SINGAPORE - Singapore’s law against fake news has been used for the first time, with Progress Singapore Party (PSP) member Brad Bowyer being asked to correct false statements he made about investments by GIC, Temasek and other government-linked companies.
A Nov 13 Facebook post he made “contains clearly false statements of fact, and undermines public trust in the Government”, the Ministry of Finance said in a statement on Monday (Nov 25).
In particular, Mr Bowyer had implied that the Government controls Temasek and GIC’s commercial decisions, which is false, the Government said on its fact-checking website Factually.
Mr Bowyer, who was originally from Britain but is now a Singaporean, was issued a correction direction on Monday under the Protection from Online Falsehoods and Manipulation Act (Pofma).
By late morning he had put up a correction note at the top of his Facebook post saying that the post “contains false statements of fact”, along with a link to an article providing the correct facts.
Pofma was passed by Parliament in May and took effect on Oct 2.
The law gives ministers the power to act against a piece of falsehood on the Internet when it is in the public interest to do so.
They can order that it be taken down or ask for corrections to be put up alongside it.
Critics had said it could have a chilling effect. Addressing these concerns, the Government had said it would resort to take down orders only in the more egregious cases.
In Monday’s case, Finance Minister Heng Swee Keat had instructed the Pofma Office to issue a correction direction, which requires that Mr Bowyer put up in full a correction note along with his post, that still remained online.
When contacted, Mr Bowyer told The Straits Times he had no issue with the correction direction.
He later added in a second Facebook post: “I feel it is fair to have both points of view and clarifications and corrections of fact when necessary.
“I do my best to use public facts and make informed statements of opinion based on the details I have access too. I am not against being asked to make clarifications or corrections especially if it is in the public interest.”
Mr Bowyer, who had previously been a People’s Action Party member before he left to join the People’s Voice Party and eventually PSP, also said the incident would not deter him from being vocal about social and political issues.
In his Nov 13 Facebook post, he had criticised GIC and Temasek as well as other government-linked companies for certain investments that he said would rack up huge financial losses.
He also said the Government had a “fiduciary responsibility” to account for the losses.
Describing these statements as falsehoods, the Government said on its fact-checking website Factually: “Mr Bowyer implies that the Singapore Government controls Temasek’s and GIC’s commercial decisions. This is false.”
It added: “Mr Bowyer uses false and misleading statements to smear the reputation of Temasek and GIC.”
Contrary to these claims, said the Government on its Factually website, the investment company and sovereign wealth fund are run on market principles, independent of the Government.
“The Government’s role is to ensure that Temasek and GIC have competent boards, which ensure that their respective mandates are met. The Government also holds the boards of Temasek and GIC accountable for their respective overall performances,” said the Government.
The MOF, echoing this, said that Temasek and GIC have made positive returns over the long term and have contributed significantly to the national budget, contrary to the huge losses that Mr Bowyer implied they would incur in his post.
In response to the Government’s corrections and clarifications, Mr Bowyer said in a third Facebook post that he had merely been asking fair questions about why the Government does not have more oversight of GIC and Temasek, with Prime Minister Lee Hsien Loong being the chairman of GIC and his wife Ho Ching as chief executive officer of Temasek.
He wrote: “I feel we should all do our best to comment factually and responsibly however when questions arise just asserting something is false or giving irrelevant information does not answer valid questions. With more transparency, clarification and accountability we can rest easier that our interests are in the safe hands.”
https://www.straitstimes.com/singap...d-bowyer-to-add-correction-notice-to-facebook
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Corrections and clarifications regarding falsehoods posted by Mr Brad Bowyer
https://www.gov.sg/factually/content/clarifications-on-falsehoods-posted-by-mr-brad-bowyer
Corrections and clarifications regarding falsehoods posted by Mr Brad Bowyer
1. The Facebook post by Mr Brad Bowyer contains false statements of fact and misleading statements.
Falsehoods
I. Singapore Government’s involvement in investment decisions by Temasek and GIC
2. Mr Bowyer implies that the Singapore Government controls Temasek’s and GIC’s commercial decisions. This is false.
3. The Government does not influence, let alone direct, the individual investment decisions made by Temasek and GIC. Which companies they invest in, or divest from, is entirely the responsibility of their respective management teams. The Government likewise does not interfere in the commercial decisions of Temasek’s and GIC’s portfolio companies.
