Press Releases

1. In a recent Facebook post, Mr Brad Bowyer implied that the Government was involved in individual investment decisions of GIC and Temasek. He was issued with a Correction Direction under the Protection from Online Falsehoods and Manipulation (POFMA) Act on 25 November 2019.

2. Mr Bowyer’s post contains clearly false statements of fact, and undermines public trust in the Government. 

3. It is necessary to state this for the record: GIC and Temasek operate on a commercial basis, and the Government is not involved in their individual investment decisions. 

4. Both GIC and Temasek have made positive returns over the long term and have contributed significantly to our national budget through the Net Investment Returns Contribution, thereby keeping taxes on businesses and individuals low. 

Issued by:
Ministry of Finance
Singapore
25 November 2019


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Annex: For details on the corrections and clarifications regarding the false statements of fact and misleading statements posted by Mr Brad Bowyer, please refer to this:
https://www.gov.sg/factually/content/clarifications-on-falsehoods-posted-by-mr-brad-bowyer 

For media enquiries, please contact: MOF-POFMA@mof.gov.sg.