Latest news with #Hyflux
CNA
2 hours ago
- Business
- CNA
Olivia Lum and other ex-Hyflux leaders go on trial over omissions to SGX about Tuaspring project
SINGAPORE: Four years after the High Court ordered the once-celebrated homegrown water treatment firm Hyflux to wind up, its leaders are going on trial over alleged omissions in communications to investors and the Singapore Exchange (SGX) regarding the Tuaspring Project. Issues with the project ultimately led to the company's collapse and millions in losses for investors. The six who went on trial on Monday (Aug 11) are mostly in their sixties. They are: Olivia Lum Ooi Lin, 64, then the CEO, director and executive chairman of the board of Hyflux; Cho Wee Peng, 56, former Hyflux chief financial officer; and independent directors of Hyflux Gay Chee Cheong, 68; Teo Kiang Kok, 69; Murugasu Christopher, 66; and Lee Joo Hai, 69. A seventh person in the case, former Hyflux independent director Rajsekar Kuppuswami Mitta, was fined S$90,000 (about US$70,000) last week after pleading guilty. The prosecution said in their opening statement that Hyflux was Singapore's first publicly listed water treatment and seawater desalination company. "The collapse resulted in significant losses to investors, including about 34,000 investors holding perpetual securities and preference shares who were owed a total of S$900 million," the prosecution said. Hyflux's collapse can be traced to the Tuaspring project, a project to design, build, own and operate Singapore's second and largest seawater reverse osmosis desalination plant in Tuas for a concession period of 25 years, with an on-site power plant providing electricity to the desalination plant. Hyflux successfully bid for the project in 2011, in response to a tender conducted by the Public Utilities Board, now known as PUB. Investors were led to believe that Tuaspring Project was primarily a desalination project, with Hyflux's announcement in March 2011 giving an impression that the power plant was to be built to supply power to the desalination plant. But in reality, the financial viability of the Tuaspring Project depended entirely on the sale of electricity, said the prosecutors. This meant that the Tuaspring Project exposed Hyflux to electricity market risks in what was a brand-new business for the company, said the prosecution. These material facts were allegedly not disclosed to the investing public, and the omission was purportedly repeated when the offer information statement was released to raise funds from the public. The prosecution is pursuing charges under the Securities and Futures Act (SFA) linked to two key public statements by Hyflux that contained material non-disclosures: The March 2011 announcement, forming the basis of certain charges against all six Hyflux ex-leaders, and the April 2011 offer information statement, which forms the basis of certain charges against five of them. Both documents allegedly failed to disclose the following: That the Tuaspring Project was Hyflux's expansion into a new business of selling electricity, that revenue from the sale of electricity from Tuaspring Project's power plant was projected to make up the significant majority of the project's revenue, and that the profitability of the project was contingent on revenue from the sale of electricity from the power plant. According to court records, a total of 57 days has been slated for the trial over two tranches between August and October and November and January. The trial is presided over by Principal District Judge Toh Han Li.
CNA
3 hours ago
- CNA
Former CEO of Hyflux Olivia Lum goes on trial
Scroll up for the next video X Former CEO of Hyflux Olivia Lum goes on trial
CNA
4 hours ago
- Business
- CNA
Trial to begin for former Hyflux CEO Olivia Lum, ex-CFO and directors
SINGAPORE: The trial of former Hyflux CEO Olivia Lum and five others begins on Monday (Aug 11) over the company's failure to disclose information about the Tuaspring integrated water and power project. This comes nearly three years after they were charged - the culmination of a dramatic downfall for the water treatment firm. Before Hyflux went into liquidation in July 2021, it was one of Singapore's most successful companies. Lum won accolades at a time when female founders were not common. She now faces a months-long trial, along with former chief financial officer Cho Wee Peng and four independent directors.