4. Temasek and GIC are run on market principles, independent of the Government. Many of their portfolio companies are publicly listed. The Government’s role is to ensure that Temasek and GIC have competent boards, which ensure that their respective mandates are met. The Government also holds the boards of Temasek and GIC accountable for their respective overall performances.
II. Amaravati Project
5. Mr Bowyer says “…we also saw the recent canning of the Amaravati city project part of the S$4 billion already dumped into Andhra Pradesh by GLCs and related parties so India has not been so good an investment choice after all…”. There are implicit factual assertions that (1) a substantial part of S$4 billion invested in Andhra Pradesh was put into the Amaravati project; and (2) S$4 billion has been poorly invested (“dumped”) by Government-linked companies (“GLCs”) and related parties in Andhra Pradesh. These are false.
6. First, the Singapore Consortium (comprising Ascendas Singbridge Pte Ltd (now part of CapitaLand Group) and Sembcorp Development Ltd) in the Amaravati project has stated publicly that the costs incurred have been limited to design services prior to commencement of execution works on the ground, amounting to a few million dollars. There are no billions of dollars involved.
7. Second, not only GLCs and related parties have invested in Andhra Pradesh. Several other Singaporean companies have also done so. An example of a non-GLC investment in Andhra Pradesh is Indus Coffee Pte Ltd, a subsidiary of a listed company in Singapore.
III. Salt Bae
8. Mr Bowyer asserts that Temasek invested in the debt-ridden parent company which owns Salt Bae. This is false.
9. The Salt Bae chain of restaurants is owned by a company called D.ream International BV, which operates 60 restaurants throughout the world via four operating subsidiaries. Temasek invested in D.ream International BV, and not in one of D.ream International BV’s shareholders called Doğuş Holding A.Ş. The company that is reportedly in difficulties according to the article cited by Mr Bowyer, is Doğuş Holding A.Ş., and not D.ream International BV.
Additional Clarifications
10. Additional clarifications on the points Mr Bowyer has raised are set out below.
Temasek, GIC and public funds
11. Mr Bowyer uses false and misleading statements to smear the reputation of Temasek and GIC:
a. Over the past 20 years, Temasek’s total shareholder return has been 7% (annualised, in SGD terms). Temasek’s overall portfolio has grown from less than S$100 billion in 2002 to over S$300 billion today.
b. Temasek is subject to market scrutiny and discipline. Since 2004, Temasek has published its financial information annually. Temasek also issues Bonds and Eurocommercial Paper to retail, institutional, accredited and other specified investors as part of its financial discipline. Additionally, Temasek has been rated Aaa by Moody’s Investors Service and AAA by S&P Global Ratings, ever since its inaugural ratings in 2004.
c. Under the Net Investment Returns (NIR) framework, the expected returns of Temasek, GIC and MAS together, contribute around 20% of Government revenue currently. The Net Investment Returns Contribution (NIRC) is the single largest contributor to Government revenue, exceeding GST.
d. This contrasts starkly with most other countries. In the United States, 1 out of every 10 dollars of US federal government revenue goes towards servicing interest payments on the federal debt. In Singapore, 1 out of every 5 dollars of revenue spent comes from the returns on our reserves. In other words, instead of having to tax citizens to service interest on government debt, Singapore has managed to increase social and other spending through NIRC from Temasek, GIC and MAS, while keeping taxes low.
e. Temasek and GIC are managed prudently and competently. No other sovereign wealth funds have contributed so significantly to national budgets and the economy, without relying on natural resources or a large domestic economy.
Keppel
12. Mr Bowyer suggests Keppel Corporation or its subsidiary has suffered losses due to the $0.5 billion fine imposed. This is misleading.
13. In the last 33 years, Keppel has made profits every year. In the last 4 years, Keppel has made profits of S$3.4 billion, including a S$196 million net profit in the year when the Brazilian fine was imposed. Keppel has been declaring dividends regularly as a listed company to all its shareholders, including Temasek.
Bharti Airtel
14. Mr Bowyer refers to Singtel’s investment in Bharti Airtel. Singtel’s shareholding today is valued at S$13 billion, which is more than double its investment to date of S$5.1 billion. Bharti Airtel faces a number of recent regulatory and Indian Supreme Court decisions. These are matters for Bharti Airtel and Singtel to address.
Amaravati Project
15. Mr Bowyer suggests that S$4 billion in investments by GLCs and related parties in Andhra Pradesh have all been doing poorly. Mr Bowyer makes this sweeping statement, but gives no basis for it.
