Complaint Filed with Singapore Exchange Over OCBC’s Coal Financing Disclosures

A new complaint filed with the Singapore Exchange Regulation (SGX RegCo) by Market Forces is raising questions about how banks (including OCBC) disclose climate-related risks linked to their financing activities. The filing alleges that Oversea-Chinese Banking Corporation Limited (OCBC) may have provided misleading disclosures to investors regarding its exposure to coal-related energy infrastructure.

The complaint focuses on OCBC’s financing relationship with companies associated with the Harita Nickel Group, which operates a large nickel processing complex on Obi Island in Indonesia. According to the filing, the industrial operations supporting the project rely heavily on coal-fired electricity generation. The complainant argues that this relationship could conflict with OCBC’s public commitment not to finance new coal-fired power plants under its Responsible Financing Policy.

The filing alleges that OCBC’s sustainability reporting and investor disclosures may not clearly explain how the bank treats captive coal power plants that supply electricity to industrial clients. If such coal-powered facilities fall outside the scope of the bank’s stated coal financing restrictions, the complaint argues that investors may not be receiving a full picture of the bank’s climate-related transition risk.

The complaint asks SGX RegCo to examine whether OCBC’s disclosures comply with the exchange’s listing rules on material information and sustainability reporting. These rules require listed companies to disclose information necessary to avoid the creation of a false market in their securities and to provide meaningful sustainability disclosures, including climate-related risks.

This filing reflects a broader trend in climate-related financial accountability efforts. Rather than targeting fossil fuel producers directly, some complaints and lawsuits now focus on financial institutions and whether their climate commitments align with their financing practices. As climate risk disclosure frameworks continue to evolve globally, these types of claims are increasingly testing how sustainability commitments translate into regulatory disclosure obligations.

A detailed breakdown of the legal arguments, the documents cited in the complaint, and the potential implications for climate-related financial disclosure is available in the full case analysis in the Climate Court database. Subscribers can access the full filing, document excerpts, and ongoing updates as the matter develops.