Business Times
13 hours ago
- Business
- Business Times
Hearing of Hyflux founder and ex-CEO Olivia Lum, ex-CFO and directors starts Monday
[SINGAPORE] The trial of Hyflux founder and former chief executive Olivia Lum, its ex-chief financial officer (CFO), and four independent directors is slated to begin on Monday (Aug 11). Their trial comes after former director Rajsekar Kuppuswami Mitta , 68, was fined S$90,000 and barred from holding any directorship following his guilty plea on Thursday over Hyflux's failure to disclose information relating to the Tuaspring integrated water and power project in 2011 as required under Singapore Exchange (SGX) listing rules. Lum also allegedly failed to ensure that Hyflux made disclosures required under the accounting standards for its financial statements for the financial year ended Dec 31, 2017. PHOTO: ST Lum and the other five accused persons will be jointly tried before District Judge Toh Han Li. The trial is scheduled to take place over 57 days until February 2026, court records showed. Lum, 64, faces six charges: four counts of Companies Act violations and two counts of breaching the Securities and Futures Act. She was first charged in November 2022, together with the water treatment firm's ex-CFO Cho Wee Peng and four board members, including ex-director Rajsekar, for disclosure-related offences under the Securities and Futures Act. She was accused of consenting to the non-disclosure of information relating to the Tuaspring integrated water and power project in 2011, despite such information being required under the listing rules, while the directors were allegedly negligent in the matter. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up She also allegedly failed to ensure that Hyflux made disclosures required under the accounting standards for its financial statements for the financial year ended Dec 31, 2017. In May 2023, she was subsequently slapped with three counts of breaching the Companies Act, while another independent director, Lee Joo Hai, was charged in March that year over Hyflux's non-disclosures. Former CFO Cho will be on trial after being charged with one count of violating the Securities and Futures Act due to allegedly conniving in Hyflux's intentional failure to disclose information relating to Tuaspring. Olivia Lum, 64, ex-CEO Lum, 64, faces six charges: four counts of Companies Act violations and two counts of breaching the Securities and Futures Act. PHOTO: BT FILE Charged with six counts: four counts of Companies Act violations and two counts of breaching the Securities and Futures Act The Securities and Futures Act charges are: For consenting to Hyflux's intentional failure to disclose information relating to the Tuaspring Integrated Water and Power Project despite listing rules requiring it. She could be jailed for up to seven years, fined up to S$250,000, or both, if convicted of this non-disclosure offence. For Hyflux's omission of information about Tuaspring in the 2011 offer information statement issued for the offer of S$200 million, 6 per cent preference shares on Apr 13, 2011. She faces a jail term of up to one year, fines of up to S$150,000, or both, if found guilty. The Companies Act charges are: Failure to ensure that Hyflux made disclosures required under the accounting standards for its financial statements for the financial year ended 2017. She could be fined up to S$50,000 if convicted of this offence. Those deposits, which the company had undertaken not to withdraw, were with Mizuho Bank. The financial statements released on Nov 9, 2017, for the third quarter and for the nine months ended September 2017 disclosed restricted bank balances amounting to about S$73.7 million, without the inclusion of US$33.5 million. Those released on Feb 27, 2018, for the financial year ended December 2017 disclosed restricted bank balances of about S$67 million, which the authorities said should have included the Mizuho Bank deposits of US$33.5 million. For the statements published on May 9, 2018, for the first quarter ended March 2018, restricted bank balances amounting to about S$65.7 million were disclosed, with US$47.5 million allegedly omitted. She could be jailed for up to one year or fined up to S$5,000 for each of these three offences. Out on bail of S$100,000. Represented by Senior Counsel Davinder Singh. Expand Cho Wee Peng, 56, ex-CFO He faces a jail term of up to seven years, fined up to S$250,000, or both, if convicted of this non-disclosure offence. PHOTO: BT FILE One count of violating the Securities and Futures Act, due to conniving in Hyflux's intentional failure to disclose information relating to Tuaspring. Faces a jail term of up to seven years, fines of up to S$250,000, or both, if convicted of this non-disclosure offence. Out on bail of S$160,000. Represented by Rajah & Tann lawyers. Expand Independent directors Teo Kiang Kok, Gay Chee Cheong, Christopher Murugasu, and Lee each face two charges of breaching the Securities and Futures Act: Neglect in connection with Hyflux's intentional failure to disclose information relating to Tuaspring, when such disclosure was required under the listing rules. Each faces a jail term of up to seven years, fines of up to S$250,000, or both, if convicted. Liable for Hyflux's omission to state the material information relating to Tuaspring in the 2011 Offer Information Statement issued for the offer of S$200 million, 6 per cent preference shares on Apr 13, 2011. Each faces a jail term of for up to two years, fines of up to S$150,000, or both, if found guilty. They are all represented by Shook Lin & Bok lawyers. Gay Chee Cheong, 68, director PHOTO: BT FILE Out on bail of S$160,000. Christopher Murugasu, 66, director PHOTO: BT FILE Out on bail of S$80,000 Teo Kiang Kok, 69, director PHOTO: BT FILE Out on bail of S$160,000
The Star
14 hours ago
- Politics
- The Star
Asean News Headlines at 10pm on Sunday (Aug 10, 2025)
