People's Action Party.
Chua refrained from an extensive campaign, limiting himself to two television appearances and citing financial constraints along with a lack of political affiliations. His supporters engaged in grassroots initiatives like flyer distribution and producing "Vote Chua" car stickers until regulatory measures curtailed these activities.
On polling day, 28 August, Chua garnered 41.31% of votes compared to Ong’s 58.69%. He expressed surprise at his performance while Ong recognized him as a "very credible candidate."
Post-election career
Following the election, Chua stepped down from directorships at Singapore Press Holdings, Asia Pacific Breweries Ltd, and Times Publishing Ltd in 1994. He was briefly reappointed director at Asia Pacific Breweries until replaced to prevent any conflicts with his chairmanship at the Stock Exchange of Singapore. From 2000 through 2013, he also served as chairman of Stamford Tyres.
Personal life
In 1964, Chua was honored with the Public Administration Silver Medal, followed by the Gold Medal in 1975. He wed Seah Sok Meng, a schoolteacher, in 1954, and together they had four daughters. Seah passed away in 2012.
Death
On 21 August 2016, Chua passed away at Singapore General Hospital due to pneumonia. He had been admitted to the hospital in early August. He is survived by his four children, three grandchildren, and one great-grandchild.