Asia Roundup
OCBC’s Claim Over Capsized Oil Rig Fails at Singapore’s Highest Court After 5-Year Battle
The ripples caused by a jack-up oil rig that capsized in 2018 on its maiden voyage from Vietnam to Taiwan continue to hit Singapore. The latest fallout involves home-grown OCBC Bank – the mortgagee of the vessel – which had its USD 56 million insurance claim dismissed by Singapore’s apex court after a five-year court battle, The Straits Times reported.
The Court of Appeal on 19 March 2026 held that the bank had not proved that the vessel was lost due to what courts refer to as “perils of the seas” and that it was a total loss.
The highest court, comprising Chief Justice Sundaresh Menon, Justice Steven Chong and Justice Hri Kumar Nair, allowed an appeal by five insurers, overturning an earlier High Court decision that had ruled in favour of OCBC.
Liberty Bell Bay Placed into Voluntary Administration After Years of GFG Alliance Financial Struggles
The owner of the Bell Bay manganese smelter in northern Tasmania has entered voluntary administration, ABC reported.
Ernst and Young has been appointed as administrator of Liberty Bell Bay (LBB), and says it will work with governments and unions to ensure the smelter’s ongoing operations. It will also meet with the company’s estimated 216-strong workforce.
Ernst and Young will attempt to secure further funding for operational costs and for employee wages, with its primary role to restructure or sell the company.
The Australian Securities and Investments Commission (ASIC) applied to wind up and liquidate LBB – a subsidiary of Sanjeev Gupta’s GFG Alliance – over its failure to lodge financial statements for five years.
Del Monte Foods Completes Sale Transactions Across All Business Segments
Del Monte Foods has completed its three previously announced sale transactions for substantially all of its assets and business operations as going-concern businesses, according to its statement.
The completed transactions include:
The sale to Fresh Del Monte Produce of the company’s vegetable, tomato, and refrigerated fruit business assets.
The sale to B&G Foods of all assets in the broth & stock business segment.
The sale to Pacific Coast Producers of the shelf-stable fruit business assets (other than production assets).
The Del Monte Foods entities are the US indirect subsidiaries of Del Monte Pacific Limited.
Indonesia Roundup
Indonesia Eyes $4.7 Billion in Savings to Brace for Middle East War Impact
Indonesia is eyeing up to IDR 80 trillion (USD 4.7 billion) in savings to cushion its economy from the fallout of the war in the Middle East, AFP reported via CNA.
Southeast Asia’s largest economy is also mulling fuel-saving measures including one day of remote working per week for government and certain public sector workers as US-Israeli strikes on Iran and Tehran’s retaliatory response in the Gulf have sent global oil prices soaring.
Businesses See Downside to Indonesia’s Work from Home Plan to Tackle Oil Shock
Indonesian business groups are raising concerns over a government plan to expand work-from-home (WFH) arrangements, warning the policy could weigh on household consumption and slow economic activity despite its intended energy-saving benefits, Jakarta Globe reported.
Indonesian Chamber of Commerce and Industry deputy chair Sarman Simanjorang said the proposed WFH policy for both government employees and private sector workers risks dampening spending, particularly in urban areas where office activity drives demand across multiple sectors.
Indonesia Steps Up Bid to Become Regional Data Centre Hub
Indonesia’s data centre industry is expanding rapidly, driven by its booming digital economy and rising demand for artificial intelligence and cloud services, CNA reported.
Nearly 200 data centres of varying sizes are already operating across the country. More are on the way, as global tech giants and regional players ramp up investments and the country positions itself as a potential data centre hub amid growing competition in Southeast Asia, according to CNA.