World · East Asia & Pacific · 1 hr ago
Lutfi and Dino Clash Over Singapore, Indonesia’s Markets and Forest Fires
Former Indonesian ministers Muhammad Lutfi and Dino Patti Djalal disagree over Singapore and its dealings with Indonesia.
Lutfi alleged Singapore was exerting pressure through MSCI, a global stock index provider, and criticized Singapore’s planned action against Indonesian companies suspected of links to forest fires.
Dino rejected claims of a Singaporean conspiracy and urged Indonesia to maintain diplomacy with its neighbour.
MSCI opened a consultation on a possible change to Indonesia’s market classification, citing concerns including unclear share ownership and suspected coordinated trading.
MSCI plans to make a final decision by June 30, 2027, and its announcement did not confirm Lutfi’s claims about Singapore.
Singapore plans warning notices to seven Indonesian companies suspected of links to fires that caused haze in Singapore and Malaysia; the notices would call for firefighting measures and an end to activities that could start new fires.
Former Indonesian trade minister Muhammad Lutfi and former deputy foreign minister Dino Patti Djalal disagreed over Indonesia’s ties with Singapore amid a dispute about Indonesia’s stock market and forest fires.
Lutfi alleged that Singapore was influencing pressure on Indonesia’s stock market and criticised Singapore’s plan to warn seven Indonesian companies suspected of links to fires.
Dino rejected the idea that Singapore was conspiring against Indonesia and urged the public and government to avoid suspicion without evidence.
The disagreement followed MSCI’s consultation on a possible change to Indonesia’s market classification and Singapore’s announcement of planned notices to the companies.
MSCI said it would make a final decision by June 30, 2027, and its announcement did not verify Lutfi’s allegations.
- Who
- Former Indonesian officials Muhammad Lutfi and Dino Patti Djalal.
- What
- They disagreed over Singapore’s role in market concerns and its planned warnings to seven Indonesian companies suspected of links to fires.
- When
- Their differing views emerged after MSCI announced a consultation on October 15, 2026. Lutfi posted his comments on October 19 and Dino on October 22.
- Where
- Indonesia and Singapore; the dispute concerned Indonesia’s stock market and fires whose smoke reached Singapore and Malaysia.
- Why
- Lutfi alleged Singapore had interests behind pressure on Indonesia’s market and criticised its planned company notices. Dino said the conspiracy claims were implausible and urged diplomacy.
Muhammad Lutfi
Dino Patti Djalal
Singapore and Indonesia’s market
Muhammad Lutfi
Lutfi alleged Singapore was using its influence to pressure Indonesia through MSCI.
Dino Patti Djalal
Dino said claims that Singapore was conspiring to undermine Indonesia’s market were implausible and unsupported by the relationship between the countries.
Diplomacy and trust
Muhammad Lutfi
Lutfi criticised Singapore’s actions over the market and the planned notices to companies suspected of links to fires.
Dino Patti Djalal
Dino urged Indonesia to avoid suspicion without evidence and to preserve cooperation with Singapore.
MSCI announced a consultation on a proposed change to Indonesia’s market classification.
Lutfi posted allegations that Singapore was pressuring Indonesia through MSCI.
Dino posted that claims of a Singaporean conspiracy against Indonesia were implausible.
MSCI scheduled a final decision on the proposed classification change.
- MSCI consultation
- Announced October 15, 2026
- Final MSCI decision
- Due by June 30, 2027
- Companies facing planned notices
- Seven Indonesian companies suspected of links to fires
- Smoke from fires
- Reached Singapore and Malaysia
- Investors named by Lutfi
- Temasek and GIC
What people are saying
That is an unreasonable view and far from the actual reality. Why? Because Singapore is a neighboring country that has goodwill, trust and a long-tested track record of cooperation with Indonesia.
It is taboo and forbidden for Singaporean political elites to conspire to harm Indonesia. Just as it is taboo and forbidden for Indonesia to harm Singapore.
So, why is Singapore, through its giant institutions such as Temasek and GIC, which have great influence at MSCI, so insistent on pressuring Indonesia?