US EditionOlivia Lum and Other Ex-Hyflux Leaders Go on Trial over Omissions to SGX About Tuaspring Project
SINGAPORE, AUG 11 – Trial examines alleged failure by Hyflux leaders to disclose key risks in Tuaspring project, impacting 34,000 investors who lost about S$900 million, with proceedings set for 56 days.
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10 Articles
Olivia Lum and other ex-Hyflux leaders go on trial over omissions to SGX about Tuaspring project
Hyflux's collapse resulted in significant investor losses. About 34,000 holders of perpetual securities and preference shares were collectively owed S$900 million, prosecutors said.
Olivia Lum and five other ex-Hyflux leaders face trial over alleged omissions in Tuaspring project disclosures
SINGAPORE: Four years after the High Court ordered Hyflux to wind up, six former leaders of the once-prominent Singapore water treatment company have gone on trial for alleged omissions in disclosures to investors and the Singapore Exchange (SGX) about its ill-fated Tuaspring project. The project, Hyflux’s second and largest seawater desalination plant, was pitched as a major national infrastructure undertaking. However, prosecutors allege that …
Hyflux issued preference shares to fund Tuaspring as it had problems getting bank loans: Prosecution
SINGAPORE — Hyflux issued preference shares to fund its Tuaspring project because it had trouble getting bank loans, the prosecution said on the first day of the trial involving former senior executives of the failed water treatment plant. Deputy Chief Prosecutor Christopher Ong noted that a consortium of banks had raised concerns in 2011 over Hyflux's strategy of selling electricity...
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