[Bigiron]

Hyflux trial: Defence claims investigator omitted key information when questioning ex-CEO Olivia Lum 

 https://www.channelnewsasia.com/singapor...082025_cna

[Bigiron]

The Hyflux trial involves Olivia Lum, the company's founder and former CEO, and five other former executives. They're accused of violating the Securities and Futures Act for allegedly failing to disclose crucial information about the Tuaspring Integrated Water and Power Project to investors and the Singapore Exchange (SGX).

*Key Allegations:*

- *Non-disclosure of electricity sales information*: Hyflux allegedly didn't reveal that the project's profitability depended heavily on electricity sales revenue.
- *Inaccurate financial statements*: Lum faces additional charges for approving financial statements that didn't disclose restricted bank balances.

*Trial Developments:*

- Senior Counsel Davinder Singh grilled lead investigator Jacqueline Wei Maojun, questioning her about the investigation process and pointing out alleged inconsistencies.
- Lum's lawyer argued that Wei selectively presented information and didn't show key documents to Lum during questioning.

*Potential Consequences:*

- If convicted, Lum could face up to 7 years in jail, a fine of up to S$250,000, or both.
- The trial is expected to continue until January next year.¹ ²

[Bigiron]

The key information omitted by the investigator, according to Olivia Lum's lawyer, Senior Counsel Davinder Singh, includes¹ ²:

- *Jan 14, 2011 letter*: The investigator, Jacqueline Wei Maojun, didn't show Lum a letter from six banks indicating their willingness to provide financing for the Tuaspring project. Singh argued that this letter was crucial as it showed the banks' continued interest in financing despite initial concerns about the power plant.

- *Confidentiality agreement*: Wei didn't check for a confidentiality agreement between Hyflux and PUB, which Lum mentioned as a reason for limited disclosure. Singh questioned whether Wei adequately investigated this claim.

- *Maybank financing*: Wei allegedly omitted information about Maybank's involvement in financing the Tuaspring project. Singh suggested that Maybank's role would undermine the prosecution's case.

- *SGX complaint*: Singh questioned the necessity of an SGX complaint, implying it was unnecessary and part of a flawed investigation process.

- *Expert opinion*: Singh also pointed out that Wei didn't obtain an expert opinion from Kevin Gin before charging Lum, potentially biasing the investigation.

These omissions, according to the defense, may have impacted the fairness and thoroughness of the investigation into Hyflux's alleged failure to disclose crucial information about the Tuaspring project.³

[hansamu]

Are the Prosecutors as glib and experienced as the Defendent lawyer?
David vs Goliath??