- Joined
- Oct 15, 2023
- Messages
- 27,375
- Points
- 113
I saw several wallabies outside the Supreme Court.
-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
Ministers K Shanmugam, Tan See Leng awarded S$230,000 each for defamation by Bloomberg, reporter
- Thread starter DaoMa
- Start date
- Joined
- Oct 15, 2023
- Messages
- 27,375
- Points
- 113
The skepticism surrounding whether any S'porean judge dares to rule impartially against PAP ministers is well-documented. PAP ministers have a flawless record of winning defamation suits in local courts, showing that the judiciary does not operate free of political pressure in cases of high stakes for the govt.
- Joined
- Oct 15, 2023
- Messages
- 27,375
- Points
- 113
Defamation laws and regulations like POFMA are tools that discourage investigative journalism. The high financial costs of defending against a suit and the massive damages awarded by our judges who know the consequences of ruling against any PAP minister, discourages the foreign and local press from probing sensitive govt matters.
- Joined
- Aug 8, 2008
- Messages
- 21,391
- Points
- 113
In this case, Bloomberg has already won in the eyes of public opinion. The trial has raised many questions which are left unanswered. It made SnakeSham concort ridiculous answers and Bahyi lost his cool.
- Joined
- Jan 22, 2015
- Messages
- 4,472
- Points
- 113
ai generated
In the high court ruling handed down on **Tuesday, July 14, 2026**, by Justice Audrey Lim, news organization Bloomberg LP and its reporter, Mr. Low De Wei, are facing severe legal and financial liabilities.
The total estimated breakdown of what Bloomberg and Mr. Low De Wei are facing includes the following details:
## 1. Breakdown of Damages Awarded
Justice Audrey Lim ordered a total of **S$230,000** to be paid to *each* minister (Minister K. Shanmugam and Minister Tan See Leng), bringing the total damages payout to **S$460,000**. Per minister, the court broke down the damages into these specific points:
* **General Damages (S$170,000 per minister):** Awarded to compensate for the severe harm done to their personal integrity, character, and professional reputations. The judge noted the allegations were grave because they implied the ministers bypassed transparency to hide transactions from scrutiny that could extend to money laundering.
* **Aggravated Damages (S$60,000 per minister):** Added on top of general damages because the court found the article was published with "malice".
The judge ruled that internal correspondences showed a dominant motive to target the ministers, and that they were not given a fair or adequate opportunity to respond before publication. Furthermore, publishing it right before Singapore’s 2025 General Election compounded the severity.
## 2. Shared Liability: "Joint and Several"
The ruling explicitly states that Bloomberg and Mr. Low De Wei are **jointly and severally liable** for the full S$460,000.
* This means they are collectively responsible for the entire sum.
* Legally, the ministers have the right to pursue *either* Bloomberg as a company *or* Mr. Low as an individual (or both) for the total amount until it is paid in full. In practice, major media corporations usually indemnify their reporters and cover these costs, but the legal liability remains tied to both names.
## 3. Legal Fees (The Unquantified Cost)
While the S$460,000 covers pure damages, the legal fees will likely dwarf that amount. The exact final numbers for legal costs are usually determined in a separate formal assessment (taxation) or agreement following the verdict, but they include:
* **Plaintiffs' Legal Fees:** Because the ministers won the suit, Bloomberg and Mr. Low will be ordered to pay the plaintiffs' legal costs. The ministers were represented by Senior Counsel Davinder Singh—one of Singapore's most high-profile litigators. High Court trials involving Senior Counsel accumulate hundreds of thousands of dollars in fees for preparation, multi-day court hearings, and extensive submissions.
* **Their Own Defense Fees:** Bloomberg retained its own legal defense team to contest the case through to closing arguments in May 2026. They must fully absorb these operational legal fees.
## 4. Other Orders and Remedies
* **Injunction/Removal Costs:** The court ordered Bloomberg to completely remove the offending December 2024 article ("*Singapore Mansion Deals Are Increasingly Shrouded in Secrecy*") from publication.
Bloomberg’s Editor-in-Chief expressed deep disappointment with the ruling but stated they will respect it, though they continue to stand by their newsroom's integrity.
In the high court ruling handed down on **Tuesday, July 14, 2026**, by Justice Audrey Lim, news organization Bloomberg LP and its reporter, Mr. Low De Wei, are facing severe legal and financial liabilities.
