SINGAPORE Democratic Party (SDP) chief Chee Soon Juan said today that former Prime Ministers Lee Kuan Yew and Mr Goh Chok Tong has accepted his offer of $30,000 to annul his bankruptcy.

Upon receiving the money, the creditors would formally vote on the offer, and if they accepted, the OA would annul the bankruptcy.

Dr Chee made the offer to settle his case on 27 July and the Official Assignee replied to him today saying that his creditors have accepted the offer.

If he is able to raise the stated $30,000 and the creditors vote to accept the money, the long-running case, which first started in 2001, will finally be closed.

Dr Chee, the party’s secretary-general, was declared a bankrupt in 2006 for failing to pay $500,000 in damages to then Senior Minister Goh and then Minister Mentor Lee for defaming them during the 2001 General Election campaign.

He had accused them of misleading Parliament over a $17 billion loan to Indonesia in 1998.

He was referring to a rescue package Singapore had offered Indonesia during the Asian Financial Crisis, made up of a US$5 billion standby loan and the buying of the rupiah in foreign exchange markets to support the Indonesian currency.

But Singapore did not lend the money to Indonesia in the end.

Dr Chee said that he is looking to raise the money as soon as possible in order to be able to stand in the next General Election in 2016.

His full statement can be found here.