Latest news with #Mitta
Business Times
3 days ago
- Business
- Business Times
Hyflux's ex-director Mitta fined S$90,000, barred from directorships; Olivia Lum's trial starts Aug 11
[SINGAPORE] A former independent director of Hyflux pleaded guilty on Thursday (Aug 7) to being negligent in the insolvent water treatment firm's failure to disclose to the Singapore Exchange (SGX) relevant information related to the Tuaspring integrated water and power project. Rajsekar Kuppuswami Mitta's plea of guilt came ahead of the trial against six others , including founder and former chief executive Olivia Lum, scheduled for the coming Monday. He was fined S$90,000, and has been barred from becoming a director in any company. He also cannot take part, directly or indirectly, in the management of any company for five years, effective Thursday. The statement of facts indicated that, at the board of directors' meetings on Nov 4, 2010 and Feb 22, 2011, Mitta was briefed by the Hyflux management on the company's bid to design, build, own and operate Tuaspring, Singapore's second and largest seawater desalination plant. Hyflux then released an announcement to SGX on Mar 7, 2011, about having been named the 'preferred bidder' for the project, which was to have a concession period of 25 years, during which the desalinated water produced at the plant would be sold to PUB. The announcement also stated that the cost of Tuaspring was S$890 million. 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 Hyflux added that it would build a 411MW combined-cycle, gas-turbine power plant to supply electricity to the desalination plant. However, it failed to disclose that Tuaspring was Hyflux's expansion into a new business of selling electricity, which was outside its core competency area of desalination. It also did not mention that the revenue from the sale of electricity from Tuaspring's power plant was projected to make up the significant majority of Tuaspring's turnover. Neither was it disclosed that the profitability of Tuaspring was to be contingent on revenue from the sale of electricity from the power plant, and this had implications for Tuaspring's resulting exposure to market risks arising from the volatility of electricity prices. The statement of facts said it would have been necessary for the listed firm to make this disclosure to avoid the establishment of a false market in relation to Hyflux's securities, because the material information could influence investors' decisions on whether to trade in its securities. Mitta was a non-executive, independent director of Hyflux from April 2007 to December 2013. The 68-year-old Australian, who has permanent residency in Singapore, was chairman of the board's risk-management committee. Hyflux reported about S$115.5 million in net losses for 2017, and attributed its first loss to the weak power market in Singapore, on the back of Tuaspring contributing to the bulk of the losses. Hyflux suspended trading in its stock in May 2018 , and was placed under judicial management in November 2020 . To the prosecution's seeking general deterrence in the sentencing, the district court handed down that S$90,000 fine and the mandatory five-year disqualification order. Mitta could have been fined up to S$250,000, jailed for up to seven years, or both. One other charge against him was taken into consideration during sentencing; he had been accused of being liable for Hyflux's omission to state the material information regarding Tuaspring in the 2011 Offer Information Statement issued for the offer of S$200 million, 6 per cent preference shares in April 2011.
Business Times
4 days ago
- Business
- Business Times
Hyflux's ex-director pleads guilty to disclosure-related charge, fined S$90,000 and barred from directorships
[SINGAPORE] A former independent director of Hyflux pleaded guilty on Thursday (Aug 7) to being negligent in the insolvent water treatment firm's failure to disclose to the Singapore Exchange (SGX) relevant information related to the Tuaspring integrated water and power project. Rajsekar Kuppuswami Mitta's plea of guilt came ahead of the trial against six others, including founder and former chief executive Olivia Lum, scheduled for the coming Monday. He was fined S$90,000, and has been barred from becoming a director in any company. He also cannot take part, directly or indirectly, in the management of any company for five years, effective Thursday. The statement of facts indicated that, at the board of directors' meetings on Nov 4, 2010 and Feb 22, 2011, Mitta was briefed by the Hyflux management on the company's bid to design, build, own and operate Tuaspring, Singapore's second and largest seawater desalination plant. Hyflux then released an announcement to SGX on Mar 7, 2011 about having been named the 'preferred bidder' for the project, which was to have a concession period of 25 years, during which the desalinated water produced at the plant would be sold to PUB. The announcement also stated that the cost of Tuaspring was S$890 million. 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 Hyflux added that it would build a 411MW combined-cycle, gas-turbine power plant to supply electricity to the desalination plant. However, it failed to disclose that Tuaspring was Hyflux's expansion into a new business of selling electricity, which was outside its core competency area of desalination. It also did not mention that the revenue from the sale of electricity from Tuaspring's power plant was projected to make up the significant majority of Tuaspring's turnover. Neither was it disclosed that the profitability of Tuaspring was to be contingent on revenue from the sale of electricity from the power plant, and this had implications for Tuaspring's resulting exposure to market risks arising from the volatility of electricity prices. The statement of facts said it would have been necessary for the listed firm to make this disclosure to avoid the establishment of a false market in relation to Hyflux's securities, because the material information could influence investors' decisions on whether to trade in its securities. Mitta was a non-executive, independent director of Hyflux from April 2007 to December 2013. The 68-year-old Australian, who has permanent residency in Singapore, was chairman of the board's risk-management committee. Hyflux reported about S$115.5 million in net losses for 2017, and attributed its first loss to the weak power market in Singapore, on the back of Tuaspring contributing to the bulk of the losses. Hyflux suspended trading in its stock in May 2018, and was placed under judicial management in November 2020. To the prosecution's seeking general deterrence in the sentencing, the district court handed down that S$90,000 fine and the mandatory five-year disqualification order. Mitta could have been fined up to S$250,000, sentenced to imprisonment for a term not exceeding seven years or to both. One other charge against him was taken into consideration during sentencing; he had been accused of being liable for Hyflux's omission to state the material information regarding Tuaspring in the 2011 Offer Information Statement issued for the offer of S$200 million, 6 per cent preference shares in April 2011.
