PURCHASE OF APARTMENTS IN NASSIM JADE AND SCOTTS 28

Mr J B Jeyaretnam asked the Minister for Finance whether, in his inquiries conducted into the purchase of apartments in Nassim Jade and Scotts 28 by the Senior Minister and the Deputy Prime Minister Lee Hsien Loong, he considered the application of section 8 of the Prevention of Corruption Act.

Dr Richard Hu Tsu Tau: Around mid-March 1996, MAS received reports of rumours alleging improprieties in the sale and purchase of apartments in Nassim Jade and Scotts 28 being developed by Hotel Properties Ltd (HPL), a company listed on the Stock Exchange of Singapore, to Senior Minister and Deputy Prime Minister Lee Hsien Loong. The reports were sent to the Prime Minister. As the rumours, if unrefuted, could damage the reputation of the Government, the Prime Minister asked MAS to investigate and ascertain the facts. I instructed Mr Koh Beng Seng, Deputy Managing Director of MAS, to conduct the investigations as the person in charge of the Banking & Financial Institutions Group.

MAS' investigations did not disclose any wrongdoing or impropriety by the Senior Minister or the Deputy Prime Minister Lee Hsien Loong. Their purchases of apartments in Nassim Jade and Scotts 28 were made openly and in accordance with stock exchange rules. The discounts offered to, and the prices paid by, the Senior Minister and Deputy Prime Minister Lee Hsien Loong were according to market practice.

In short, the answer to the Member's question is that MAS' investigations revealed no evidence whatsoever that could call for the application of section 8 of the Prevention of Corruption Act.