Singapore court extends seizure of S$140 million linked to Indonesian palm-oil tycoon’s son

A Singapore district judge extended the seizure of almost S$140 million in four accounts owned by Bill Darmadi for a further 12 months. The funds were originally frozen in May 2023 after the Corrupt Practices Investigation Bureau investigated whether Bill had helped retain proceeds from his father Surya Darmadi’s corruption and money-laundering convictions in Indonesia. The CPIB missed the legal deadline to report the seizure and failed to notify Bill of a 2025 extension application, breaching his right to be heard.

Nonetheless, Judge Shen Wanqin concluded that the procedural breaches did not merit releasing the money, as there remains a reasonable basis to consider it the proceeds of foreign offences. Tracing showed large sums moved from Indonesian palm-oil firms linked to Surya into Bill’s Singapore-incorporated companies Rich Asian and Palmbridge, then into his personal accounts. About US$8.7 million could not yet be tied to the illicit flows but will stay seized pending a High Court case. The judge emphasized that the CPIB must avoid similar lapses in the future.