HK website apologises to S'pore leaders over Temasek article

Sept 16, 2005

HONG KONG - Hong Kong-based FinanceAsia.com has apologised to Singapore's leaders past and present for an article about Temasek, the Singapore government's investment arm.

The apology, posted on the website on Thursday, said that parts of an Aug 19 report 'may have been understood to have meant' that Singapore Prime Minister Lee Hsien Loong, his father Minister Mentor Lee Kuan Yew, and other family members 'corruptly and improperly caused Temasek to be owned and managed for the benefit of their family'.

The article may also have been understood to mean that another former prime minister, Mr Goh Chok Tong, allowed Temasek to be used corruptly and improperly, FinanceAsia.com said.

'We admit and acknowledge that these allegations are completely false and without foundation,' said the website, which apologised to the men 'for the distress and embarrassment caused to them by these false allegations.'

FinanceAsia.com issued a separate apology to Temasek and its board.

The website said it has agreed to pay unspecified damages 'and to indemnify them for all costs and expenses incurred by them in connection with this matter'.
-- AP

http://financeasia.com/articles/5707DF80-9027-7E17-4B5FD41887DE5866.cfm

Apology
By The Editors 15 September 2005
Apology to Messrs. Lee Hsien Loong, Goh Chok Tong and Lee Kuan Yew.

1. In the 19 August 2005 edition of FinanceAsia.com's website ( www.financeasia.com), we published an article (the "Article") entitled "RBS, Merrill and KS Li buy into BOC".

2. We recognise that parts of the Article may have been understood to have meant that:-

* in respect of Prime Minister Mr Lee Hsien Loong and Minister Mentor Mr Lee Kuan Yew, that they together with others (including members of their family) have corruptly and improperly caused Temasek to be owned and managed for the benefit of their family;
* in respect of Senior Minister Mr Goh Chok Tong, that he (when he was Prime Minister of Singapore and thereafter) has corruptly and improperly allowed Temasek to be owned and managed for the benefit of the family of the Prime Minister and Minister Mentor; and
* in respect of all three of them, that they are dishonest and unworthy of the high office they have each held and continue to hold in that they behaved as above despite taking the public stand in support of clean, corrupt free Government in Singapore.

3. We admit and acknowledge that these allegations are completely false and without foundation.

4. We unreservedly apologise to Prime Minister Mr Lee Hsien Loong, Senior Minister Mr Goh Chok Tong and Minister Mentor Mr Lee Kuan Yew for the distress and embarrassment caused to them by these false allegations. We hereby undertake not to make further allegations to the same or similar effect.

5. We have agreed to pay Prime Minister Mr Lee Hsien Loong, Senior Minister Mr Goh Chok Tong and Minister Mentor Mr Lee Kuan Yew damages by way of compensation, and to indemnify them for all costs and expenses incurred by them in connection with this matter.

http://financeasia.com/articles/570AD10A-9027-7E17-4B7579B5A5D036D2.cfm

Apology
By The Editors 15 September 2005Apology to Temasek Holding (Private) Ltd and members of the Board of Directors of Temasek.

1. On 19 August 2005, we published an article ("the Article") entitled "RBS, Merrill and KS Li buy into BOC" on our website at www.financeasia.com where we described Temasek Holding (Private) Ltd ("Temasek") as "the Lee family trust".

2. We recognise that the Article meant or was understood to mean that:

(a) the directors of Temasek manage the assets of Temasek, or connive at such management, for the benefit of the Lee family, including Ms Ho Ching, and not in accordance with the laws and duties which govern them and Temasek, and they have therefore acted illegally and in breach of trust; and

(b) Temasek has acted illegally.

3. We admit and acknowledge that these allegations and the allegation that Temasek is "the Lee family trust" are false and completely without foundation. We unreservedly apologise to Temasek and members of the Board of Directors of Temasek, namely Mr S Dhanabalan, Ms Ho Ching, Mr Kwa Chong Seng, Mr Lim Siong Guan, Mr Sim Kee Boon, Mr Fock Siew Wah, Mr Koh Boon Hwee, Mr Kua Hong Pak, Mr Goh Yew Lin and Mr Simon Israel for the distress and embarrassment caused to them by these allegations.

4. We undertake not to make further allegations to the same or similar effect.

5. We have agreed to pay Temasek and the members of the Board of Directors of Temasek damages by way of compensation, and to indemnify them for all the costs and expenses incurred by them in connection with this matter.

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