Regulatory complaint to the Singapore Exchange regarding Korea Electric Power Corporation (KEPCO)’s US$11 billion bond issuance

In May 2025, climate advocacy group Solutions for Our Climate (SFOC) filed a whistleblower complaint with Singapore Exchange Regulation’s Whistleblowing Office against Korea Electric Power Corporation (KEPCO), South Korea’s largest electric utility, concerning KEPCO’s approximately US$11 billion Global Medium Term Note (GMTN) program listed on SGX. SFOC alleges that KEPCO failed to disclose material climate‑related risks in its offering documents, potentially breaching Singapore securities disclosure requirements and SGX Mainboard Rules on providing sufficient information for investors to obtain a “full and proper understanding” of an issuer’s business, financial condition, prospects, and risks, and to include information that such investors would customarily expect to see in such documents. The complaint claims KEPCO omitted disclosure of its: (1) continued reliance on coal‑fired power generation until 2050, misaligned with global decarbonization goals and the Paris Agreement; (2) financial exposure to liquefied natural gas (LNG) price volatility, amid declining global demand and delays or cancellations in key LNG infrastructure projects; and (3) misrepresentation of hydrogen-LNG and ammonia-coal blends as "carbon-free" in regulatory and investor communications, contrary to emerging international standards. SFOC's complaint is outlined here: https://forourclimate.org/newsroom/1081 As of late 2025, SGX has acknowledged receipt of the complaint and stated that it will review the matter and take necessary action, but no public enforcement decision has been announced.