“The investigation follows from a review into Hyflux-related disclosure, and compliance with accounting and auditing standards that was announced by ACRA, MAS and the Singapore Exchange Regulation on April 16 2019,” say the three bodies in a joint statement.
SINGAPORE (June 2): Hyflux, which is struggling with its long-drawn restructuring process, now faces a joint probe by the Commercial Affairs Department (CAD), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA), for suspected false and misleading statements as well as breaches of disclosure requirements.
The company’s former and current directors, including founder and executive chairman Olivia Lum, are subjects of investigations too.
