Singapore Water Company Hyflux CEO Olivia Lum, CFO & 4 Independent Directors Charged for Securities Disclosure Offences, DBS Investigated for Role in
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Singapore Water Company Hyflux CEO Olivia Lum, CFO & 4 Independent Directors Charged for Securities Disclosure Offences, DBS Investigated for Role in 2011 Hyflux 6% Preference Share Issuance 17th November 2022 | Singapore
Singapore “Water Company of the Year in 2006” Hyflux former CEO, CFO & 4 independent directors had been charged for securities disclosure offences in Singapore court, with Singapore largest bank DBS Bank investigated for its role in the offering of 2011 Hyflux 6% Preference Share. The individuals charged include Hyflux former CEO Olivia Lum Ooi Lin under the Securities & Futures Act (SFA) and Companies Act (CA), for agreeing not to release information of Singapore Tuaspring integrated water & power project (disclosures required under the listing rules of the Singapore Exchange, SGX), not releasing the same information in the offering of 2011 Hyflux 6% Preference Share, and failing to ensure accounting standards for its financial statements for the FY2017. Former CFO Cho Wee Peng, and the 4 independent directors (Teo Kiang Kok, Gay Chee Chong, Murugasu Christopher & Rajskar Kuppuswami Mitta) are also charged for failing to disclose information on Tuaspring. Hyflux was founded as Hydrochem in 1989 by Olivia Lum Ooi Lin, who was one of Singapore’s most successful woman entrepreneur, with only S$20,000 in capital. Olivia Lum grew the Hyflux into a billion-dollar company (market capitalisation), had net worth of more than $200 million, and was named EY World Entrepreneur of the Year in 2011 (Singapore). In 2018, Hyflux filed for bankruptcy with a total debt of S$1.17 billion.
“ Singapore Water Company Hyflux CEO Olivia LUM, CFO & 4 Independent Directors Charged for Securities Disclosure Offences, DBS Investigated for Role in 2011 Hyflux 6% Preference Share Issuance “
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Hyflux Investigation 
Hylfux Olivia Lum Hyflux was founded as Hydrochem in 1989 by Olivia Lum Ooi Lin, who was one of Singapore’s most successful woman entrepreneur, with only S$20,000. Olivia grew the company into a billion company (market capitalisation), had net worth of more than $200 million, and was named EY World Entrepreneur of the Year in 2011 (Singapore). In 2018, Hyflux filed for bankruptcy with a total debt of S$1.17 billion.
The investigations were conducted by Commercial Affairs Department (CAD) of the Singapore Police Force (SPF), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA).
If convicted, they face imprisonment of up to seven years, a fine not exceeding $250,000, or both on each charge under the SFA section 203; imprisonment of up to two years, a maximum fine of $150,000 or both on each section 253 SFA charge, and a maximum fine of $50,000 on the charge under the Companies Act.
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