A Nov 13 Facebook post he made “contains clearly false statements of fact, and undermines public trust in the Government”, the Ministry of Finance said in a statement on Monday (Nov 25).
In particular, Mr Bowyer had implied that the Government controls Temasek and GIC’s commercial decisions, which is false, the Government said on its fact-checking website Factually.
Mr Bowyer, who was originally from Britain but is now a Singaporean, was issued a correction direction on Monday under the Protection from Online Falsehoods and Manipulation Act (Pofma).
By late morning he had put up a correction note at the top of his Facebook post saying that the post “contains false statements of fact”, along with a link to an article providing the correct facts.
Pofma was passed by Parliament in May and took effect on Oct 2.
The law gives ministers the power to act against a piece of falsehood on the Internet when it is in the public interest to do so.
They can order that it be taken down or ask for corrections to be put up alongside it.
Critics had said it could have a chilling effect. Addressing these concerns, the Government had said it would resort to take down orders only in the more egregious cases.
In Monday’s case, Finance Minister Heng Swee Keat had instructed the Pofma Office to issue a correction direction, which requires that Mr Bowyer put up in full a correction note along with his post, that still remained online.
When contacted, Mr Bowyer told The Straits Times he had no issue with the correction direction.
He later added in a second Facebook post: “I feel it is fair to have both points of view and clarifications and corrections of fact when necessary.
“I do my best to use public facts and make informed statements of opinion based on the details I have access too. I am not against being asked to make clarifications or corrections especially if it is in the public interest.”
Mr Bowyer, who had previously been a People’s Action Party member before he left to join the People’s Voice Party and eventually PSP, also said the incident would not deter him from being vocal about social and political issues.
In his Nov 13 Facebook post, he had criticised GIC and Temasek as well as other government-linked companies for certain investments that he said would rack up huge financial losses.
He also said the Government had a “fiduciary responsibility” to account for the losses.
Describing these statements as falsehoods, the Government said on its fact-checking website Factually: “Mr Bowyer implies that the Singapore Government controls Temasek’s and GIC’s commercial decisions. This is false.”
It added: “Mr Bowyer uses false and misleading statements to smear the reputation of Temasek and GIC.”
Contrary to these claims, said the Government on its Factually website, the investment company and sovereign wealth fund are run on market principles, independent of the Government.
“The Government’s role is to ensure that Temasek and GIC have competent boards, which ensure that their respective mandates are met. The Government also holds the boards of Temasek and GIC accountable for their respective overall performances,” said the Government.
The MOF, echoing this, said that Temasek and GIC have made positive returns over the long term and have contributed significantly to the national budget, contrary to the huge losses that Mr Bowyer implied they would incur in his post.
In response to the Government’s corrections and clarifications, Mr Bowyer said in a third Facebook post that he had merely been asking fair questions about why the Government does not have more oversight of GIC and Temasek, with Prime Minister Lee Hsien Loong being the chairman of GIC and his wife Ho Ching as chief executive officer of Temasek.
He wrote: “I feel we should all do our best to comment factually and responsibly however when questions arise just asserting something is false or giving irrelevant information does not answer valid questions. With more transparency, clarification and accountability we can rest easier that our interests are in the safe hands.”
https://www.straitstimes.com/singap...d-bowyer-to-add-correction-notice-to-facebook
/
Corrections and clarifications regarding falsehoods posted by Mr Brad Bowyer
https://www.gov.sg/factually/content/clarifications-on-falsehoods-posted-by-mr-brad-bowyer
Corrections and clarifications regarding falsehoods posted by Mr Brad Bowyer
1. The Facebook post by Mr Brad Bowyer contains false statements of fact and misleading statements.
Falsehoods
I. Singapore Government’s involvement in investment decisions by Temasek and GIC
2. Mr Bowyer implies that the Singapore Government controls Temasek’s and GIC’s commercial decisions. This is false.
3. The Government does not influence, let alone direct, the individual investment decisions made by Temasek and GIC. Which companies they invest in, or divest from, is entirely the responsibility of their respective management teams. The Government likewise does not interfere in the commercial decisions of Temasek’s and GIC’s portfolio companies.
