Former Hyflux CEO Olivia Lum, ex-CFO and administrators charged over failure to reveal details about Tuaspring

SINGAPORE: Former Hyflux CEO Olivia Lum Ooi Lin was amongst six folks charged on Thursday (Nov 17) over the corporate’s failure to reveal details about the Tuaspring undertaking.

The 5 others had been former Hyflux chief monetary officer Cho Wee Peng and 4 unbiased administrators of the corporate.

The costs adopted joint investigations launched in June 2020 by the authorities – the Singapore Police Power (SPF), the Financial Authority of Singapore (MAS) and the Accounting and Company Regulatory Authority (ACRA).

Former CEO Lum was charged with consenting to Hyflux’s intentional failure to reveal info regarding the Tuaspring Built-in Water and Energy Mission, when such disclosure was required beneath the Singapore Alternate Itemizing Guidelines.

If discovered responsible, she will be jailed for as much as seven years, fined as much as S$250,000, or each.

Lum was additionally charged over Hyflux’s omission to state the identical info regarding Tuaspring within the 2011 Provide Info Assertion (OIS), which was issued for the provide of S$200 million, 6 per cent desire shares on Apr 13, 2011.

If discovered responsible, she will be jailed for as much as two years, fined as much as S$150,000, or each.

She additionally obtained a 3rd cost over failing to make sure that Hyflux made disclosures required beneath the accounting requirements for its monetary statements for the monetary 12 months ending Dec 31, 2017.

This included the failure to reveal the breach of a subsidiary’s mortgage settlement that permitted its lenders to demand accelerated reimbursement. The offence carries a superb of as much as S$50,000.

Former CFO Cho was charged with conniving in Hyflux’s intentional failure to reveal info regarding Tuaspring, when such disclosure was required beneath the Itemizing Guidelines.