Pofma correction order issued against former GIC economist TOC for false allegations

SINGAPORE – Former GIC Chief Economist Yeoh Lam Keong and alternative news site The Online Citizen (TOC) have corrected false and misleading statements about losses made by the Housing Commission in build-tos under the Fake News Act. was ordered to do so. – On-order (BTO) projects, and profits from the country’s historical reserves.

The Protection from Online Falsehoods and Manipulation Act (Pofma) Office issued correction instructions to Yeoh and TOC. This should include a notice to the original offending online post or article with a link to the government clarification.

On October 4, Mr Yeoh published two Facebook posts in which National Development Minister Desmond Lee issued a parliamentary statement regarding HDB’s net loss to Central Weave @ AMK Build-To-Order (BTO) by unelected MP Leong Mun Wai. I mentioned that the question was answered. business. Minister said he is HDB. The project will result in a development loss of approximately $270 million.

Mr Yeoh’s post said the response was “a highly dishonest and misleading analysis of the HDB’s estimated $270 million loss”, arguing that the government “acquired most of the land at minimal cost or or significant cost savings through compulsory acquisitions”.

Later on the same day, TOC published an article reflecting the points raised in Yeoh’s Facebook post. The alternative news site also published another story the next day with a headline alluding to how Singapore’s reserves could benefit significantly from his $500 million land sale on a BTO project.

MND stated that the losses incurred by HDB due to the AMK BTO project were accurate and real, and HDB’s deficit was funded using funds from the annual budget raised from taxes and other sources of income. said.

“There is real money involved and this is certainly not an accounting trick,” said MND.

The ministry said the state-owned land was part of a past protected area and could not be used as the government wanted. HDB will have to purchase the land by paying the fair market value of the land and the money will go into the historical reserves. Fair market value is determined by a Chief Appraiser (a public official agreed to be appointed by the President) who uses the same valuation principles as private sector professional appraisers.

The MND said the government cannot sell state land for far below the nominal or fair market value without presidential approval.

“It is populist and irresponsible to consume the reserves of the past at the expense of Singapore’s future generations and security. It’s designed to be,” he said.

The ministry added that neither the government nor past reserves have profited from the land sale.

“When the state’s land is disposed of at a fair market value, it converts one type of asset (land) into another type (cash) without adding to past reserves,” he said.

A total of about $500 million in land for the Central Weave @ AMK BTO project will not translate into a net increase in historical reserves when deposited, MND said.