Singapore, 21 June 2023 – SPH Media Group announces the findings from the investigations on overstated circulation figures*. The investigations conducted by SPH Media Holdings Board’s Audit and Risk Committee (ARC) concluded on 16 June 2023.
The ARC has recommended that a police report be filed as certain observations may potentially constitute offences.
Other recommendations include:
- benchmark reporting to internationally accepted standards.
- evaluate risk culture and enhance risk management practices.
- continually improve internal controls and processes.
The findings also concluded that:
- the accounting impact is not deemed to be material to the financial statements of SPH Media Group for the financial year ended 31 August 2022 taken as a whole.
- the actions taken against employees/ex-employees identified were reasonably justified and in compliance with SPH Media Group’s policies.
- there is no evidence of the involvement of the journalism and editorial departments in the overstatement of the circulation numbers.
The ARC is chaired by Mr Max Loh, former Managing Partner of EY ASEAN & Singapore, and comprises Ms Lim Mei, Co-Head of Corporate Mergers and Acquisitions at Allen & Gledhill, and Mr Philip Lee, Vice-Chairman of Global Banking for Southeast Asia at HSBC Singapore.
In line with the ARC’s recommendations, SPH Media Group has filed a police report on 21 June 2023 and will fully cooperate with the police in their investigation. Apart from measures already taken to improve internal controls, SPH Media Group will act on the ARC’s recommendations on benchmark reporting and further enhance its risk management practices in the coming months.
Since becoming a company limited by guarantee in December 2021, SPH Media Trust is focused on driving transformation and delivering quality journalism. The company is committed to maintaining trust, credibility, and fostering a culture of professionalism and integrity.
The findings** from the ARC investigations can be found in the Annex.
*The media release (20 Jan 2023) on the overstated circulation figures can be found (https://www.sph.com.sg/media-centre/media-releases/statement-by-sph-media-trust/)
**As a police report has been filed and having regard to SPH Media Group’s confidentiality obligations, certain redactions have been made for good order in respect of the identities of the concerned parties, specific details of the transactions as well as possible offences involved.