Yeoh Lam Keong

2022 - 10 - 15

Former GIC economist, TOC issued POFMA correction direction over ... (CNA)

SINGAPORE: A correction direction has been issued to alternative news website The Online Citizen (TOC) and Mr Yeoh Lam Keong, a former chief economist of ...

"For the Central Weave @ AMK BTO project, HDB will pay the Government fair market value for the land, estimated to be about S$500 million. HDB has to purchase the land by paying fair market value for the land, and the money goes into the past reserves. Advertisement

TOC, ex-GIC chief economist issued Pofma orders over false ... (TODAY)

SINGAPORE — National Development Minister Desmond Lee has instructed the anti-fake news office to issue correction directions to socio-political website The ...

HDB has to purchase the land by paying fair market value for the land, and the money goes into the past reserves,” MND said. “Neither the Government nor the past reserves profit from land sales,” MND said. “The losses incurred by HDB, as stated by Minister (Desmond Lee) in Parliament, are accurate and real," MND said. “When state land is disposed of at fair market value, there is no addition to the past reserves but a conversion of one type of asset (land) to another (cash).” The article claimed that Mr Lee’s reply alluded to “profits being made from the land sale by the government” and that “such profits would go to the reserves”. - The Ministry of National Development said that HDB must pay the fair market value of land back to the national reserves when it takes land for building homes

Corrections regarding HDB's deficits and Singapore's Past Reserves (Gov.sg)

On 4 Oct 2022, Mr Yeoh Lam Keong (“Yeoh”) published two Facebook posts referring to the reply made by the Minister for National Development to Mr Leong Mun ...

HDB does not price new flats to recover the cost of land and construction. To consume Past Reserves at the expense of Singapore’s future generations and security is populist and irresponsible. HDB has to purchase the land by paying fair market value for the land, and the money goes into the Past Reserves. Past Reserves are protected by the Constitution for the benefit of current and future generations. When HDB requires land to develop flats, the land has to be taken out of the Past Reserves. The article claimed that Minister (ND)’s reply alluded to “profits being made from the land sale by the government” and that “such profits would go to the reserves”.

Minister of National Development directs Correction Directions to be ... (The Online Citizen SG)

The Online Citizen Asia Minister of National Development directs Correction Directions to be issued to Yeoh Lam Keong and TOC Singapore.

The POFMA Office also states that there is an established process to determine the fair market value of land. - To consume Past Reserves at the expense of Singapore’s future generations and security is populist and irresponsible. - Past Reserves are protected by the Constitution for the benefit of current and future generations. This is equivalent to drawing down the Reserves and short-changing future generations, depriving them of their nest-egg. “Past Reserves are protected by the Constitution for the benefit of future generations and use during crisis. Past Reserves are also an emergency fund for use during crises, for example in managing the impact of the COVID-19 pandemic.

Pofma correction orders issued to ex-GIC economist, TOC over false ... (The Straits Times)

They made false statements about gains by S'pore's past reserves and HDB's net loss from a BTO project. Read more at straitstimes.com.

The ministry said state land is part of the past reserves, and is not up to the Government to use as it wishes. TOC subsequently carried an article on the same day echoing the points raised in Mr Yeoh's Facebook posts. The minister had stated that HDB

TOC, Which Made a Comeback Just One Month Ago from Taiwan ... (Goody Feed)

You might remember that The Online Citizen (TOC), an independent local news site, got into trouble with the Infocomm Media Development Authority (IMDA) a ...

They alleged that the Government acquired the land at a much lower cost instead, and that Singapore’s reserves would gain a $500 million profit from land sales in this project. Additionally, both the government and past reserves do not profit from land sales, since they’re just converting their land assets into cash. This value is determined by a public officer appointed by the President, who will use valuation principles in line with current private sector practices. Along with former chief economic Yeoh Lam Keong, TOC was POFMA-ed over their early October post about the loss made by the Housing Board in a BTO project. But this isn’t the end of TOC’s struggles, as Mr Xu got charged with criminal defamation in November 2021. The Singapore-registered company was closed.

POFMA correction orders issued to TOC, ex-GIC economist Yeoh ... (The Independent)

MND's POFMA — Yeoh Lam Keong and The Online Citizen + MOH's POFMA — Goh Meng Seng, Thailand Medical News and HardwareZone.

The same article also claimed that mortuaries, funeral parlours, and crematoria are facing a ‘pile up’ in cases. This money will be paid into the past reserves, but does not result in a net increase in the past reserves.” The article claimed that increased disease severity of COVID-19 is becoming a common occurrence, even among the fully vaccinated. For the Central Weave @ AMK BTO project, HDB will pay the government fair market value for the land, estimated to be about $500 million. “The losses incurred by HDB are accurate and real. TOC published a second article the next day headlined, ‘Singapore’s reserves substantially profits from $500m land sales in AMK BTO’.