Hyflux saga: Flood of questions over debt debacle

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.
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

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.

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.

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A version of this article appeared in the print edition of The Sunday Times on April 07, 2019, with the headline 'Flood of questions over debt debacle'. Print Edition | Subscribe