Malaysia's information minister Friday applauded Singapore founding premier Lee Kuan Yew's defamation win against the London Financial Times as a victory over the "Western values of press freedom."

The FT on Wednesday apologised to Lee and other members of his family and agreed to pay damages for false allegations contained in an article which dealt with political influence.

"For me, the only language understood by the Western media is when their pockets are hit," Malaysian Information Minister Zainuddin Maidin told state news agency Bernama.

"The freedom preached by them is only rhetoric and their real value is money and for me the only way to fight the Western values of press freedom is by emulating Lee Kuan Yew's way," he added.

Malaysia and Singapore both score poorly in the annual press freedom index published by international media watchdog Reporters Without Borders.

In an apology, the Financial Times said allegations in the piece, "Sovereign funds try to put on an acceptable face," were "false and completely without foundation."

The FT unreservedly apologised to Lee Kuan Yew, his son, Prime Minister Lee Hsien Loong, and to the premier's wife, Ho Ching, for distress and embarrassment caused to them.

Ho Ching, a businesswoman, is executive director and chief executive officer of state-linked Singapore investment firm Temasek Holdings.

The FT said it has agreed to pay damages to the Lees and to Ho Ching. Lee Kuan Yew holds the influential position of Minister Mentor in his son's cabinet.