N環球 
Singapore minister warns haze-linked firms not to 'play hide and seek' as agricultural stocks slide
Senior Minister K Shanmugam warned firms linked to the haze not to hide behind complex corporate structures, as the Singapore Exchange queried seven listed agricultural companies. Bumitama Agri fell as much as 6.5%.
Why it matters
This is the first time Singapore's government has publicly aimed at Singapore-listed agri companies — going beyond notices to Indonesian hotspot firms by deploying SGX queries, bank supervision and a review of government incentives. Listed agri stocks slid, showing markets are now pricing in regulatory risk.
Full report
Singapore Senior Minister and Home Affairs Minister K Shanmugam said on October 20 that companies linked to the Indonesian fire haze should not expect to "play hide and seek" with different corporate structures and escape responsibility.
Shanmugam revealed that the Singapore Exchange (SGX) has questioned seven Singapore-listed agricultural companies about their operations and possible links to the haze: Golden Agri-Resources, Bumitama Agri, First Resources, Wilmar International, Kencana Agri, Indofood Agri and TSH Resources.
Markets reacted quickly: Bumitama Agri fell as much as 6.5% on Tuesday, First Resources dropped to a low of S$4.83, while Golden Agri-Resources and Wilmar International slipped almost 2%.
"We will use every legal and regulatory lever at our disposal to exert pressure where it matters, including on their bottom lines, including on their access to financing, and including on their standing with investors," Shanmugam said. He added that banks lending to linked firms must consider environmental and legal risks, that the Monetary Authority of Singapore has supervisory jurisdiction over how banks manage those risks, and that the government will review whether these firms still qualify for grants and incentives in Singapore.
Some fire or smoke source points appear associated with First Resources and Bumitama Agri, as well as non-listed First Borneo Plantations, according to the minister. First Resources had issued a detailed statement on its zero-burning policy and firefighting efforts; Shanmugam responded: "Statements, no matter how well drafted, are not good enough. Show us the evidence."
Shanmugam also praised Indonesian President Prabowo Subianto's administration for its haze response, calling its actions "quite unprecedented." The Homefront Crisis Ministerial Committee (HCMC), which he chairs, is handling issues arising from the haze situation, including action against linked firms.
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