Hyflux former chief Olivia Lum faces three more charges

Hyflux’s unaudited financial statements in 2017-2018 failed to disclose millions in bank deposits.

Hyflux’s former chief executive officer Olivia Lum has been charged with additional offences by the Monetary Authority of Singapore (MAS), Singapore Police Force (SPA), and the Accounting and Corporate Regulatory Authority (ACRA). This is for Hyflux’s failure to disclose millions in bank deposits in financial statements released between 2017 and 2018.

Lum is being charged with three counts against section 157 (1) with section 157 (3) CA for related to financial statements for the third quarter ending 30 September 2017; financial year ending 31 December 2017; and the first quarter that ended on 31 March 2018.

Lum in particular is being charged for her approval of the release of Hyflux’s unaudited financial statements in these three instances.

In the financial statement for the third quarter and nine months that ended on 30 September 2017, Hyflux reportedly failed to disclose US$33.5m (approximately S$45.62m) worth of bank deposits, according to the joint release by the MAS, SPA, and the ACRA.

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For the financial statement for the full year ending 31 December 2017, Hyflux failed to disclose the US$33.5m (S$45.62m) of bank deposits once again.

Hyflux also omitted to disclose US$47.5m (approximately S$63.75m) worth of bank deposits for its first quarter financial statement for the period that ended on 31 March 2018.

Lum also faces three more charges for disclosure-related offences, and one charge for failure to ensure Hyflux’s compliance with accounting standards.

One other independent director, Lee Joo Hai, has been charged in relation to his negligence for Hyflux’s intentional failure to disclose information related to the Tuaspring Integrated Water and Power Project. Such disclosure was required under the Singapore Exchange Listing Rules.