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SINGAPORE – Troubled water treatment firm Hyflux is under criminal investigation for false and misleading statements, as well as non-compliance with accounting standards, the authorities said on Tuesday (June 2).
The investigation, which also involves the company’s existing and former directors, follows a review of Hyflux-related disclosures and compliance with accounting and auditing standards which was announced in April last year.
The review, conducted by financial regulators Monetary Authority of Singapore (MAS), the Accounting and Corporate Regulatory Authority (Acra) and the Singapore Exchange Regulation, uncovered reasons to suspect that several offences may have been committed.
The joint investigation undertaken by Acra, MAS and the police’s Commercial Affairs Department (CAD) will ascertain if there were lapses in Hyflux’s disclosures concerning the Tuaspring integrated water and power project, as well as non-compliance with accounting standards between 2011 and 2018.
Among the directors under investigation is Hyflux’s executive chairman, Ms Olivia Lum, who was the company’s only executive director during that period.
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