'Cannot play hide and seek': Minister's warning over haze sends Singapore agricultural stocks lower
Singapore Senior Minister Shanmugam said the Singapore Exchange had questioned seven firms about their operations and possible links to the haze.
TL;DR
- Singapore agricultural stocks fell after Senior Minister K Shanmugam warned companies linked to the haze will not escape responsibility.
- Shanmugam stated that companies cannot hide behind different corporate structures and revealed seven firms were questioned by the Singapore Exchange.
- Companies like Bumitama Agri, First Resources, Golden Agri Resources, and Wilmar International saw their share prices drop.
- The minister vowed to use all legal and regulatory levers, including financial and investor pressure, against responsible companies.
- First Resources, Bumitama Agri, and non-listed First Borneo Plantations were mentioned as potentially associated with fires or smoke sources.
- Singapore may urgently amend or introduce new laws to ensure cooperation if needed.
- Shanmugam dismissed concerns about bilateral relations with Indonesia, emphasizing the need to protect Singapore's citizens from the haze.
- He expressed hope for full cooperation from Indonesia in addressing the companies causing the problems, noting alignment with Indonesian President Prabowo Subianto's policies.