Australia-Based Finance Environmental Campaign Group Market Forces Files Singapore Exchange (SGX) Complaint Against Singapore 2nd Largest Bank $77 Billion OCBC for Potential Misconduct & Misleading Public Disclosures in Finance of Harita Nickel Group Industrial Coal Power Plants in Indonesia, OCBC Commits to Exclude Project Financing for New Coal Power Plants Under OCBC Responsible Financing Framework with Thresholds on Coal Power Capacity or Revenue for New Clients & Existing Clients
25th February 2026 | Hong Kong
Australia-based finance environmental campaign group Market Forces has filed a Singapore Exchange (SGX) complaint against Singapore 2nd largest bank OCBC ($77 billion market value) for potential misconduct & misleading public disclosures in finance of Harita Nickel Group industrial coal power plants in Indonesia. OCBC has committed to exclude project financing for new coal power plants under OCBC Responsible Financing Framework, with thresholds on coal power capacity or revenue for new clients & existing clients. Announcement (24/2/26): “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. 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. 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 emissions 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.”
“ Australia-Based Finance Environmental Campaign Group Market Forces Files Singapore Exchange (SGX) Complaint Against Singapore 2nd Largest Bank $77 Billion OCBC for Potential Misconduct & Misleading Public Disclosures in Finance of Harita Nickel Group Industrial Coal Power Plants in Indonesia, OCBC Commits to Exclude Project Financing for New Coal Power Plants Under OCBC Responsible Financing Framework with Thresholds on Coal Power Capacity or Revenue for New Clients & Existing Clients “
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
Binbin Mariana, Asia Energy Finance Campaigner: “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 … … 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.”
Notes:
OCBC – 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.
OCBC is required to comply with the following SGX Mainboard Rules:
- Rule 703(1) – Disclosure of material information: Requires an issuer to announce information necessary to avoid the establishment of a “false market” in its securities.
- Rules 711A & 711B – Sustainability Report: Require issuers to prepare a sustainability report, which, pursuant to SGX’s Sustainability Reporting Guide and Practice Notes, should comprise climate-related disclosures in accordance with IFRS Sustainability Disclosure Standard. The SGX framework recognises that the IFRS Sustainability Disclosure Standards build on recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
- Practice Note 7.6 to Rule 711B clarifies that sustainability reporting disclosure does not detract from an issuer’s obligation under Listing Rule 703(1) to disclose information necessary to avoid the establishment of a false market, bringing material sustainability and climate-related disclosures within the scope of SGX’s continuous disclosure regime.
Market Forces – Market Forces believes that the banks, superannuation funds and governments that have custody of our money should use it to protect not damage our environment. Our work exposes the institutions that are financing environmentally destructive projects and helps people around the world to hold these institutions accountable. We work with the community to prevent investment in projects that would harm the environment and drive global warming. Market Forces was launched in January 2013. Discover the impact we’ve had since then.
Australia-Based Finance Environmental Campaign Group Market Forces Files Singapore Exchange (SGX) Complaint Against Singapore 2nd Largest Bank $77 Billion OCBC for Potential Misconduct & Misleading Public Disclosures in Finance of Harita Nickel Group Industrial Coal Power Plants in Indonesia, OCBC Commits to Exclude Project Financing for New Coal Power Plants Under OCBC Responsible Financing Framework with Thresholds on Coal Power Capacity or Revenue for New Clients & Existing Clients
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
