Singapore: Former CEO of Hyflux, Olivia Lum Ooi Lin, has exercised reasonable discretion in performing her duties as a director in connection with approving the release of Hyflux’s third quarter and nine month unaudited financial statements. He was charged with additional charges for failing to pay attention. Financial statements for the first quarter of the fiscal year ended September 30, 2017, the fiscal year ended December 31, 2017 and the period ended March 31, 2018.
Lam faces three charges under the Companies Act by the Singapore Police Department of Commerce (CAD), the Monetary Authority of Singapore (MAS) and the Accounting and Business Regulatory Authority (ACRA).
The indictment relates to Hyflux’s failure to disclose US$114.5 million (approximately SGD153.5 million) worth of bank deposits that it had promised not to withdraw as restricted bank balances.
Lam also faces two counts of disclosure-related charges under the Securities and Futures Act (SFA) and one charge of Hyflux’s failure to comply with accounting standards under the Companies Act. If she is convicted, she could face imprisonment, a fine, or both.
Additionally, Lee Joo Hai, an independent director of Hyflux, read in conjunction with Section 331(1) of the SFA in relation to Hyflux’s failure to disclose information related to the Tuaspring Integrated Water and Power Project. Indicted under one count of section 203(2). .
Lee left Singapore before the investigation began and was arrested in Malaysia with the assistance of the Royal Malaysian Police on 12 March.
If convicted, defendants face imprisonment, fines, or both. KPMG LLP’s Hyflux Auditor, with respect to the relevant financial statements for the financial years ended between 2013 and 2017, under the Accountants Act, he was appointed by the Certified Public Accountants Oversight Board (PAOC), which administers ACRA’s practice oversight program. ) has also received orders from .
Police said they are unable to release any further information at this time due to ongoing civil litigation in the matter. /TISG
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https://theindependent.sg/ex-hyflux-ceo-charged-with-additional-offences-under-companies-act/ Former Hyflux CEO indicted for additional violations under corporate law