High-Profile Hyflux Trial Set to Begin
The long-awaited trial of Hyflux founder and former CEO, Olivia Lum, is scheduled to commence on Monday, August 11, alongside the company’s former Chief Financial Officer and four independent directors. This high-profile legal proceeding follows a former director’s recent guilty plea and subsequent fine for failing to disclose pertinent information concerning the company’s Tuaspring integrated water and power project, as mandated by the Singapore Exchange (SGX) listing rules. The defendants will be jointly tried before District Judge Toh Han Li in a hearing that is slated to run for an extensive 57 days, with proceedings expected to conclude in February 2026. This lengthy timeline underscores the complex nature of the case and the gravity of the charges being leveled against the company’s former leadership.
Charges Against Former CEO Olivia Lum and Executives
Olivia Lum, at the age of 64, is facing a total of six charges, a combination of corporate and financial offenses. The charges include four counts of violating the Companies Act and two counts of breaching the Securities and Futures Act. She is specifically accused of consenting to the non-disclosure of critical information related to the Tuaspring project back in 2011 and of failing to ensure proper and accurate disclosures in the company’s 2017 financial statements. The former Chief Financial Officer, Cho Wee Peng, is also implicated, facing one charge for allegedly being complicit in the intentional failure to disclose information about the same project. The scale and nature of these charges highlight the serious allegations of corporate misconduct being investigated by the courts.
Independent Directors Also Under Scrutiny
The legal proceedings also extend to the company’s independent directors, with Teo Kiang Kok, Gay Chee Cheong, Christopher Murugasu, and Lee Joo Hai each facing two charges of breaching the Securities and Futures Act. They are accused of alleged negligence in their roles, which is a significant aspect of the case, as independent directors are meant to provide impartial oversight. All of the accused are represented by the law firm Shook Lin & Bok, underscoring the coordinated legal defense mounted against the charges. The trial is expected to shed light on the corporate governance practices at Hyflux and their impact on the company’s ultimate financial collapse, serving as a landmark case for corporate accountability in Singapore’s business landscape.
