Singapore’s law ministry denied Bloomberg’s article that major property transactions are increasingly shrouded in secrecy. (AFP pic)
PETALING JAYA: Bloomberg has been issued correction directions under Singapore’s fake news law following a recent article on good class bungalow (GCB) transactions in the island state.
The Edge Singapore, The Independent Singapore, and The Online Citizen have also been issued correction orders for carrying in part or in full the statements published in the Bloomberg article.
Singapore’s deputy law minister Edwin Tong instructed for these orders under the Protection from Online Falsehoods and Manipulation Act (Pofma), the Singapore law ministry said in a statement.
In the Dec 12 article titled “Singapore mansion deals are increasingly shrouded in secrecy”, Bloomberg reported how the ultra-wealthy were discreetly purchasing mansions in the republic.
The article also mentioned property transactions allegedly involving Singapore’s law and home affairs minister K Shanmugam and manpower minister Tan See Leng, who said on Dec 16 they would be taking legal action over the article which they described as “libellous”.
The law ministry said the “false statements” in the article “attack the transparency of property transactions in Singapore”.
“Together, these falsehoods give the impression that Singapore does not have a robust legal framework to require disclosure of information to the government in GCB transactions,” it said.
“It is in the public interest that these falsehoods are addressed so that public confidence in the government is not undermined.”
It said the article falsely claimed that there are no publicly available government records of GCB sale transactions if caveats are not lodged.
The ministry also stressed that all information on property ownership and transfers, including for all GCBs, is available on the Integrated Land Information Service portal managed by the Singapore Land Authority (SLA), which is regardless of whether a caveat was lodged for the sale transaction.
The caveats are not intended for tracking property transactions or ensuring transparency, but are voluntarily lodged by parties wishing to protect their interest in a property.
The ministry said the article also falsely stated that the identity of the ultimate beneficial owner of a GCB sale transaction need not be disclosed to the government.
It said the government mandates strict disclosure of identities and citizenship of purchasers and ultimate beneficial owners in all landed residential property transactions, including GCB transactions.
Under the correction direction, Bloomberg will have to insert a notice with a link to the government’s clarification on the article on its website, and its social media posts on Facebook and X.
The Edge Singapore, The Independent Singapore, and The Online Citizen, all of which republished the Bloomberg article in full, will also have to carry these notices on their websites and Facebook accounts.
