FT sorry over Lees nepotism slight

Singapore - The Financial Times has issued an apology and paid damages and costs to minister mentor Lee Kuan Yew, prime minister Lee Hsien Loong and the PM's wife Ho Ching for falsely alleging they harboured "nepotistic motives".

The regional newspaper, in the 29 September 2007 edition of the FT Weekend, published an article titled ‘Sovereign funds try to put on an acceptable face' which contained the allegations.  

"We recognise that the article meant or was understood to mean: that minister mentor Lee Kuan Yew secured, or was instrumental in securing, the appointment of his son, Mr Lee Hsien Loong, as prime minister, for nepotistic motives; that prime minister Lee Hsien Loong secured, or was instrumental in securing, the appointment of his wife, Ms Ho Ching, as the chief executive officer of Temasek Holdings (Private) Limited for nepotistic motives; and, that Ms Ho Ching is promoting her brother-in-law Lee Hsien Yang's interests by securing or helping to secure his appointment as Mr Jackson Tai's replacement at DBS Bank for nepotistic motives," the apology read.

"We admit and acknowledge that these allegations are false and completely without foundation. We unreservedly apologise to prime minister Lee Hsien Loong, minister mentor Lee Kuan Yew and Ms Ho Ching for the distress and embarrassment caused to them by these allegations. We undertake not to make any further allegations to the same or similar effect."