SINGAPORE: Bourbon Offshore Asia Pacific chairman Farid Khan ruled out a future bid for President, after his application to run for the nation's highest office was rejected on Monday (Sep 11).
Mr Farid, 62, said he would not contest future presidential elections because of his age.
Both their applications were rejected because the shareholders' equity of the firms they helmed did not meet the S$500 million required of private sector candidates.
Outlining the decision and reasons in the letter issued by the Presidential Elections Committee, Mr Farid said: "They do recognise that I'm in a position of seniority in the company, but the company itself did not fulfil the S$500 million."
Mr Farid said that he had been "quite prepared" for the outcome. "I'm not really shocked, just a bit disappointed."
"My journey has ended. Halimah's journey has just started. And I wish her all the best."
Mr Farid added that he had had to postpone his Haj pilgrimage because of this campaign, but will now be looking to fulfill it.
In the meantime, he said he would take a short break and spend some time with his wife and family before deciding what to do next. "Definitely not politics or anything," he said. "Back to my private life."
However, he added that he would still serve the community. "I will still serve the community, that's for sure. What I've been doing, I will still do that. That is my passion. That's not a career or job - it's my passion. I'll still be visible, during my free time."