On October 16, 2026, a container ship docks at Singapore’s PSA Tanjong Pagar Terminal port, which remains shrouded in fog caused by wildfires in Indonesia. Toxic haze has blanketed parts of Indonesia, Malaysia and Singapore for weeks as Jakarta struggles to contain fires that have ravaged vast swathes of Borneo and Sumatra, sending smoke wafting across the region. (Photo by Yuichi Yamazaki/AFP via Getty Images)
Yuichi Yamazaki | AFP | Getty Images
Shares in several Singapore-listed agricultural companies fell on Tuesday after Senior Minister K. Shanmugam warned that they “will not shirk responsibility” for the role their companies could play in the fog hanging over the city-state.
“Companies cannot play hide-and-seek” with different corporate structures, Mr Shanmugam said, adding that he hoped that would help and revealed that seven companies were being questioned by the Singapore Exchange.
Buntama Agri While it fell by 6.5%, first resource It fell to a low of 4.83%. Golden Agri Resources and wilmar international It fell nearly 2%.
We will use all legal and regulatory tools at our disposal to apply pressure where it matters, including on the revenue side, such as access to financing and standing with investors.
K Shanmugam
Senior Minister of Singapore
Mr Shanmugam, who is also the city-state’s interior minister, said some of the fire and smoke sites appeared to be linked to First Resources Ltd, Bumitama Agri Ltd and unlisted First Borneo Plantations.
“Take First Resources, for example. The company issued a detailed statement about its zero-burn policy and firefighting efforts… But no matter how well-written, a statement is not enough. Show us the evidence.”
Other companies nominated by the minister include Golden Agri Resources Ltd., Wilmar International Ltd., Kenkana Agri Ltd., Indofood Agri Ltd. and TSH Resources Ltd.
The haze has affected business and daily life in Singapore and Malaysia over the past few weeks, with air quality in Singapore reaching levels not seen since 2015.
Schools were also closed in Malaysia’s Johor Bahru state as air pollution reached unhealthy levels.
“They should not underestimate the Singapore government’s determination to act,” Mr Shanmugam said, adding: “We will use every legal and regulatory tool at our disposal to apply pressure where it matters, including on returns, including access to financing, and our standing with investors.”
He also revealed that Singapore could “urgently” amend laws or introduce new laws to ensure cooperation if necessary. Companies potentially linked to hazing will also be investigated to see if they meet standards for government subsidies and incentives.
“Are you shaking in your shoes?”
Asked if Singapore’s actions would affect bilateral relations between the city-state and Jakarta, Mr Shanmugam dismissed concerns, saying: “Our people are suffering. What do the experts think we should do? Will we tremble before taking action to protect our own people? That is not Singapore’s approach.”
He was responding to a question about an article published by local media CNA, which cited legal experts as saying that Singapore’s actions against companies producing haze in Indonesia could have diplomatic consequences.
“If we think that way, Singapore would not exist and we don’t think there should be any bilateral problems. Indonesians are suffering as well, and it is in our interest as well as Indonesia’s to deal with the companies that are causing these problems.”
He said Singapore’s actions against the companies were consistent with Indonesian President Prabowo Subianto’s broader policies.
“In fact, we hope to have full cooperation from Indonesia in pursuing the companies,” Shanmugam added.
