Court keeps S$140m linked to Bill Darmadi seized despite CPIB lapses

Nearly S$140 million in Singapore bank accounts linked to the son of a convicted Indonesian palm oil tycoon will remain under seizure for another 12 months, channelnewsasia.com reported. District Judge Shen Wanqin ruled that the funds must stay frozen pending High Court proceedings, despite acknowledging significant procedural lapses by the Corrupt Practices Investigation Bureau (CPIB).

The seized sum amounts to US$109 million across four accounts held by Bill Darmadi. Investigators traced the funds from Indonesian companies tied to his father, Surya Darmadi, through Singapore-incorporated entities Rich Asian and Palmbridge before landing in Bill Darmadi’s personal accounts.

Indonesian Court Convicts Surya Darmadi for Corruption

The Corrupt Practices Investigation Bureau seized the funds in May 2023, after investigating whether Bill Darmadi assisted in retaining criminal proceeds. His father, Surya Darmadi, owns PT Duta Palma Group and chairs Darmex Agro Group. An Indonesian court sentenced the elder Darmadi in February 2023 to 15 years in prison and imposed a record 41.9 trillion rupiah fine, equivalent to about S$3.71 billion, for corruption and money laundering.

Between 2003 and 2022, Surya Darmadi operated unpermitted palm oil plantations that generated massive illicit profits and involved bribes for forest conversion permits. channelnewsasia.com noted that financial investigators traced substantial fund flows from these operations into the Singapore accounts of Rich Asian and Palmbridge.

Bureau Fails to File Report on Time

The agency failed to file the report by May 17, 2024, submitting it instead on March 24, 2025. This delay meant the bureau lacked lawful authority over the funds during the intervening months.

District Judge Shen Wanqin found that the bureau infringed Bill Darmadi's right to be heard. The agency failed to notify him of a 2025 extension application or provide the associated report, leaving him unable to make representations despite explicit requests from his legal counsel.

Court Ruling on Continued Freeze

Despite the procedural breaches, the court ruled that the errors did not warrant returning the money. District Judge Shen Wanqin determined that once the bureau filed its report, the matter fell under judicial supervision. The judge noted that investigations remained active because they relied on foreign authorities, pointing to correspondence between 2023 and 2025.

About US$8.7 million could not be directly traced to Surya Darmadi’s criminal conduct. However, that specific sum will also remain frozen because it is tied to separate High Court proceedings.

Pending High Court Proceedings

The funds will remain frozen for another 12 months under judicial oversight while the legal process moves forward. A High Court hearing is scheduled for a later date to determine the final disposition of the assets.