Hyflux

Last updated

Hyflux Logo Hyflux Logo.svg
Hyflux Logo

HyfluxLtd was a Singaporean 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]

Related Research Articles

Olivia Lum Ooi Lin is a Singaporean businesswoman. She is best known for being the founder, group chief executive officer, and president of the Singapore-based Hyflux Group.

The following lists events that happened during 1962 in Singapore.

Water supply and sanitation in Singapore are intricately linked to the historical development of Singapore. It is characterised by a number of outstanding achievements in a challenging environment with geographical limitations. Access to water in Singapore is universal, affordable, efficient and of high quality.

Singapore Technologies Engineering Ltd, doing business as ST Engineering, is a Singaporean multinational technology and engineering group in the aerospace, smart city as well as defence and public security sectors. Headquartered in Singapore, the group reported a revenue of S$7.7 billion in FY2021, ranks among the largest companies listed on the Singapore Exchange, and is one of Asia's largest defence and engineering groups. It is a component stock of FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index. ST Engineering has about 23,000 employees worldwide with two-thirds of its employees in the engineering and technology roles.

<span class="mw-page-title-main">Andrew Phang</span> Singaporean judge

Andrew Phang Boon LeongPJG is a Singaporean judge in the Supreme Court, currently sitting as a Senior Judge.

Tay Yong Kwang is a Singaporean judge of the Supreme Court. He was first appointed Judicial Commissioner in 1997, appointed Judge in 2003, and appointed Judge of Appeal in 2016. He was noted for being the presiding judge in several notable cases that shocked the nation and made headlines in Singapore. He was most recently re-appointed for a further two year term on the Court of Appeal from 3 September 2024.

The Bayou Hedge Fund Group (1996-2006) was a group of companies and hedge funds founded and headed by Samuel Israel III. Approximately $450m was raised by the group from investors, who were defrauded from nearly the start with funds being misappropriated for personal use.

Daniel Ong Ming Yu is a Singaporean businessman, radio DJ and television host. He is the co-founder of Twelve Cupcakes, a Singapore-based cupcake chain. He also entered the eateries business with Mischief American street food at Esplanade in 2015, and Rookery at Hong Leong building in 2014. He was a radio deejay in Singapore's MediaCorp Radio 987FM and television host.

<span class="mw-page-title-main">Loretta Chen</span>

Loretta Chen, is a Singaporean theatre director, television presenter, radio personality and author. She was Co-Founder, Group Business Development & Creative Director of The Activation Group, a regional creative agency and production house. She is currently based in Honolulu but is visiting professor at the School of Leadership and Organisational Studies at the University of Southern Maine. She is also visiting professor in Stanford University, Dartmouth College, Carnegie Mellon, Ritsumeikan Asia Pacific University and University of Hawaii.

<span class="mw-page-title-main">S. Iswaran</span> Singaporean former politician (born 1962)

Subramaniam Iswaran, commonly known as S. Iswaran, is a Singaporean former politician who served as Minister-in-charge of Trade Relations between 2018 and 2024 and Minister for Transport between 2021 and 2024. A former member of the governing People's Action Party (PAP), he was the Member of Parliament (MP) representing the West Coast division of West Coast GRC between 2001 and 2024.

<span class="mw-page-title-main">Corruption in Singapore</span>

The Republic of Singapore is generally perceived as one of the least corrupt countries in the world. Cases are mostly handled by the Singapore Corrupt Practices Investigation Bureau (CPIB), a government agency in Singapore that investigates and prosecutes corruption in the public and private sectors. According to a Transparency International survey, an overwhelming majority of people in Singapore do not hear cases of corruption by public officials or institutions through media in their lifetime. In 2020, Singapore's public sector was ranked by Transparency International as the fourth least corrupt in the world and the most transparent in Asia.

<span class="mw-page-title-main">M Ravi</span> Singaporean lawyer

Ravi Madasamy, better known as M Ravi, is a Singaporean former human rights lawyer and activist. Known for his work as a cause lawyer, he has acted in multiple leading cases in Singaporean constitutional law and human rights.

Lim Tean is a Singaporean lawyer and politician. He is the founder of the political party Peoples Voice and was appointed as Peoples Voice secretary-general. He previously was appointed as secretary-general of the National Solidarity Party from 30 August 2015 to 18 May 2017.

<span class="mw-page-title-main">City Developments Limited</span> Singaporean real estate organisation

City Developments Limited (CDL), sometimes also known as CityDev, is a Singaporean multinational real estate operating organisation. Founded in 1963, CDL first developed projects in Johor Bahru, Malaysia, as well as in Singapore. Due to geo-political changes, CDL was making a loss before being controlled by Hong Leong Bank via shares acquisition in 1969. Since then, CDL has developed many types of properties from shopping malls to integrated developments. CDL is currently headquartered in Republic Plaza, Singapore. Kwek Leng Beng is its current chairman and Sherman Kwek, Kwek Leng Beng's son, is its current chief executive officer.

Hin Leong Trading is a commodity trading corporation registered and headquartered in Singapore that was founded in 1963 by Lim Oon Kuin. One of Singapore's largest independent oil traders, Hin Leong filed for bankruptcy protection in April 2020.

Hodlnaut is a Singapore-based cryptocurrency lending and borrowing platform that lost 69% of the cryptocurrencies that users deposited onto the platform.

Ng Yu Zhi, also known as Ng You Zhi, is a Singaporean alleged fraudster. The former director of Envy Global Trading, he was charged in March 2021 with running the largest Ponzi scheme in the history of Singapore, worth about S$1.5 billion.

References

  1. ↑ hermesauto (16 November 2020). "Hyflux put under judicial management; founder Olivia Lum loses control over firm". The Straits Times. Retrieved 11 December 2020.
  2. 1 2 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.
  3. ↑ "Former HR manager of Hyflux subsidiary Hydrochem charged with corruption". CNA. Retrieved 27 January 2023.
  4. ↑ 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
  5. ↑ 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
  6. ↑ Pek, Tiong Gee (2 September 2021). "Hyflux: Down the slippery slope". The Edge .
  7. ↑ "Hyflux Still Expanding" (PDF). Asia Pacific Biotech News. 3 November 2009.
  8. ↑ "Hyflux applies for court supervision to reorganise liabilities, businesses". Channel NewsAsia. Archived from the original on 11 April 2021. Retrieved 23 May 2018.
  9. ↑ 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.
  10. ↑ "Hyflux's retail investors face losses under proposed restructuring plan". Channel NewsAsia. Retrieved 21 February 2019.
  11. ↑ "SIAS to hold investor-only town hall session on Feb 25 for Hyflux perpetual, preference shareholders". Channel NewsAsia. Retrieved 21 February 2019.
  12. ↑ Choy, Natalie (4 June 2021). "Hyflux files for liquidation after failed investor talks". www.businesstimes.com.sg. Retrieved 5 June 2021.
  13. ↑ 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.
  14. 1 2 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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.