Bloomberg news service apologizes, pays Singapore leaders for article

By The Associated Press

08.30.02

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SINGAPORE — Singapore's prime minister and two other ministers accepted a $338,067 settlement from the financial news service Bloomberg for an article that the agency now says was false, the prime minister's office said yesterday.

Bloomberg will pay the amount to cover legal costs and damages incurred by the three leaders, according to a letter sent by the company's lawyers to the prime minister's office.

Lawyers for Prime Minister Goh Chok Tong, Deputy Prime Minister Lee Hsien Loong and Senior Minister Lee Kuan Yew replied that the offer had been accepted.

Both letters were faxed to the Associated Press by the prime minister's office.

Earlier this week, Bloomberg apologized to the three Singapore leaders for "the distress and embarrassment caused" by allegations in an article published on Bloomberg's Web site on Aug. 4.

The article, since expunged, concerned the appointment in May of Ho Ching as executive director of Temasek Holdings, the domestic investment arm of the Singapore government. She is the wife of the deputy prime minister and daughter-in-law of the senior minister.

The apology said Bloomberg recognizes that the article was understood to mean that the appointment was made "not on merit but for some corrupt motive to promote the interests of the Lee family" and that "nepotism" was involved.

"We admit and acknowledge that these allegations are false and completely without foundation," the apology said.

Chris Taylor, a spokeswoman for Bloomberg at its New York headquarters, declined to comment on the settlement yesterday.

Bloomberg removed the article from its Web site "expeditiously" — leading the Singaporean leaders to accept the offer, despite feeling that the proposed amount was too low, their lawyers said.

"Our clients are entitled to higher damages in view of the grave and malicious allegations in the offending article which was widely published and republished," their letter said.

Of the total, $119,318 will be paid to the prime minister and equal amounts to the others. The settlement figure also includes about $14,200 in legal expenses.

Top Singapore leaders have, in past years, successfully sued foreign news publications for defamation. Several foreign newspapers and magazines have had their distribution limited in Singapore after they refused to print the Singapore government's full responses to critical reports.

Bloomberg L.P. is an information services, news and media company with 8,000 employees and 100 offices worldwide. Its founder, New York City Mayor Michael Bloomberg, resigned as chief executive officer last year to run for office.

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