1. In the 19 August 2005 edition of FinanceAsia.com's website ( www.financeasia.com), we published an article (the "Article") entitled "RBS, Merrill and KS Li buy into BOC".
2. We recognise that parts of the Article may have been understood to have meant that:-
- in respect of Prime Minister Mr Lee Hsien Loong and Minister Mentor Mr Lee Kuan Yew, that they together with others (including members of their family) have corruptly and improperly caused Temasek to be owned and managed for the benefit of their family;
- in respect of Senior Minister Mr Goh Chok Tong, that he (when he was Prime Minister of Singapore and thereafter) has corruptly and improperly allowed Temasek to be owned and managed for the benefit of the family of the Prime Minister and Minister Mentor; and
- in respect of all three of them, that they are dishonest and unworthy of the high office they have each held and continue to hold in that they behaved as above despite taking the public stand in support of clean, corrupt free Government in Singapore.
3. We admit and acknowledge that these allegations are completely false and without foundation.
4. We unreservedly apologise to Prime Minister Mr Lee Hsien Loong, Senior Minister Mr Goh Chok Tong and Minister Mentor Mr Lee Kuan Yew for the distress and embarrassment caused to them by these false allegations. We hereby undertake not to make further allegations to the same or similar effect.
5. We have agreed to pay Prime Minister Mr Lee Hsien Loong, Senior Minister Mr Goh Chok Tong and Minister Mentor Mr Lee Kuan Yew damages by way of compensation, and to indemnify them for all costs and expenses incurred by them in connection with this matter.