{"id":8078,"date":"2023-05-05T21:34:11","date_gmt":"2023-05-05T13:34:11","guid":{"rendered":"https:\/\/daily.sg\/?p=8078"},"modified":"2023-05-06T17:19:57","modified_gmt":"2023-05-06T09:19:57","slug":"hyflux-charges-2023-shocking-new-details-on-ceo-and-directors-offences","status":"publish","type":"post","link":"https:\/\/daily.sg\/2023\/05\/hyflux-charges-2023-shocking-new-details-on-ceo-and-directors-offences\/","title":{"rendered":"Hyflux Charges 2023: Shocking New Details on CEO &#038; Director&#8217;s Offences"},"content":{"rendered":"\n<p>Aiyo, in case you haven&#8217;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. <\/p>\n\n\n\n<p>Eh, you want some details? Ok lah, here&#8217;s a summary:<\/p>\n\n\n\n<ul>\n<li><strong>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.<\/strong><\/li>\n\n\n\n<li><strong>Independent director Lee Joo Hai kenna charged for negligence leading to Hyflux not disclosing information.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Wah lau, so jialat!<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe loading=\"lazy\" title=\"Hyflux Charges 2023 Shocking New Details on CEO and Director&#039;s Offences (05 May 2023)\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/-4-_oTkx6wY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Former Hyflux CEO Getting Into More Heat<\/h2>\n\n\n\n<p>Ok lah, let me tell you more about Olivia Lum Ooi Lin&#8217;s charges.<\/p>\n\n\n\n<p>She like super blur sotong sia, apparently failed to disclose millions of dollars&#8217; worth of restricted bank balances in their financial statements lor. <\/p>\n\n\n\n<p>If she kenna convicted, she might be in jail up to 7 years or kenna fined $250,000.<\/p>\n\n\n\n<p>Aiyoh, not small amount leh.<\/p>\n\n\n\n<p>Bro, nice shirt ah, but back to the story. <\/p>\n\n\n\n<p>Lee Joo Hai, the independent director, also kenna charged for negligence when Hyflux didn&#8217;t disclose information they should have to Singapore Exchange. <\/p>\n\n\n\n<p>He left Singapore before investigations but Malaysia police caught him, steady lah. <\/p>\n\n\n\n<p>If convicted, he also can go jail up to 7 years or kenna fined $250,000.<\/p>\n\n\n\n<p>Life like rollercoaster sia, they ride so high then suddenly all come crashing down.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Consequences for the Auditors and Singapore&#8217;s Reputation<\/h2>\n\n\n\n<p>Ah, so troublesome, but also need talk about the auditors involved lor. <\/p>\n\n\n\n<p>KPMG&#8217;s Hyflux auditors kenna orders from the Public Accountants Oversight Committee, but cannot share more info cause got ongoing civil proceedings. <\/p>\n\n\n\n<p>Just know, quite some trouble lah.<\/p>\n\n\n\n<p>And bro, this kind of thing also affects how people see Singapore lah.<\/p>\n\n\n\n<p>Hyflux used to be a shining example for Singapore&#8217;s businesses, but now kenna tangled in all these complications. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Actionable &amp; Practical Takeaways<\/h2>\n\n\n\n<ul>\n<li>Stay up-to-date on news to not invest in companies with potential issues.<\/li>\n\n\n\n<li>Educate yourself on financial statements and proper reporting.<\/li>\n\n\n\n<li>Support Singapore&#8217;s efforts to maintain a clean business environment.<\/li>\n<\/ul>\n\n\n\n<p>In conclusion, this whole <a href=\"https:\/\/en.wikipedia.org\/wiki\/Hyflux\" target=\"_blank\" rel=\"noopener\" title=\"\">Hyflux<\/a> saga really makes one think, can trust companies just because they&#8217;re Singapore brand? <\/p>\n\n\n\n<p>And can one rely on the auditors to catch such issues? <\/p>\n\n\n\n<p>Like trying to find the right kway teow supplier ah, never know when it&#8217;s going downhill.<\/p>\n\n\n\n<p>And what about you ah? <\/p>\n\n\n\n<p>How do you think this whole Hyflux issue gonna end and what lessons can we learn? <\/p>\n\n\n\n<p>Tell me lah, comment below leh.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hyflux Charges 2023 &#8211; Ex-CEO faces additional offences, and independent director charged! Learn the shocking details of their court cases now!<\/p>\n","protected":false},"author":8,"featured_media":8083,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[437],"tags":[930,717,691,929,928],"_links":{"self":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts\/8078"}],"collection":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/comments?post=8078"}],"version-history":[{"count":5,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts\/8078\/revisions"}],"predecessor-version":[{"id":8158,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts\/8078\/revisions\/8158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/media\/8083"}],"wp:attachment":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/media?parent=8078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/categories?post=8078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/tags?post=8078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}