Nearly S$140 million held in Singapore bank accounts by Mr Bill Darmadi, the son of convicted Indonesian palm oil tycoon Surya Darmadi, will remain seized for another 12 months despite what a court described as “significant procedural lapses” by the Corrupt Practices Investigation Bureau.
The money was seized by CPIB on 17 May 2023 from four bank accounts held by Bill in Singapore.
According to a judgment in Public Prosecutor v Bill Darmadi, the seizure arose from CPIB’s investigation into whether Bill had assisted in retaining the criminal proceeds of his father, who had been convicted in Indonesia of corruption and money laundering offences.
What the Case Is About
Surya Darmadi is the owner of PT Duta Palma Group and chairman of Darmex Agro Group, both Indonesian palm oil conglomerates.
The Singapore court judgment stated that he operated palm oil plantation businesses without the required permits between 2003 and 2022, generating substantial illicit profits and laundering them through companies under his control.
CPIB’s investigations found that substantial funds had flowed from Indonesian companies linked to Surya into bank accounts held by Palmbridge and Rich Asian, two Singapore-incorporated companies linked to Bill. The money was then transferred into Bill’s bank accounts in Singapore.
The four seized accounts contained about S$81.6 million, about US$23.1 million, S$10 million and about US$14.8 million respectively.
CPIB Missed a Reporting Deadline
Under Section 370 of the Criminal Procedure Code, CPIB had to report the seizure to the Magistrate within one year, by 17 May 2024.
It did not do so by that deadline. Instead, CPIB filed its first seizure report only on 24 March 2025, about 10 months late.
District Judge Shen Wanqin found that CPIB lacked lawful authority to continue exercising control over the funds from 17 May 2024 until the report was filed on 24 March 2025.
The judge also found that Bill’s right to be heard had been infringed because CPIB did not notify him of the 2025 extension application or give him the 2025 seizure report before the court granted the extension.
In simple terms, he was not given a proper chance at that stage to understand the basis for the continued seizure and respond before the order was made.
Why the Money Is Still Not Being Returned
The procedural lapses did not automatically mean the funds had to be released.
The court found that Bill had since been given a full opportunity to address the factual and legal bases for continued seizure. He had received the 2025 and 2026 reports, filed submissions and was heard on the matter.
The court also found that most of the funds could reasonably be thought to be proceeds of an identifiable offence and might be the subject of future disposal proceedings.
One exception was about US$8.66 million in a Citibank account. The prosecution accepted that this sum could not presently be traced to fund flows linked to Surya’s criminal conduct.
However, even that sum will remain seized because separate High Court proceedings have been started over the same funds.
High Court Proceedings Also Matter
The Attorney-General has commenced High Court proceedings seeking restraint orders over the funds.
Because those proceedings concern the same money, the court found that it could not dispose of the funds while the High Court proceedings remain pending.
The judge stressed that this finding does not decide the merits of the High Court proceedings. It only means that, for now, the State Courts cannot order the release of the funds while another court is dealing with their disposition.
The court therefore ordered all the funds to remain under seizure for a further 12 months.
CNA reported that the High Court hearing will take place at a later date.
