SINGAPORE – A Financial Times (FT) article claiming that Singapore had given international banks “an unusual series of top-level briefings” on geopolitics was refuted by Minister in the Prime Minister’s Office Indranee Rajah on May 8.
The April 20 article, titled “Singapore gives top-level briefings to reassure foreign banks on stability”, said that the briefings were to reassure banks that Singapore can stay stable and neutral amid rising tensions between China and the West.
The article, which was written by FT’s Singapore and South-east Asia correspondent Mercedes Ruehl, said the briefings took place over six months between political office holders and representatives from the United States and European financial institutions including Citigroup and Standard Chartered, as well as some local banks.
Discussions included US-China rivalry, the Middle East conflict, the Ukraine war and the $3 billion money laundering scandal in Singapore.
In a written parliamentary reply to Workers’ Party MP Louis Chua (Sengkang GRC), Ms Indranee said ministers and officials have been conducting such briefings for decades.
“It is surprising that such a poorly sourced story, vainly searching for a point, could appear in a major paper like FT, especially after we had repeatedly clarified matters with the reporter, including telling her the briefings were not unusual,” she said.
Mr Chua had asked Prime Minister Lee Hsien Loong about the objectives and key messages of such briefings.
Ms Indranee noted that meetings are held regularly with financial institutions as well as numerous other groups including businesses, professional bodies, voluntary and non-governmental organisations, community and cultural groups, unionists and students.
During the meetings, international developments such as the Russia-Ukraine war and the Israel-Hamas conflict as well as domestic issues ranging from the cost of living to the Budget, from education to housing policies, and also the ongoing money laundering cases, are discussed.
“Our aim is to explain the Government’s positions, hear from various stakeholders about their concerns and challenges, and gather feedback,” she said.
Addressing FT’s suggestion that the Government was somehow conducting these briefings under the radar, Ms Indranee noted that almost all the briefings mentioned in the article had already been publicised by the ministers involved on their own social media accounts.
“It is significant that no reputable media outlet, international or domestic, chose to follow up on FT’s story. Several asked us follow-up questions, but decided there was no story once we explained our position,” Ms Indranee said.
In a response issued to ST, an FT spokesman said: “We stand by our reporting.”
Note: This story has been updated to include a response from The Financial Times.
