The company had tasked its audit and risk committee, with the help of legal advisers, to investigate the overstated circulation numbers.
The media company, which publishes news titles such as the Straits Times, The Business Times and Lianhe Zaobao, revealed in January that daily circulation numbers had been inflated by about 10 per cent of the reported daily average circulation.
When asked about the specific offences that were laid out in the report but redacted, Mr Loh said it was not for the committee to determine the offences, the Straits Times reported. Their findings also concluded that there was no material accounting impact on the financial statements of SPH Media for the financial year ended Aug 31, 2022; that the actions taken against several employees and former staff were"reasonably justified" and in compliance with the company's policies; and there is no evidence of the involvement of the journalism and editorial departments in the inflated circulation numbers.
On the issue of bulk copies, the report noted that printing and distributing bulk copies to third parties appear to be an acceptable practice in the newspaper industry. However, copies cannot be counted if they are returned, unsold or undelivered.The people involved in the overstatement of circulation numbers were from the circulation division, said the report, adding that there has been no evidence to suggest that the board or its senior management were involved.
Although barter deals between media organisations are legitimate and long-established practices,"the X Barter Deal could potentially have evolved into a questionable arrangement entered into for the sole purpose of inflating circulation numbers and revenue, without a genuine intention to execute the arrangement", the report stated.
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