Hyflux probe raises questions of creative accounting, disclosure breaches: Experts

Hyflux premises in Kallang Bahru, June 3, 2020.
Hyflux premises in Kallang Bahru, June 3, 2020.ST PHOTO: GAVIN FOO

SINGAPORE - The criminal investigation into accounting practices at Hyflux could be centred on the possibility that disclosures by current and former directors around securities offerings were inadequate and that there may be irregularities in the water firm's financial records, industry observers say.

Speculation has been rife since the Commercial Affairs Department (CAD), the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (Acra) announced on Tuesday (June 2) that a joint probe had been launched after the findings of a review over concerns over Hyflux's compliance with accounting and auditing standards and disclosure rules.

Please or to continue reading the full article.

Get unlimited access to all stories at $0.99/month

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.