Singapore — A number of Singapore-based trading firms have been drawn into Indonesia’s widening investigation into a £9.48 bilion (US$12 billion) corruption scandal involving state-owned oil company PT Pertamina.
According to sources familiar with the matter, the firms received formal notices earlier this month from the Office of the Attorney General of Indonesia, requesting their cooperation in answering questions related to governance practices and past transactions with Pertamina. The individuals declined to be identified as they are not authorised to speak publicly.
While initial communications reportedly invited the traders to attend interviews in Jakarta, a recent update — sent via a Pertamina email address — stated that the interviews would instead be conducted at the Corrupt Practices Investigation Bureau (CPIB) in Singapore. Specific dates have not yet been confirmed. Authorities have not accused any of the companies contacted of wrongdoing.
The probe follows the arrest of several executives from Pertamina subsidiaries in February 2025, who are accused of directing Indonesian refiners to import inflated crude and refined oil products from overseas, resulting in significant losses to the state.
The investigation has since expanded, with Nicke Widyawati, Pertamina’s former CEO, among those questioned.
Prabowo Administration Tightens Control Over State Enterprises
Since assuming office last year, President Prabowo Subianto has taken steps to assert greater control over Indonesia’s state-owned enterprises. Pertamina and other SOEs have been consolidated into a new sovereign investment fund, known as Danantara, which reports directly to the President.
One of Prabowo’s early moves in office included appointing a senior figure from his political party to the helm of Pertamina, signaling his intent to centralize oversight over strategic national assets.
The Attorney General’s Office in Jakarta has confirmed that several Singaporean firms have been approached for cooperation, though no interviews have yet taken place as part of the current phase of the inquiry.
The case highlights the cross-border dimensions of corporate corruption and the growing regional collaboration between Southeast Asian law enforcement bodies in tackling complex white-collar crime.
