Police close SPH Media circulation fraud case with no criminal charges

Singapore Police have concluded their investigation into SPH Media's inflated circulation figures, announcing on 29 April 2026 that there is no basis for criminal charges against any individual examined in the course of the probe.

In a statement released that day, according to the Straits Times, the police confirmed that the investigation had encompassed both current and former employees and directors of SPH Media. The offences under scrutiny included the falsification of accounts and cheating.

"The investigations showed that there was no basis for bringing any criminal charges. The Police, in consultation with the Attorney-General's Chambers, will be taking no further action," the statement read.

Background: how the scandal unfolded

The circulation controversy first surfaced publicly in January 2023, when Wake Up Singapore reported that several senior executives had been sacked or disciplined following an internal review. The review, which covered the period between September 2020 and March 2022, identified discrepancies in how SPH Media reported its circulation data.

SPH Media Holdings subsequently tasked its Audit and Risk Committee with a more comprehensive inquiry. The committee engaged law firm Allen & Gledhill and accounting firm Deloitte to conduct forensic analysis of relevant data.

The committee's findings, published in a 14-page report dated 16 June 2023, revealed that SPH Media had overstated its daily circulation figures by 82,600 copies, based on August 2021 data. This overstatement constituted approximately 10 per cent of the reported daily average circulation.

How the figures were manipulated

The report found that bulk copies distributed to third parties had been counted in circulation figures even when they were returned, unsold, or undelivered. The individuals implicated, drawn primarily from the circulation division, had knowingly included undelivered copies in reported numbers.

The committee found that those still employed at the time had operated under the mistaken belief that their superiors' conduct represented accepted internal practice. The actions taken against employees and former employees in January 2023 were described in the report as "reasonably justified."

The journalism and editorial departments were explicitly cleared of involvement.

Police report filed

Acting on the committee's recommendations, SPH Media filed a police report on 21 June 2023. The committee's chair, Max Loh, clarified at the time that the report was not directed against any specific individual or entity but reflected the investigation's overall findings.

Loh urged the public not to interfere and to allow the police to lead the subsequent criminal inquiry.

The committee noted parallels to similar cases in Hong Kong and the United States, and recommended that SPH Media use the episode to evaluate its risk culture, improve risk management practices, and strengthen internal controls. It called for an environment in which employees could openly raise concerns and challenge superiors without fear of reprisal.

Despite the gravity of the findings, SPH Media confirmed that there was no material accounting impact to its financial statements for the fiscal year ending August 2022.

Government funding commitment unaffected

The controversy did not alter the Singapore government's commitment to fund SPH Media Trust (SMT) with up to S$900 million over five years. In a parliamentary address during the period, Minister for Communications and Information Josephine Teo emphasised the importance of sustaining local news outlets as contributors to Singaporean identity and public information.

SMT chief executive Teo Lay Lim had separately assured advertisers that circulation data was not the basis for advertising packages, which relied instead on independent third-party research on reach and readership.

SPH Media's response

In response to the police closure, SPH Media issued a brief statement confirming that its internal process had concluded well before the police announcement.

"Within SPH Media, the case has been closed since end-2023 after all internal findings and gaps surfaced were addressed," the company said.

"We are glad to put this incident behind us, and look forward to serving our audiences better."

Questions left unanswered

The police statement made no reference to the public interest dimensions of the case, nor did it elaborate on the basis for the prosecutorial decision beyond noting consultation with the Attorney-General's Chambers.

The brevity of the closure stands in contrast to the scale of the institutional response the matter had previously generated — a forensic audit, a published committee report, parliamentary questions, and a government reaffirmation of S$900 million in public funding for SPH Media Trust.

Several questions raised during that period remain without a public answer. A whistleblower had alleged that Teo Lay Lim told staff to "let the matter rest" during a town hall meeting held after the disciplinary actions. SPH Media did not respond to queries on that allegation at the time, and no subsequent statement has addressed it.