WongPartnership LLP released an executive summary of its legal opinion on Jan, 27 2026, addressing the findings of an independent fact-finding report prepared by PricewaterhouseCoopers Risk Services Pte. Ltd.

The law firm assessed potential breaches under Singapore and Indonesian law related to Petrogas Indonesia, Petrogas (Basin) Ltd. and other subsidiaries. Key observations covered alleged conflicts of interest with a minority shareholder, procurement irregularities, an unreported oil spill in Jan, 2021, possible bribery concerns, employment-practice lapses, whistleblowing process failures and governance issues surrounding the abrupt retirement of the former president director.

WongPartnership found no conclusive evidence of bribery or improper dividend substitution but flagged weak internal controls in related-party transactions and procurement, raising risks of bid-rigging. The possible oil spill, if exceeding 15 barrels, could trigger environmental liabilities and disclosure obligations.

Recommendations include: • setting conflict-of-interest, anti-bribery and procurement policies with benchmarking and enhanced due diligence; • strengthening whistleblowing dissemination, confidentiality and committee oversight; • conducting environmental audits and data-integrity checks; • tightening HR controls, especially on post-retirement contracts; • improving succession planning and board-level compliance with Singapore governance codes; and • bolstering internal audit resources and considering appointment of a General Counsel.

The firm also advised that certain matters may require immediate disclosure under SGX Listing Rules 703(1)(b) and 704(7)(b). WongPartnership stated that it sought Indonesian counsel for local-law issues and urged Petrogas Group to undertake corrective actions promptly.