CEO Lum was charged with one count under the SFA’s section 203(2) read with section 331(1) for consenting to Hyflux’s deliberate failure to release information relating to the Tuaspring integrated water and power project even though such disclosures were required under the listing rules of the Singapore Exchange (SGX).
Hyflux’s former chief executive officer (CEO), chief financial officer (CFO) and four independent directors were charged in court on Nov 17 for disclosure-related offences under the Securities and Futures Act (SFA). CEO Lum Ooi Lin (also known as Olivia Lum) was also charged with an offence under the Companies Act (CA).
This came after joint investigations carried out by the Commercial Affairs Department (CAD) of the Singapore Police Force (SPF), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (ACRA).
