'Cannot play hide and seek': Singapore minister's warning over haze sends agricultural stocks lower

Singapore's Senior Minister K. Shanmugam has vowed to employ every legal and regulatory tool available to confront companies linked to the region's devastating haze. Speaking during a visit to Woodlands Checkpoint, Shanmugam warned recalcitrant firms not to underestimate the government's resolve to take action, regardless of their attempts to deny responsibility or deny involvement.

Existing laws could be amended or new laws enacted to ensure further cooperation, and the authorities will continue pursuing the matter beyond the haze season.

The National Environment Agency (NEA) has issued legal notices to seven firms, including Bumi Andalas Permai, Bumi Mekar Hijau, and Sebangun Bumi Andalas Wood Industries, which manage pulpwood plantations. These companies, along with others such as Asia Pulp and Paper, Bumitama Agri, and Wilmar, are being scrutinized by the Singapore Exchange for potential ties to the haze. The Monetary Authority of Singapore will also examine the banks that have lent money to these firms, ensuring they manage their risks properly.

Shanmugam emphasized that companies cannot greenwash their behavior and should not expect to escape responsibility simply by waiting for the haze to clear. He also expressed appreciation for Indonesian President Prabowo Subianto's efforts to address the issue, and noted that Singapore will target larger corporations rather than individual companies involved in the haze crisis.