Following a recent report on transactions involving good class bungalows (GCB) in Singapore, Bloomberg has received correction directives under the nation’s fake news legislation.
The Edge Singapore, The Independent Singapore, and The Online Citizen have likewise been directed to make corrections for partially or fully reflecting the statements reported in the Bloomberg piece.
Edwin Tong, Singapore’s deputy law minister, mandated these orders under the Protection from Online Falsehoods and Manipulation Act (Pofma), as stated by the law ministry of Singapore.
In an article published on December 12 entitled “Singapore mansion transactions are becoming increasingly cloaked in confidentiality,” Bloomberg detailed how the ultra-wealthy were quietly acquiring estates in the city-state.
The report also referenced property dealings supposedly involving Singapore’s law and home affairs minister K Shanmugam, alongside manpower minister Tan See Leng, who announced on December 16 their intent to pursue legal action against the article, labeling it “libellous.”
The law ministry asserted that the “false statements” in the piece “undermine the transparency of property transactions in Singapore.”
“They collectively foster the misconception that Singapore lacks a robust legal framework for requiring disclosure of information in GCB transactions,” the ministry articulated.
“It is vital for public interest that these inaccuracies are rectified to prevent the erosion of trust in the government.”
The ministry emphasized that the article inaccurately claimed that government records for GCB sale transactions are unavailable to the public if caveats are not filed.
The ministry also highlighted that information on property ownership and transfers, including all GCBs, is accessible on the Integrated Land Information Service portal, overseen by the Singapore Land Authority (SLA), irrespective of caveat lodging for the sale.
Caveats are filed voluntarily by parties seeking to safeguard their interests in a property rather than for transaction tracking or transparency.
Additionally, the ministry stated that the article wrongly asserted that the ultimate beneficial owner of a GCB sale transaction is not required to be disclosed to the government.
The government mandates stringent disclosure of identities and citizenship of purchasers and ultimate beneficial owners in every landed residential property transaction, encompassing GCB transactions.
As part of the correction directive, Bloomberg is obliged to include a notice linking to the government’s clarification regarding the article on its website and its social media posts on Facebook and X.
The Edge Singapore, The Independent Singapore, and The Online Citizen, which fully republished the Bloomberg article, must likewise display these notices on their websites and Facebook pages