Hyflux founder and former chief executive Olivia Lum Ooi Lin, former chief financial officer Cho Wee Peng and four former board members were on Thursday charged with violations of the Securities and Futures Act.

The authorities said that the six were charged over “Hyflux’s intentional failure to disclose information relating to the Tuaspring Integrated Water and Power Project”. According to the charges, this information was necessary to avoid the establishment of a false market in Hyflux’s securities.

Lum, 61, who was hit with three charges, is out on bail of $100,000. She was charged with consenting to Hyflux’s omission of information relating to Tuaspring as required under the Singapore Exchange listing rules.

The charges follow a joint probe in June 2020 by the Commercial Affairs Department, the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority, which the agencies initiated after a review of Hyflux’s compliance with accounting and auditing standards as well as disclosure rules.