Local water treatment firm Hyflux is current under criminal investigation for false and misleading statements and also non-compliance with accounting standards.
Hyflux’s existing and current directors are currently under investigation after a review was conducted by various financial regulators such as the Monetary Authority of Singapore, police’s Commercial Affairs Department and the Accounting and Corporate Regulatory Authority. The relevant authorities have uncovered reasons to suspect that several offences may have been committed.
Among the directors under investigation is Hyflux’s executive chairman, Ms Olivia Lum, who was the company’s only executive director during that period.
Securities Investors Association (Singapore) president David Gerald said the case against the firm highlights the need for Hyflux’s board to be more transparent in their communication with investors and shareholders as they continue the restructuring process.