Hyflux

[brattzz]

they are already prepared for such a case, it will take many many years for the trials to conclude anyway... :O

[weijian]

Hyflux's former CEO, CFO and independent directors charged with offences under SFA and CA
https://www.theedgesingapore.com/news/co...sfa-and-ca

Not a law expert but it seems this white collar violation does carry a jail sentence. This ex ID pleaded guilty and hence may have escaped prison time.

Olivia Lum and the rest are going to trial and so we will have to see how things transpire.

Hyflux’s ex-director Mitta fined S$90,000, barred from directorships; Olivia Lum’s trial starts Aug 11

However, it failed to disclose that Tuaspring was Hyflux’s expansion into a new business of selling electricity, which was outside its core competency area of desalination. It also did not mention that the revenue from the sale of electricity from Tuaspring’s power plant was projected to make up the significant majority of Tuaspring’s turnover. Neither was it disclosed that the profitability of Tuaspring was to be contingent on revenue from the sale of electricity from the power plant, and this had implications for Tuaspring’s resulting exposure to market risks arising from the volatility of electricity prices.

To the prosecution’s seeking general deterrence in the sentencing, the district court handed down that S$90,000 fine and the mandatory five-year disqualification order.

Mitta could have been fined up to S$250,000, jailed for up to seven years, or both.

https://www.businesstimes.com.sg/compani...rts-aug-11

[CY09]

I reserve my in depth comment until after the completion.

But a $90,000 fine which equates to possibly five years pay as ID for neligigence is underwhelming; the carrot and stick i feel is skewed, when the outcome is that the public losts a few tens of millions in dollars. Alternatively if prosecution is worried costs public funds, just fine an equivalent amount to the time in jail, these are white collar workers, money is less of an issue to them; time is

[weijian]

With the BOD admitting guilt over publishing "false and misleading public statements which are material", this chapter on Swiber closes. It seems as long as one doesn't contest the case by admitting guilt, you get away from jail time I suppose.

As Hyflux raised additional capital from the markets, Lum has additional charges and so faces harsher penalties if found guilty.

Ex-Swiber CEO fined S$100,000 over untrue announcement of project

The announcement had the effect of significantly overstating Swiber’s business prospects, which was likely to have induced the purchase of the company’s securities by investors. However, members of Swiber’s board, including Wong, approved the statement.

Of the eight, five (including Wong) were charged with consenting to the false statement; the remaining three were charged with neglect in connection with it.

Wong admitted to the offence under Section 199 (b)(ii) of the SFA on Monday and was fined S$100,000; if he does not pay the fine, he will face 20 weeks’ imprisonment. He was also disqualified from holding director roles for five years.

The three directors who faced charges of neglect – Oon Thian Seng, Chia Fook Eng and Jean Pers – had earlier pleaded guilty. They were each fined S$10,000, and would have faced a month’s imprisonment if they failed to pay it. They were each also handed down the mandatory five-year disqualification from taking on director roles.

https://www.businesstimes.com.sg/compani...nt-project