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Straits Times
19-05-2025
- Business
- Straits Times
Indonesia taps Singapore traders in $15.54 billion Pertamina probe
The oil traders had received notices asking them to assist in answering questions on overall governance and past transactions. PHOTO: AFP JAKARTA – The Indonesian authorities have contacted a number of Singapore-based trading companies to request their cooperation in a US$12 billion (S$15.54 billion) corruption probe involving state-owned oil giant Pertamina. The oil traders received notices earlier in May , asking them to assist the office of Indonesia's Attorney-General by answering questions on overall governance and past transactions, according to several people who were sent or saw the invitation. They asked not to be identified as they are not authorised to speak publicly. Earlier communication had sought to invite traders to Jakarta, but the people said the latest missive, sent from a Pertamina e-mail address, specified interviews would be conducted at Singapore's Corrupt Practices Investigation Bureau (CPIB), without confirming dates. There is no suggestion that those called to assist have been accused of any wrongdoing. The Indonesian authorities arrested executives from Pertamina subsidiaries in February on accusations that they pushed refiners to import marked-up crude and oil products from abroad, causing state losses. More executives, including the company's former chief executive Nicke Widyawati, have since been questioned in a widening investigation. President Prabowo Subianto has sought to strengthen his grip on Indonesia's state-owned enterprises since taking office in 2024 . These – including Pertamina – have been consolidated into a new investment fund, Danantara, which reports directly to him. Shortly after his inauguration in 2024 , Mr Prabowo also appointed a senior member of his political party to Pertamina's top role. The Attorney-General's office in Jakarta confirmed that several Singapore-based companies had been summoned, but said no interviews had yet taken place. 'Through our attache and investigators, we are trying to re-establish communication with several Singaporean oil companies to support the Pertamina probe. We've invited them again to Jakarta,' spokesman Harli Siregar said by telephone. 'One option under consideration is to approach them directly in Singapore,' he said. 'But that remains just an option for now.' Singapore's CPIB said it was unable to comment on whether any individuals or entities were involved in corruption investigations. A Pertamina spokesman said the parent company was not involved in the request and declined to comment further. Singapore is not an oil producer but the city-state is Asia's most important commodity trading hub, hosting a large community of marketers, shippers and financiers. In addition to that, the country has a vast network of onshore tanks that help with storage and distribution of everything from petrol to diesel across the region. Indonesia is dependent on energy imports, and Singapore-based companies are regular participants in Pertamina's tenders for the purchase of petrol and crude oil. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Malaysian Reserve
19-05-2025
- Business
- Malaysian Reserve
Indonesia taps Singapore traders in US$12b Pertamina probe
INDONESIAN authorities have contacted a number of Singapore-based trading companies to request their cooperation in a $12 billion corruption probe involving state-owned oil giant PT Pertamina. The oil traders received notices earlier this month, asking them to assist the office of Indonesia's attorney general by answering questions on overall governance and past transactions, according to several people who were sent or saw the invitation. They asked not to be identified as they are not authorized to speak publicly. Earlier communication had sought to invite traders to Jakarta, but the people said the latest missive, sent from a Pertamina email address, specified interviews would be conducted at Singapore's Corrupt Practices Investigation Bureau, without confirming dates. There is no suggestion that those called to assist have been accused of any wrongdoing. Indonesian authorities arrested executives from Pertamina subsidiaries in February on accusations that they pushed refiners to import marked-up crude and oil products from abroad, causing state losses. More executives, including Nicke Widyawati, the company's former chief executive, have since been questioned in a widening investigation. President Prabowo Subianto has sought to strengthen his grip on Indonesia's state-owned enterprises since taking office last year. These — including Pertamina — have been consolidated into a new investment fund, Danantara, which reports directly to him. Shortly after his inauguration last year Subianto also appointed a senior member of his political party to Pertamina's top role. The attorney general's office in Jakarta confirmed that several Singapore-based companies had been summoned, but said no interviews had yet taken place. 'Through our attaché and investigators, we are trying to re-establish communication with several Singaporean oil companies to support the Pertamina probe. We've invited them again to Jakarta,' spokesman Harli Siregar said by telephone. 'One option under consideration is to approach them directly in Singapore,' he said. 'But that remains just an option for now.' Singapore's CPIB said it was unable to comment on whether any individuals or entities were involved in corruption investigations. A Pertamina spokesman said the parent company was not involved in the request and declined to comment further. Singapore is not an oil producer but the city-state is Asia's most important commodity trading hub, hosting a large community of marketers, shippers and financiers. In addition to that, the country has a vast network of onshore tanks that help with storage and distribution of everything from gasoline to diesel across the region. Indonesia is dependent on energy imports, and Singapore-based companies are regular participants in Pertamina's tenders for the purchase of gasoline and crude oil. –BLOOMBERG