Malaysia: * Sultan Ibrahim's state visit to Russia strengthens bilateral ties / King returns home after maiden state visit to Russia * Well-wishes, prayers pour in for Anwar on his 78th birthday * Malaysia, Asean missions celebrate Asean Day 2025 in The Hague * UPUOnline records 511,006 admissions for public universities * Jalur Gemilang must be displayed correctly, says Loke * Zara Qairina autopsy completed / Lawyer denies Zara's screams captured in viral recording * Don't hinder police probe into Zara Qairina's death, says Hajiji * Shafie pledges no corruption, only progress for Sabah * Police busts ganja syndicate in Kelantan, seize 35kg of cannabis, pistol * Johor cops detain four bikers for reckless riding in Iskandar Puteri * Tackling teen vaping Sarawak, ministry develops working paper * Penang plans new tuna port to boost landings * Nancy: Ministry acting, not silent on student's case * Woman loses more than RM2.33mil in elaborate love scam * Malaysia's pursuit of 123 Agreement shows commitment to safe, reliable nuclear partnership Singapore: * Singapore's biggest corporate scandal - the criminal trial of Hyflux founder Olivia Lum and five others starts on Aug 11 * Italian Brainrot: the AI memes only kids know these days, but a real blur for most adults * 'Last' meals: How durian, chilli crab and KFC bring comfort to the dying in Singapore * 50 evacuated after HDB flat catches fire in Jalan Bahagia * Bridge-building for mutual prosperity - Two countries that had been joined went their separate ways 60 years ago Indonesia: * South Korea to send special envoys to Indonesia this week: Presidential Office * 'Kebaya': Living history, modern elegance in Indonesia * Bali cracks down on unruly tourists * Review: 'Ninja Gaiden: Ragebound' lovingly revives classic 2D experience * Top Chinese diplomat Liu Jianchao taken in for questioning, say reports Thailand: * Consular aid for M'sians set on fire in Bangkok * Chinese influencer in Thailand shares trafficker-taken photos online to find birth family * Thai King endorses Vitai Ratanakorn's appointment as Bank of Thailand Chief; new man has promised to improve country's economy * Cannabis reclassification boosts tourism, say Thai tourism associations * Would you eat 'Reptile Egg' dessert? Here's the story behind Khanom Khai Hia! An Indonesian performer dressed in an origami-themed costume takes part in a 3.6-kilometer parade during the Jember Fashion Carnival in Jember, eastern Java island, on Sunday, August 10, 2024. -- Photo by Juni KRISWANTO / AFP Philippines: * Three killed and one injured in clash in southern Philippines * Marcos says court order has no bearing on the Merits of VP Duterte's impeachment case * Nearly P3mil shabu seized in Zamboanga weeklong ops * Philippine House resolution seeks probe into Bureau of Correction's alleged rights violations Vietnam: * World Police Music Festival 2025 opens in Hanoi * Vietnamese man remanded for attempted kidnap, shoplifting * Vietnamese police bust cross-border surrogacy ring, rescue 11 infants * Bus crashes into two vehicles on Genting descent, no fatalities reported Myanmar: * Anti-vice raids arrest 288, including over 60 Myanmar GROs * Heavy rains and strong winds expected in Myanmar from August 10 to 15 * PEACE TALK 2025 concludes in Myanmar with 12 short-term recommendations and 10 long-term action plans Cambodia: * Thailand claims three soldiers injured by landmine along border, Cambodia strongly refutes * Military attachés inspect conflict-affected areas, sanctuaries in Cambodia Laos: * Preah Sihanouk governor orders medical care for 'lost' Thai national * Australian international school donates 111 million kip to province in north-eastern Laos Brunei: * China's "HYSY 295" vessel begins maiden Brunei marine mission * Brunei boosts rice production to achieve self-sufficiency An Indonesian performer dressed in allograph-themed costumes takes part in a 3.6-kilometer parade during the Jember Fashion Carnival in Jember, eastern Java island, on Sunday, August 10, 2024. -- Photo by Juni KRISWANTO / AFP AseanPlus: * A fine achievement - Malaysian darters qualify for WDF World Cup after an absence of 14 years * Police seek witnesses in child molestation case involving Bangladeshi worker * Bangladesh chief advisor Dr Muhammad Yunus to undertake official visit to Malaysia * Malaysia, Australia celebrate 70 years of deepening strategic partnership * Ipoh to strengthen ties with Nanning, China on trade, tech exchanges * Kelantan police hunting two friends linked to singer Eda Ezrin's case * Ex-Malaysian beauty queen achieves second climbing record * 'Heartbreaking': Bear in India refuses to abandon dying cub struck by speeding car * China's chipmakers to see small impact from Trump's 100% tariff on imports: CLSA * 'Reduce reliance': Can US and Europe break free from China's rare earth grip? * South Korea's military has shrunk by 20% in six years as male population drops * Celebrity Style: Blackpink's Jisoo is effortlessly chic and always on point * UN Security Council holds urgent meeting on Israel's Gaza City plan * US debuts hypersonic missile in Australia. Is it a deterrent against China? * China rocket shortage means it may have to pick a favoured Starlink challenger * Japan's Shinmoedake volcano erupts, sending ash plume well above 3,000m * Two Japanese boxers die after brain injuries at the same Tokyo event * Chinese state media says Nvidia H20 chips not safe for China * China's fiery baijiu spirit evolves to attract younger drinkers * Seven dead after wall collapse in India's capital * Death toll from northwest China floods rises to 13 * Man in critical condition following shooting in eastern Australia * North Korea begins dismantling propaganda loudspeakers along border * Warning against adult pacifiers cites potential health hazards * Yomiuri sues US AI startup over use of articles; Perplexity allegedly used over 100,000 news stories * Bomb threat reported at South Korea's Olympic gymnastics arena; delaying concert by K-pop top group The Boyz * A region on the move - Youth mobility across Asean remains limited by fragmented visa systems * Athletics - Indian Open: Muhammad Azeem wins gold, Danish Iftikhar bronze in 100m sprint * Football - From Malaysia to Portugal, towering defender Paarveen takes giant leap * Football - Ex-Perak coach Teong Kim awarded RM1.04mil in unfair dismissal case
