Support Provided to Swedish Car Maker for R&D Office in Singapore and Clawback Penalties Imposed following Closure Eight Months After Launch

66 Mr Chua Kheng Wee Louis asked the Deputy Prime Minister and Minister for Trade and Industry (a) what are the various forms of financial and non-financial support provided by the Economic Development Board for the establishment of a Swedish car R&D office in Singapore; and (b) whether there are clawback provisions and penalties imposed on the company for the closure eight months after its launch.

Mr Gan Kim Yong: Companies that receive support from the Government must meet certain economic outcomes, such as job creation and local employment, business spending or fixed asset investment. The Government has mechanisms to claw back subsidies from companies that fail to meet these outcomes.

We are unable to share specific details of individual companies due to commercial sensitivities and confidentiality requirements.