The total estimated breakdown of what Bloomberg and Mr. Low De Wei are facing includes the following details:
## 1. Breakdown of Damages Awarded
Justice Audrey Lim ordered a total of **S$230,000** to be paid to *each* minister (Minister K. Shanmugam and Minister Tan See Leng), bringing the total damages payout to **S$460,000**. Per minister, the court broke down the damages into these specific points:
* **General Damages (S$170,000 per minister):** Awarded to compensate for the severe harm done to their personal integrity, character, and professional reputations. The judge noted the allegations were grave because they implied the ministers bypassed transparency to hide transactions from scrutiny that could extend to money laundering.
* **Aggravated Damages (S$60,000 per minister):** Added on top of general damages because the court found the article was published with "malice".
The judge ruled that internal correspondences showed a dominant motive to target the ministers, and that they were not given a fair or adequate opportunity to respond before publication. Furthermore, publishing it right before Singapore’s 2025 General Election compounded the severity.
## 2. Shared Liability: "Joint and Several"
The ruling explicitly states that Bloomberg and Mr. Low De Wei are **jointly and severally liable** for the full S$460,000.
* This means they are collectively responsible for the entire sum.
* Legally, the ministers have the right to pursue *either* Bloomberg as a company *or* Mr. Low as an individual (or both) for the total amount until it is paid in full. In practice, major media corporations usually indemnify their reporters and cover these costs, but the legal liability remains tied to both names.
## 3. Legal Fees (The Unquantified Cost)
While the S$460,000 covers pure damages, the legal fees will likely dwarf that amount. The exact final numbers for legal costs are usually determined in a separate formal assessment (taxation) or agreement following the verdict, but they include:
* **Plaintiffs' Legal Fees:** Because the ministers won the suit, Bloomberg and Mr. Low will be ordered to pay the plaintiffs' legal costs. The ministers were represented by Senior Counsel Davinder Singh—one of Singapore's most high-profile litigators. High Court trials involving Senior Counsel accumulate hundreds of thousands of dollars in fees for preparation, multi-day court hearings, and extensive submissions.
* **Their Own Defense Fees:** Bloomberg retained its own legal defense team to contest the case through to closing arguments in May 2026. They must fully absorb these operational legal fees.
## 4. Other Orders and Remedies
* **Injunction/Removal Costs:** The court ordered Bloomberg to completely remove the offending December 2024 article ("*Singapore Mansion Deals Are Increasingly Shrouded in Secrecy*") from publication.
Bloomberg’s Editor-in-Chief expressed deep disappointment with the ruling but stated they will respect it, though they continue to stand by their newsroom's integrity.
- Joined
- Sep 14, 2014
- Messages
- 7,327
- Points
- 113
Lol expected
- Joined
- Sep 14, 2014
- Messages
- 7,327
- Points
- 113
The thing is can show who bought n sold it
- Joined
- Sep 14, 2014
- Messages
- 7,327
- Points
- 113
Karma for the families will show
- Joined
- Jan 22, 2015
- Messages
- 4,472
- Points
- 113
The financial dynamics behind a massive private corporation handling legal claims operate on a much larger scale than typical personal lawsuits. The valuation of the company, the funding of the court-ordered payout, and the role of specialized insurance break down as follows:
## 1. How much is Bloomberg worth?
While Bloomberg L.P. is a private entity and doesn't publish public stock valuation sheets, financial analysts and wealth trackers heavily document its scale:
* **Company Valuation:** Bloomberg L.P. is widely estimated to be worth between **US60 billion and US70+ billion**, depending on prevailing tech and media market multipliers.
* **Annual Revenue:** The company generates roughly **US$15 billion** in revenue annually, overwhelmingly driven by its 350,000+ Bloomberg Terminal subscriptions rather than its public news website.
* **Michael Bloomberg’s Net Worth:** Because founder Michael Bloomberg personally owns roughly **88% of the company**, his personal net worth sits at over **US$104 billion**, making him one of the wealthiest people in the world.
## 2. How will they fund the libel damages?
To a conglomerate making 15 billion a year, the **S460,000 (approx. US$355,000)** total damage judgment is a fraction of a rounding error. They will fund it through standard corporate operational means:
* **Cash Reserves / Working Capital:** Like most multi-billion dollar companies, Bloomberg keeps massive liquid cash reserves on hand to pay for day-to-day operations, vendor invoices, and legal settlements instantly.