South China Morning Post
19-05-2025
- Business
- South China Morning Post
Singapore traders drawn into Indonesia's US$12 billion Pertamina corruption probe
Indonesian authorities have contacted a number of Singapore-based trading companies to request their cooperation in a US$12 billion corruption inquiry involving state-owned oil giant PT Pertamina. The oil traders received notices earlier this month, asking them to assist the office of Indonesia's attorney general by answering questions on overall governance and past transactions, according to several people who were sent or saw the invitation. They asked not to be identified as they are not authorised to speak publicly. Earlier communication had sought to invite traders to Jakarta, but the people said the latest missive, sent from a Pertamina email address, specified interviews would be conducted at Singapore's Corrupt Practices Investigation Bureau, without confirming dates. There is no suggestion that those called to assist have been accused of any wrongdoing. Indonesian authorities arrested executives from Pertamina subsidiaries in February on accusations that they pushed refiners to import marked-up crude and oil products from abroad, causing state losses. More executives, including Nicke Widyawati, the company's former chief executive, have since been questioned in a widening investigation. President Prabowo Subianto has sought to strengthen his grip on Indonesia's state-owned enterprises since taking office last year. These – including Pertamina – have been consolidated into a new investment fund, Danantara, which reports directly to him. Shortly after his inauguration last year, Subianto also appointed a senior member of his political party to Pertamina's top role. A PT Pertamina worker climbs on a gauge at a crude oil well. Indonesia relies on energy imports, with Singaporean firms frequently taking part in Pertamina's petrol and crude oil tenders. Photo: Reuters The attorney general's office in Jakarta confirmed that several Singapore-based companies had been summoned, but said no interviews had yet taken place.
Business Times
19-05-2025
- Business
- Business Times
Indonesia taps Singapore traders in US$12 billion Pertamina probe
[SINGAPORE] Indonesian authorities have contacted a number of Singapore-based trading companies to request their cooperation in a US$12 billion corruption probe involving state-owned oil giant Pertamina. The oil traders received notices earlier this month, asking them to assist the office of Indonesia's attorney general by answering questions on overall governance and past transactions, according to several people who were sent or saw the invitation. They asked not to be identified as they are not authorised to speak publicly. Earlier communication had sought to invite traders to Jakarta, but the people said the latest missive, sent from a Pertamina email address, specified interviews would be conducted at Singapore's Corrupt Practices Investigation Bureau (CPIB), without confirming dates. There is no suggestion that those called to assist have been accused of any wrongdoing. Indonesian authorities arrested executives from Pertamina subsidiaries in February on accusations that they pushed refiners to import marked-up crude and oil products from abroad, causing state losses. More executives, including Nicke Widyawati, the company's former chief executive, have since been questioned in a widening investigation. President Prabowo Subianto has sought to strengthen his grip on Indonesia's state-owned enterprises since taking office last year. These – including Pertamina – have been consolidated into a new investment fund, Danantara, which reports directly to him. Shortly after his inauguration last year Subianto also appointed a senior member of his political party to Pertamina's top role. The attorney general's office in Jakarta confirmed that several Singapore-based companies had been summoned, but said no interviews had yet taken place. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 'Through our attaché and investigators, we are trying to re-establish communication with several Singaporean oil companies to support the Pertamina probe. We've invited them again to Jakarta,' spokesman Harli Siregar said by telephone. 'One option under consideration is to approach them directly in Singapore,' he said. 'But that remains just an option for now.' Singapore's CPIB said it was unable to comment on whether any individuals or entities were involved in corruption investigations. A Pertamina spokesman said the parent company was not involved in the request and declined to comment further. Singapore is not an oil producer but the city-state is Asia's most important commodity trading hub, hosting a large community of marketers, shippers and financiers. In addition to that, the country has a vast network of onshore tanks that help with storage and distribution of everything from petrol to diesel across the region. Indonesia is dependant on energy imports, and Singapore-based companies are regular participants in Pertamina's tenders for the purchase of petrol and crude oil. BLOOMBERG
