Three executives from SPH Media Trust (SMT) are set to leave the organisation over alleged discrepancies relating to circulation and/or subscription numbers. The three are all industry veterans with more than five decades of experience among them.
Sources informed Wake Up Singapore that the decision to part ways was reached on or around 23 December 2022. Wake Up Singapore understands that the alleged discrepancies were discovered in an internal review or audit.
LinkedIn searches of the three executives show that SMT is still listed as their employer as of 8 January 2023. It is unclear if this is because they have yet to update their employment status, or because they are serving their notice periods (if any).
Wake Up Singapore reached out to the CEO of SMT, Teo Lay Lim, for comment on Friday, 6 January 2023.
Amongst other things, SMT was asked if key stakeholders, such as advertisers, have been informed of this development and discovery.
As a rule of thumb, the higher the circulation figures are for a publication, the higher the sum the publication can seek from advertisers. Thus, if there have been any discrepancies in the circulation figures, advertisers of SMT who may have been affected deserve full transparency.
In May 2021 in Parliament, Minister S Iswaran stated that “SPH’s overall reach and readership has never been higher” as SPH papers’ total circulation grew by 5% between 2017 and 2020. Reference was also made to how the Straits Times’ print and digital circulation has grew by about 20%.
As of August 2020, according to a report by the Straits Times, the daily average circulation of the Straits Times on print and digital platforms was 458,200, with the figures for digital circulation exceeding the numbers for print.
Clarification has been sought from SMT on the nature of the alleged discrepancies and when they started. It is not known, at this juncture, if the alleged discrepancies affect past published data. It is also not known whether the underlying practices behind the alleged discrepancies started before the formation of SMT Media Trust in December 2021.
In the early 2000s, when four foreign newspapers were found to have inflated circulation numbers, they set aside millions to assuage advertisers and make restitution to them. In 2005, Hollinger International, a publisher in the United States, settled a lawsuit over claims of inflated circulation for 15 million USD in cash and free advertising.
In 2006, the Securities and Exchange Commission in the United States charged the publisher of the four newspapers for, amongst other things, falsifying circulation figures.
Apart from the departure of the three SMT executives, it remains to be seen what other consequences, if any at all, will flow from the discovery of the discrepancies.
If this matter had occurred a couple of years ago, when Singapore Press Holdings was still a listed company, it is very likely that it would have needed to make full and frank disclosure to its shareholders and the exchange.
However, now that SMT is receiving taxpayers’ monies to the tune of about $180 million a year, it is hoped that the public has all the relevant information relating to the alleged discrepancies and any action taken about them.
We will update this developing story if we receive a response from SMT.
More from Wake Up Singapore:
Straits Times republishes Reuters article on Israeli hacking but leaves out paragraphs on Singapore
Since you have made it to the end of the article, follow Wake Up Singapore on Telegram!