* **Corporate Indemnification:** The company will pay the full amount directly out of their New York or regional Singapore bank accounts. Because Bloomberg and the reporter are "jointly and severally liable," the corporate entity absorbs the bill entirely to protect their employee, Mr. Low, from personal financial ruin.
## 3. Does insurance pay for it?
**Yes, partially—but it is highly unlikely Bloomberg will actually use it for this specific payout.**
Major media organizations carry a highly specialized type of insurance known as **Media Liability Insurance** (or Media Errors & Omissions coverage).
### How Media Insurance Works in This Scenario:
* **What it Covers:** These policies are specifically designed to pay for legal defense costs, settlements, and court-ordered judgments resulting from **defamation (libel and slander)**, copyright infringement, and privacy violations.
* **The "Deductible" (Retention Limit):** Just like car insurance, massive corporations have a "self-insured retention" limit—essentially a massive deductible. For a company the size of Bloomberg, their policy deductible is likely **US1 million to US5 million** per claim.
* **Why Insurance Won't Pay Here:** Because the S$460,000 judgment (combined with local Singapore legal fees) will likely total less than their multi-million dollar deductible, Bloomberg will pay the entire sum **out-of-pocket** from their own cash reserves. The insurance policy is there to protect them against catastrophic, multi-million dollar judgments (like the $787 million Dominion voting system judgment Fox News faced).
* **The "Malice" Catch:** Most insurance policies have standard clauses that explicitly exclude coverage for **intentional wrongdoing or proven malice**.
Because Justice Audrey Lim explicitly noted "malice" in her ruling to justify the aggravated damages, an insurance provider would have legal grounds to deny the claim anyway.
## 1. How much is Bloomberg worth?
While Bloomberg L.P. is a private entity and doesn't publish public stock valuation sheets, financial analysts and wealth trackers heavily document its scale:
* **Company Valuation:** Bloomberg L.P. is widely estimated to be worth between **US60 billion and US70+ billion**, depending on prevailing tech and media market multipliers.
* **Annual Revenue:** The company generates roughly **US$15 billion** in revenue annually, overwhelmingly driven by its 350,000+ Bloomberg Terminal subscriptions rather than its public news website.
* **Michael Bloomberg’s Net Worth:** Because founder Michael Bloomberg personally owns roughly **88% of the company**, his personal net worth sits at over **US$104 billion**, making him one of the wealthiest people in the world.
## 2. How will they fund the libel damages?
To a conglomerate making 15 billion a year, the **S460,000 (approx. US$355,000)** total damage judgment is a fraction of a rounding error. They will fund it through standard corporate operational means:
* **Cash Reserves / Working Capital:** Like most multi-billion dollar companies, Bloomberg keeps massive liquid cash reserves on hand to pay for day-to-day operations, vendor invoices, and legal settlements instantly.
* **Corporate Indemnification:** The company will pay the full amount directly out of their New York or regional Singapore bank accounts. Because Bloomberg and the reporter are "jointly and severally liable," the corporate entity absorbs the bill entirely to protect their employee, Mr. Low, from personal financial ruin.
## 3. Does insurance pay for it?
**Yes, partially—but it is highly unlikely Bloomberg will actually use it for this specific payout.**
Major media organizations carry a highly specialized type of insurance known as **Media Liability Insurance** (or Media Errors & Omissions coverage).
### How Media Insurance Works in This Scenario:
* **What it Covers:** These policies are specifically designed to pay for legal defense costs, settlements, and court-ordered judgments resulting from **defamation (libel and slander)**, copyright infringement, and privacy violations.
* **The "Deductible" (Retention Limit):** Just like car insurance, massive corporations have a "self-insured retention" limit—essentially a massive deductible. For a company the size of Bloomberg, their policy deductible is likely **US1 million to US5 million** per claim.
* **Why Insurance Won't Pay Here:** Because the S$460,000 judgment (combined with local Singapore legal fees) will likely total less than their multi-million dollar deductible, Bloomberg will pay the entire sum **out-of-pocket** from their own cash reserves. The insurance policy is there to protect them against catastrophic, multi-million dollar judgments (like the $787 million Dominion voting system judgment Fox News faced).
* **The "Malice" Catch:** Most insurance policies have standard clauses that explicitly exclude coverage for **intentional wrongdoing or proven malice**.
Because Justice Audrey Lim explicitly noted "malice" in her ruling to justify the aggravated damages, an insurance provider would have legal grounds to deny the claim anyway.
Similar threads
