SINGAPORE - An activist group has filed a whistleblowing complaint with the Singapore Exchange (SGX) accusing Jera, Japan’s largest power company, of failing to disclose critical information on financial and legal risks in relation to a US$300 million (S$398 million) bond issued in April 2022.
The bonds are listed on the exchange. Market Forces, an environmental finance organisation that tracks fossil fuel financing, lodged its complaint via the SGX Whistleblower Office on Wednesday morning.
It accuses Jera of omitting key information, including risks of investing in liquefied natural gas (LNG) when the Russia-Ukraine war has increased LNG price volatility, as well as not mentioning a lawsuit in Australia.
Jera and the SGX have been approached for comment.
Jera issued the bonds, which have a tenor of five years and a coupon of 3.665 per cent, on April 14, 2022.
The bond is subject to the Securities and Futures Act, the SGX Rulebooks and SGX investigatory powers, the complaint said.
“Jera omitted information and failed to provide sufficient details to enable investors to understand and appreciate the risks associated with investing in the company’s US dollar bond issued on the Singapore Exchange,” it added.
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