The Guardian
27-03-2025
- Entertainment
- The Guardian
‘We can talk through our art': the Malian festival uniting the Sahel's people
A group of Tuareg musicians dressed in light blue robes were playing by a campfire that cast dancing shadows on the red sand. A drum and violin accompanied the electric guitars as more people came to watch the band, called Aitma. Every February, the city of Ségou, 140 miles (230km) north of the capital, Bamako, is transformed into Mali's cultural hub as tens of thousands of people come to enjoy a week-long arts and music festival, Ségou'Art, on the banks of the Niger River. 'We are here to meet each other,' said Aitma's band manager, Mohamed Mitta. 'When we share our culture, we remember that we are one people, even if politics divides us.' In 2012, Mitta's band members fled the northern desert city of Timbuktu with their families to escape the advancing jihadists. Part of the Tuareg population had taken up arms alongside groups linked to al-Qaida to fight for an independent state in northern Mali, as several jihadist groups spread throughout Mali, Niger and Burkina Faso, pitting different communities against each other. 'When we arrived in Bamako, we met people who had not met people like us – the Tuareg from the north – before,' said Mitta. 'That was more than 10 years ago. The conflict brought northern and southern Malians into contact with each other.' Although Timbuktu is still under a jihadist blockade, most of the band's family members have returned to the city. But Mitta and his band dare not leave Bamako. 'If the jihadists ever occupy the city again, artists will be among the first victims,' he said. In the past four years, three military regimes have come to power in Mali, Niger and Burkina Faso through coups born out of frustration with the failure of the French-led military campaign, Operation Barkhane, to contain the spread of jihadist groups in the Sahel. The French withdrew their forces in 2022 after nine years of fighting the Islamists. When the Economic Community of West and Central Africa (Ecowas) imposed economic and monetary sanctions, and threatened to intervene militarily in Niger to force the juntas to hold elections and restore civilian rule, the three countries came together to form their own bloc: the Alliance of Sahel States (AES). In January, the AES states withdrew from Ecowas, aiming for greater military, economic and cultural sovereignty. The political backdrop added weight to the theme of this year's festival of 'cultural diversity, peace and unity'. The military regimes of the AES states sent a senior delegation of ministers and envoys to the festival, where Col Maj Ismaël Wagué, one of the Malian junta members, told the crowd: 'From Mauritania to Chad, our shared culture and diversity can be a binding force if we choose to embrace it.' Mali's foreign minister, Abdoulaye Diop, told visitors at the opening of the new Kôrè museum in Ségou: 'Just as the European Union works toward a common identity to prevent disintegration, we too see the importance of this for the alliance of our countries.' After the ministers left, visitors crowded round Abdoulaye Konaté, an artist whose internationally acclaimed canvases are on display at the museum. 'For me, this festival is like a library, a place and yearly event where we can share knowledge and dialogue about what matters to us. We can talk through our art. It is important,' he said. Ky Siriki, a Burkinabé artist whose bronze statues reflecting on Africa's oral history are part of the museum's collection, said: 'From Mauritania to Sudan, we share a common culture in the Sahel region due to our nomadic past and our empires. That shared culture, a rich tapestry of diversity, can unite us. Even in our differences.' Sign up to Global Dispatch Get a different world view with a roundup of the best news, features and pictures, curated by our global development team after newsletter promotion Beverly Ochieng, an analyst at the consultancy Control Risks, which monitors the political and security situation in the Sahel, said there was widespread support among people in Mali, Niger and Burkina Faso for the idea of a shared identity. 'Ecowas sanctions have caused a lot of resentment among the population in the three Sahel countries,' said Ochieng, adding that it was one reason why, despite the resulting economic downturn, a large portion of the population still backed the junta. She said the Malian regime's pursuit of economic and monetary sovereignty, with access to its own resources and food security as key goals, 'enjoys widespread support'. The Malian junta, led by Gen Assimi Goïta, has improved the security situation by making territorial gains in the central and northern regions of the country, earning it the trust of the population, according to Wouter van den Hazel, the Dutch defence attaché for Mali, Niger, Burkina Faso and Chad in Bamako. This is despite the heavy repression of any form of opposition and the abolition of press freedom. In the heart of a market near the festival, a music vendor selling traditional Malian blues leant in, lowering his voice as he spoke of his country's future. 'For me, sovereignty and security are the most important. After that, a return to democracy – but not too soon,' he said. 'The junta of Assimi Goïta is cleaning up the old corrupt elite, the politicians who filled their pockets. If they come back to power after elections, it's like starting from scratch.' As the sun's last rays deepened the red hues of Ségou's terracotta buildings, designers from five Malian cities prepared for a fashion show. Models showcased a fusion of modern styles and traditional, bright patterns and woven fabrics. 'This is a perfect example of the cultural synergy we're aiming to build within the AES,' said Niger's young crafts and tourism minister, Aghaichata Guichene Atta. 'We must work together to ensure that the products we make, the crafts we create, can be shared across the Sahel and beyond. This is how we strengthen our identity and our ties with one another.'
