Asia Roundup
Who’s Watching Malaysia’s Anti-Corruption Watchdog?
A number of businessmen have attempted to oust founders of Malaysian companies and sometimes seize control, Bloomberg reported. Their tactics, including alleged intimidation of executives, have earned the men the nickname “the corporate mafia.”
Documents and interviews cited by Bloomberg contain allegations that the businessmen have a surprising partner: the Malaysian Anti-Corruption Commission, known as the MACC.
Officials at the agency are allegedly being used to support the interests of private citizens by threatening, arresting and detaining executives, sometimes recommending charges against them.
Singapore Equities Market to Get Additional SGD 1.5 Billion Boost
The Monetary Authority of Singapore (MAS) will inject another SGD 1.5 billion (USD 1.2 billion) to increase investor participation in Singapore equities, The Straits Times reported.
Prime Minister Lawrence Wong announced in his Budget speech that the additional top-up to the Financial Sector Development Fund will also help to develop Singapore’s fund management industry.
Vedanta Urges NCLT to Review Adani’s Resolution Plan for Jaiprakash Associates
Indian billionaire Anil Agarwal’s Vedanta Ltd urged the National Company Law Tribunal (NCLT) to review a decision by lenders to approve Adani Enterprises’ resolution plan for bankrupt Jaiprakash Associates, Mint reported.
Terming the approval a “commercial conspiracy”, Vedanta challenged the November 2025 decision of the committee of creditors in the Allahabad bench of the NCLT and requested the tribunal to send the plan back to lenders for fresh consideration.
Senior advocate U.K. Chaudhary, appearing for Vedanta, told the court that lenders had sidelined the company even though it had emerged as the highest bidder in earlier rounds of bidding.
Indonesia Roundup
Indonesia Reviews Decision to Take Over Martabe Gold Mine
Indonesia is reviewing its decision to take over the Martabe gold mine from a company linked to Jardine Matheson, Reuters reported, citing Energy Minister Bahlil Lahadalia.
The authorities previously said the mine would be transferred to sovereign fund Danantara, which had set up a new SOE called Perminas to manage the asset. The business community has been closely following the fate of Martabe, as the takeover happened without any court order.
Indonesia to Use State Budget to Repay $7 Billion Whoosh High-Speed Rail Debt
The Indonesian government said it will use the state budget to repay roughly USD 7 billion in debt owed to China for the Jakarta–Bandung high-speed rail project known as Whoosh, Jakarta Globe reported.
State Secretary Prasetyo Hadi said technical discussions on the repayment mechanism are still underway, with negotiations being led by Danantara CEO Rosan Roeslani.
Garuda Indonesia to Oversee Pelita Air and Citilink
Indonesian flag carrier Garuda Indonesia is set to become the state-owned airline holding company by the first quarter of 2026, Bisnis reported, citing sovereign fund Danantara.
Garuda will oversee Pelita Air, which used to be the aviation unit of state-owned energy giant Pertamina, and budget carrier Citilink. The consolidation is aimed at preventing internal competition and “cannibalization”, Danantara Managing Director Febriany Eddy said.