Hyflux saga: Flood of questions over debt debacle

Once the darling of the entrepreneurial scene, Hyflux is now vilified by investors and its affairs closely watched by regulators. Insight looks at the questions that have arisen.

A group of Hyflux investors staging a protest (above) at the Speakers' Corner in Hong Lim Park on March 30 to vent their anger over the state of affairs at the troubled company. ST PHOTO: JASON QUAH
At the centre of the Hyflux saga is Tuaspring (left), a water desalination and power generation plant at Tuas - which helps secure Singapore's water needs.
At the centre of the Hyflux saga is Tuaspring (above), a water desalination and power generation plant at Tuas - which helps secure Singapore's water needs. ST PHOTO: TIMOTHY DAVID
Among those facing questions over their roles in the saga is Hyflux's chief executive, engineer-turned-entrepreneur Olivia Lum (below). Scattered at the March 30 Hong Lim Park event were posters and hand-written placards with protest messages and slo
Among those facing questions over their roles in the saga is Hyflux's chief executive, engineer-turned-entrepreneur Olivia Lum (above). ST FILE PHOTO
Hyflux investors gathered at the March 30 protest at the Speakers' Corner also filled up proxy forms to vote at the company's April 5 "scheme meeting" on its perpetual securities and preference shares.
Hyflux investors gathered at the March 30 protest at the Speakers' Corner also filled up proxy forms to vote at the company's April 5 "scheme meeting" on its perpetual securities and preference shares. ST PHOTO: JASON QUAH
Among those facing questions over their roles in the saga is Hyflux's chief executive, engineer-turned-entrepreneur Olivia Lum (below). Scattered at the March 30 Hong Lim Park event were posters and hand-written placards with protest messages and slo
Scattered at the March 30 Hong Lim Park event were posters and hand-written placards with protest messages and slogans placed by some of the Hyflux investors who had joined the protest. ST PHOTO: JASON QUAH
Updated
Apr 12, 2019, 03:08 PM
Published
Apr 07, 2019, 05:00 AM
New: Gift this subscriber-only story to your friends and family

Retiree Alice Chong thought she found a safe product where she could park her savings when Hyflux launched its perpetual securities in May 2016 touting a 6 per cent annual return "forever".

It was easy. All it took was just a few minutes at an ATM, and she received notification soon after that she had successfully bought nearly $200,000 of these perpetuals.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

ST One Digital

 $9.90/month

No contract

ST app access on 1 mobile device

Subscribe now

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Sunday Times on April 07, 2019, with the headline Hyflux saga: Flood of questions over debt debacle. Subscribe

Available for
iPhones and iPads
Available in
Google Play

MCI (P) 066/10/2023. Published by SPH Media Limited, Co. Regn. No. 202120748H. Copyright © 2024 SPH Media Limited. All rights reserved.

Back to the top