Aiyo, in case you haven’t heard hor, Hyflux got into some big time trouble starting from 5 May 2023, their former CEO and an independent director kenna charged with even more offences under the Companies Act and Securities and Futures Act.
Eh, you want some details? Ok lah, here’s a summary:
- Lum Ooi Lin, the former CEO ah, kenna charged for failing to exercise reasonable diligence as a director in relation to approval of financial statements.
- Independent director Lee Joo Hai kenna charged for negligence leading to Hyflux not disclosing information.
Wah lau, so jialat!
Former Hyflux CEO Getting Into More Heat
Ok lah, let me tell you more about Olivia Lum Ooi Lin’s charges.
She like super blur sotong sia, apparently failed to disclose millions of dollars’ worth of restricted bank balances in their financial statements lor.
If she kenna convicted, she might be in jail up to 7 years or kenna fined $250,000.
Aiyoh, not small amount leh.
Bro, nice shirt ah, but back to the story.
Lee Joo Hai, the independent director, also kenna charged for negligence when Hyflux didn’t disclose information they should have to Singapore Exchange.
He left Singapore before investigations but Malaysia police caught him, steady lah.
If convicted, he also can go jail up to 7 years or kenna fined $250,000.
Life like rollercoaster sia, they ride so high then suddenly all come crashing down.
Consequences for the Auditors and Singapore’s Reputation
Ah, so troublesome, but also need talk about the auditors involved lor.
KPMG’s Hyflux auditors kenna orders from the Public Accountants Oversight Committee, but cannot share more info cause got ongoing civil proceedings.
Just know, quite some trouble lah.
And bro, this kind of thing also affects how people see Singapore lah.
Hyflux used to be a shining example for Singapore’s businesses, but now kenna tangled in all these complications.
Actionable & Practical Takeaways
- Stay up-to-date on news to not invest in companies with potential issues.
- Educate yourself on financial statements and proper reporting.
- Support Singapore’s efforts to maintain a clean business environment.
In conclusion, this whole Hyflux saga really makes one think, can trust companies just because they’re Singapore brand?
And can one rely on the auditors to catch such issues?
Like trying to find the right kway teow supplier ah, never know when it’s going downhill.
And what about you ah?
How do you think this whole Hyflux issue gonna end and what lessons can we learn?
Tell me lah, comment below leh.