Hyflux
Hyflux Ltd (Hyflux) was a sustainable products and research company listed on the Singapore Stock Exchange (SGX).
The company was founded in 1989 by Olivia Lum, Group CEO, President and Managing Director.
In 2006, the company was given the 'Water Company of the Year' award, at the 'Global Water Awards', by the Global Water Intelligence, UK.[citation needed]
The company was placed under judicial management (JM) on 19 November 2020 by the Singapore Courts due to excessive debts. Control of the company's operation has been transferred to the appointed judicial managers Hamish Alexander Christie and Patrick Bance of Borrelli Walsh.[1] The company has been approved to wind up on 21 July 2021.[2]
History
The company started initially as Hydrochem (S) Pte Ltd in 1989[3] with a start-up capital of S$20,000 and three staff, selling water treatment systems.[4][5]
By January 2001, Hyflux had become the first water treatment company to be listed on SESDAQ, and was upgraded to the Singapore Exchange's Mainboard in April 2003.[6]
In 2008, the group had net profits of S$59 million.[7] In 2016, the group had net profits of S$3.8 million.
On 21 May 2018, the company suspended its shares and applied for court supervision to reorganise liabilities and businesses the next day.[8]
On 19 October 2018, conglomerate Salim Group and energy giant Medco Group agreed to offer Hyflux a S$400 million equity injection, in exchange for a 60 per cent stake in the company once it has settled all its debts.[9][10][11]
On 4 June 2021, judicial managers filed an application with Singapore's court to wind up the company after failed negotiations with an investor.[12]
On 21 July 2021, Singapore's high court has approved for Hyflux to wind up and be liquidated with its judicial managers being its liquidators.[2]
On 17 November 2022, ex-CEO Olivia Lum, ex-CFO Cho Wee Peng and four other former board members were charged with violations of Singapore's Securities and Futures Act.[13]
On 12 March 2023 former independent director Lee Joo Hai, who had left Singapore, was arrested in Malaysia in a joint operation with the Royal Malaysia Police. He was subsequently charged on one count of violating the Securities and Futures Act. Lee faces a potential jail term of up to seven years, a fine of up to S$250,000, or both.[14]
On 5 May 2023, Singapore's State Court added three additional charges against Olivia Lum, citing violations of the Companies Act related to an allegation that she failed to exercise diligence in the discharge of her duties as a director. Lum faces a potential jail term of up to two years, a maximum fine of S$150,000, or both.[14]
References
- ^ hermesauto (16 November 2020). "Hyflux put under judicial management; founder Olivia Lum loses control over firm". The Straits Times. Retrieved 11 December 2020.
- ^ a b hermesauto (21 July 2021). "End of the road for Hyflux as High Court okays winding up of water treatment firm". The Straits Times. Retrieved 22 July 2021.
- ^ "Former HR manager of Hyflux subsidiary Hydrochem charged with corruption". CNA. Retrieved 27 January 2023.
- ^ Lum, Olivia (4 June 2007), "Toilet was just a squat pan; Group CEO and president of Hyflux Olivia Lum recounts a childhood of extreme poverty", The Electric New Paper, Singapore, archived from the original on 23 December 2007, retrieved 15 January 2008
- ^ Zhang, Lihong (6 October 2005), "新加坡"水之女皇"林爱莲 幽默随和的美丽女人/Singapore's 'Queen of Water' Olivia Lum - a humorous, amiable beauty", Xinhua News (in Chinese), archived from the original on 4 December 2007, retrieved 15 January 2008
- ^ Pek, Tiong Gee (2 September 2021). "Hyflux: Down the slippery slope". The Edge.
- ^ "Hyflux Still Expanding" (PDF). Asia Pacific Biotech News. 3 November 2009.
- ^ "Hyflux applies for court supervision to reorganise liabilities, businesses". Channel NewsAsia. Archived from the original on 11 April 2021. Retrieved 23 May 2018.
- ^ Lee, Marissa (19 October 2018). "Indonesian white knights put S$530m Hyflux rescue plan on table". The Business Times. Archived from the original on 8 November 2020.
- ^ "Hyflux's retail investors face losses under proposed restructuring plan". Channel NewsAsia. Retrieved 21 February 2019.
- ^ "SIAS to hold investor-only town hall session on Feb 25 for Hyflux perpetual, preference shareholders". Channel NewsAsia. Retrieved 21 February 2019.
- ^ Choy, Natalie (4 June 2021). "Hyflux files for liquidation after failed investor talks". www.businesstimes.com.sg. Retrieved 5 June 2021.
- ^ Leong, Grace (17 November 2022). "Ex-Hyflux CEO Olivia Lum, ex-CFO and four others charged with violations of Securities and Futures Act". www.straitstimes.com. Retrieved 4 May 2023.
- ^ a b Leong, Grace (5 May 2023). "Hyflux founder Olivia Lum faces 3 more charges, independent director Lee Joo Hai arrested and charged". www.straitstimes.com. Retrieved 4 May 2023.