4. Temasek and GIC are run on market principles, independent of the Government. Many of their portfolio companies are publicly listed. The Government’s role is to ensure that Temasek and GIC have competent boards, which ensure that their respective mandates are met. The Government also holds the boards of Temasek and GIC accountable for their respective overall performances.
II. Amaravati Project
5. Mr Bowyer says “…we also saw the recent canning of the Amaravati city project part of the S$4 billion already dumped into Andhra Pradesh by GLCs and related parties so India has not been so good an investment choice after all…”. There are implicit factual assertions that (1) a substantial part of S$4 billion invested in Andhra Pradesh was put into the Amaravati project; and (2) S$4 billion has been poorly invested (“dumped”) by Government-linked companies (“GLCs”) and related parties in Andhra Pradesh. These are false.
6. First, the Singapore Consortium (comprising Ascendas Singbridge Pte Ltd (now part of CapitaLand Group) and Sembcorp Development Ltd) in the Amaravati project has stated publicly that the costs incurred have been limited to design services prior to commencement of execution works on the ground, amounting to a few million dollars. There are no billions of dollars involved.
7. Second, not only GLCs and related parties have invested in Andhra Pradesh. Several other Singaporean companies have also done so. An example of a non-GLC investment in Andhra Pradesh is Indus Coffee Pte Ltd, a subsidiary of a listed company in Singapore.
III. Salt Bae
8. Mr Bowyer asserts that Temasek invested in the debt-ridden parent company which owns Salt Bae. This is false.
9. The Salt Bae chain of restaurants is owned by a company called D.ream International BV, which operates 60 restaurants throughout the world via four operating subsidiaries. Temasek invested in D.ream International BV, and not in one of D.ream International BV’s shareholders called Doğuş Holding A.Ş. The company that is reportedly in difficulties according to the article cited by Mr Bowyer, is Doğuş Holding A.Ş., and not D.ream International BV.
Additional Clarifications
10. Additional clarifications on the points Mr Bowyer has raised are set out below.
Temasek, GIC and public funds
11. Mr Bowyer uses false and misleading statements to smear the reputation of Temasek and GIC:
a. Over the past 20 years, Temasek’s total shareholder return has been 7% (annualised, in SGD terms). Temasek’s overall portfolio has grown from less than S$100 billion in 2002 to over S$300 billion today.
b. Temasek is subject to market scrutiny and discipline. Since 2004, Temasek has published its financial information annually. Temasek also issues Bonds and Eurocommercial Paper to retail, institutional, accredited and other specified investors as part of its financial discipline. Additionally, Temasek has been rated Aaa by Moody’s Investors Service and AAA by S&P Global Ratings, ever since its inaugural ratings in 2004.
c. Under the Net Investment Returns (NIR) framework, the expected returns of Temasek, GIC and MAS together, contribute around 20% of Government revenue currently. The Net Investment Returns Contribution (NIRC) is the single largest contributor to Government revenue, exceeding GST.
d. This contrasts starkly with most other countries. In the United States, 1 out of every 10 dollars of US federal government revenue goes towards servicing interest payments on the federal debt. In Singapore, 1 out of every 5 dollars of revenue spent comes from the returns on our reserves. In other words, instead of having to tax citizens to service interest on government debt, Singapore has managed to increase social and other spending through NIRC from Temasek, GIC and MAS, while keeping taxes low.
e. Temasek and GIC are managed prudently and competently. No other sovereign wealth funds have contributed so significantly to national budgets and the economy, without relying on natural resources or a large domestic economy.
Keppel
12. Mr Bowyer suggests Keppel Corporation or its subsidiary has suffered losses due to the $0.5 billion fine imposed. This is misleading.
13. In the last 33 years, Keppel has made profits every year. In the last 4 years, Keppel has made profits of S$3.4 billion, including a S$196 million net profit in the year when the Brazilian fine was imposed. Keppel has been declaring dividends regularly as a listed company to all its shareholders, including Temasek.
Bharti Airtel
14. Mr Bowyer refers to Singtel’s investment in Bharti Airtel. Singtel’s shareholding today is valued at S$13 billion, which is more than double its investment to date of S$5.1 billion. Bharti Airtel faces a number of recent regulatory and Indian Supreme Court decisions. These are matters for Bharti Airtel and Singtel to address.
Amaravati Project
15. Mr Bowyer suggests that S$4 billion in investments by GLCs and related parties in Andhra Pradesh have all been doing poorly. Mr Bowyer makes this sweeping statement, but gives no basis for it.