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

Hyflux premises in Kallang Bahru, June 3, 2020. ST PHOTO: GAVIN FOO
New: Gift this subscriber-only story to your friends and family

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.

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

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.