Singapore’s High Court has issued a ruling against Bloomberg News and one of its reporters, ordering them to pay a total of S$460,000—approximately $357,000—in damages. The judgment, released on Tuesday, follows a defamation lawsuit filed by Minister of Manpower Tan See Leng and Minister for Home Affairs and Coordinating Minister for National Security K. Shanmugam regarding a 2024 article focused on the nation’s luxury real estate sector.
The court-mandated payment is divided into S$170,000 in general damages and S$60,000 in aggravated damages, to be paid jointly by Bloomberg and reporter Low De Wei. High Court Judge Audrey Lim presided over the case, concluding that the article was written with malice and specifically designed to damage the reputations of both claimants, with a particular focus on Shanmugam.
The contentious article reported on Good Class Bungalows (GCBs), which are described as highly coveted, tightly regulated properties often exceeding 1,400 square meters in size, with starting prices typically around S$15 million, or $11.6 million. Bloomberg’s reporting alleged that wealthy individuals were increasingly using shell companies, trusts, or avoiding property caveats to conceal their identities and the details of their high-end real estate acquisitions.
While the ministers did not contest the technical accuracy of the property transactions reported, they argued that the framing of the piece implied misconduct. Specifically, they took issue with the use of terminology such as “shrouded,” “secrecy,” and “cloaking.” In his defense during the trial, Shanmugam argued that the language suggested he and Tan were engaged in “shady property transactions” and potentially involved in money laundering. Judge Lim agreed with this assessment, noting that the article would lead readers to believe the ministers had exploited a lack of transparency to avoid necessary scrutiny.
Throughout the legal proceedings, Bloomberg maintained that its reporting was balanced, accurate, and served a significant public interest. Following the verdict, Bloomberg Editor-in-Chief John Micklethwait expressed disappointment with the ruling, stating that the organization respects the court’s decision but continues to believe the ministers interpreted the story in an “extremely strained” manner. In compliance with the High Court’s judgment, the original article has been removed from the Bloomberg website and replaced with a formal retraction notice.
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“We are very disappointed by this ruling but we will of course respect it,” Micklethwait said in a statement. “We argued at trial that our reporting was accurate and served an important public interest, and we continue to believe that the ministers have imposed an extremely strained meaning on what was a solid story.” In an email to Reuters, he added, “we continue to believe that the ministers have imposed an extremely strained meaning on what was a solid story.”
