Remember that Hyflux scandal a few years ago?
It’s back.
Wa-ter hell…
Hyflux Board Gets Charged
On Thursday (17 November), former Hyflux CEO Olivia Lum, along with five others, was charged for not disclosing information about the Tuaspring project.
Their offences fall under the Securities and Futures Act (SFA) and CEO Lum also has an offence under the Companies Act (CA).
In June 2020, Singapore authorities launched an investigation into Hyflux and its directors for suspected false statements and disclosure requirement breaches.
The involved authorities are the police’s Commercial Affairs Department (CAD), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA).
Fast forward to today, the six have finally been charged.
Apart from Olivia, those charged include former Hyflux chief financial officer Cho Wee Peng and four other independent directors of the company.
Olivia Lum Owes a Sum
Under the SFA’s section 203(2) read with section 331(1), Lum was charged with consenting to Hyflux’s intentional failure to disclose information relating to the Tuaspring Integrated Water and Power Project, even when the disclosure was required by the Singapore Exchange Listing Rules.
If found guilty, she may be sentenced to up to seven years in jail and/or fined up to $250,000.
Under SFA’s section 251(1)b read with sections 253(4)(b)(i) and 277(3), she was also charged over Hyflux’s withholding of the same information relating to Tuaspring in the 2011 Offer Information Statement (OIS).
If found guilty, she may be sentenced to up to two years in jail and/or fined up to $150,000.
Under the CA’s section 201(5) read with section 204(1), Lum was charged over failure to ensure that Hyflux made disclosures required under the accounting standards for their financial statements in 2017.
This included the failure to disclose the breach of a subsidiary’s loan agreement that permitted lenders to demand accelerated repayment.
If found guilty, she could be fined up to $50,000.
All this seems so messy. In short, she kept quiet when she was supposed to reveal the truth, and now she’s being punished for it.
Yikes.
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Arrest The Rest
As for the former CFO, he was charged with one count under SFA for conniving in Hyflux’s intentional failure to disclose the relevant information.
The other independent directors were each charged with a count under SFA for neglecting to disclose any information relating to Tuaspring. Also under SFA, they were charged for failing to state the same information in Hyflux’s 2011 OIS.
Double yikes.
Following up on its statement, the authorities have revealed that they have also investigated DBS Bank for its role as issue manager in the offer. However, no further actions will be taken after reviewing the obtained evidence.
As the saying goes, honesty is the best policy. If you keep quiet now, the truth will come back to bit you in the ass.
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