DAVID2of4 Strength in Unity
Channel: 50FACES
Date: 19/10/2014

This very same attitude of helping people led Mr Gerald to his biggest act, the one that he is most well-known for; the setting up of SIAS. In 1998, following the Asian Financial Crisis, Malaysia froze the shares of some 170 000 investors with assets totaling up to approximately SGD $5 billion claiming illegality and demanding a 52% penalty fee individually from the investors to recover their stocks.

Though he himself had invested some $5000, which was affected, it was the tactics employed by Malaysia that outraged him and stirred him to action.

A lawyer at the time, but having had experience in founding associations such as the Medico-legal Society and Apex Club East, Mr Gerald was able to effectively organize the collective majority of the shareholders into a single strong voice under SIAS. His persistence in raising media awareness of the situation as well as resilience in fending off businessmen as well as not caving in to threats of forfeiture by Malaysia ultimately led him to success and a settlement was reached with the Malaysia government.

However, as a result of this incident, to this day, many Singaporeans are still wary of investing in Malaysian companies.