Complaint Filed to SGX Against OCBC for Potential Misleading Conduct

Singapura/Jakarta, 24 February 2026, Market Forces has lodged a complaint at the Singapore Exchange against Singapore bank, Oversea-Chinese Banking Corporation – OCBC, for potential misleading conduct over finance enabling industrial coal power plants by Harita Nickel Group in Indonesia.

The complaint outlines that OCBC’s public disclosures may be materially misleading to investors and the market, thereby risking a breach of the Singapore Exchange (SGX) rules regarding disclosure and sustainability reporting.

The complaint outlines that OCBC has committed to excluding project financing for new coal power plants under its Responsible Financing Framework. For corporate financing, the bank’s framework applies thresholds under which coal power capacity or revenue must not exceed 25% for new clients and 50% for existing clients.

Binbin Mariana, Asia Energy Finance Campaigner said: “OCBC’s funding of Harita’s entities whose operations rely on industrial coal plants powering a nickel smelter on Obi Island Indonesia, exposes a loophole enabling financing of fossil fuels harmful to the climate and a safe future.”

“The Singapore Exchange needs to consider launching an investigation into whether OCBC may be misleading investors and failing its compliance with the SGX Rulebooks.”

According Mariana, OCBC’s disclosures have not provided complete information for investors regarding the true extent of the bank’s exposure to companies reliant on industrial coal power plants and the full extent of the climate-related transition risk posed by this exposure.

“Investors need the full picture as they rely on climate and coal phase-out commitments disclosed by banks to assess growing climate-related risk. There must be greater transparency from all banks on how financing any companies whose operations rely on coal power plants is aligned with their own policies, global climate goals and the critical transition to clean, reliable and affordable energy.”

Harita currently operates 910 MW of coal power generation capacity and plans to nearly double its fossil output to 1,670 MW for its nickel operations on Obi Island, according to the company’s disclosures. Harita is only operating 40 MW. of solar power capacity.

The complaint highlights that Harita's carbon emission nearly tripled, from 3.74 megatonnes of carbon emissions (MtCO₂e) in 2022 to 10.87 MtCO₂e in 2024, equivalent to driving 2.5 million fossil fuel powered cars for one year.

Media Contact

Binbin Mariana, Asia Energy Finance Campaigner, Market Forces: +62-8156-155-135, binbin.mariana@marketforces.org.au

OCBC is a corporation listed on the Singapore Exchange (SGX) and is subject to the SGX Rulebooks. Compliance is enforced by SGX RegCo, which has a wide range of enforcement powers, including issuing public reprimands and requiring issuers to comply.