Regulators Refusing to Act - Hyflux & Noble Group's Decline

[JustLikeThis]

Good evening, I believe the recent proof-of-claim requirement/filing has created a lot of undue stress for fellow investors. Two friends had messaged me to seek clarification, but I want to declare that I am as confused as many investors. My interpretations of the relevant murky Hyflux announcement and press articles are different.

I have a chance to speak to a former legal counsel of the entities involved, next week. If he is able to give guidance with me, I will share some information here. Please refrain for a few days from making the proof-of-claims submissions, especially the distribution arrears calculation for perpetuals and nominees accounts (CPF, Leverage, SRS) for preference shares. I am surprised that these Hyflux people don't know how much they owe us.

The best way to submit is through email because we are running out of time and you will get a confirmation email. Singpost is not very reliable.

 

[rushifa666]

Well no the bitch is to blame. If it were not her stupid insistence on clinging on to control noney woikd have been raised easily. Sgx is fucked up agreed but it should not have reached this stage

 

[zeebjii]

A very good narrative indeed. Unfortunately, these exact people who had invested and made their losses today are asking for the government to bail them out. Where in the world got such entitlement? And even if the government were to do so, it would be at the expense of tax payers' monies. Will it then be fair to those who have not invested in this company? Why would one wants to buy bonds? It's mainly because of greed as most bonds offer higher coupon rates than the interests from the banks, but they will always overlook the higher risks involved, vis-a-vis. You should know very well that you must invest at your own risk. I'm always of the opinion that one must invest only in monies that one can afford to lose. Because there is no mandated guarantee by any financial institutions in this world that your invested monies must be profitable for you.

Many years ago, I invested S$500k in a Templeton Unit Trust. Eventually, I lost almost S$150k upon redemption. I have no one to blame except myself. Can I blame the government? No, because they had never ask me to go into this investment. With the remaining S$350k from the redemption and plus some topping up, I then went into direct shares trading myself and managed to fully recover my loses and even made a respectable profit after 18 months. I had learned my lesson on never to believe in Unit Trusts again. Similarly, my father was totally devastated by the runaway GEMINI Chit Funds during the early 70s. He had lost almost half of his savings. He could only blame himself for this failure. Eventually, he managed to pull through the whole crises and moved on thereafter.

Hey i lost even more, $50million, but earned back $5 billion! Anyway if this was a composition i would fail you for writing totally out of point!

 

[winners]

Hey i lost even more, $50million, but earned back $5 billion! Anyway if this was a composition i would fail you for writing totally out of point!

No point seeing to argue with an idiot like you.

 

[JustLikeThis]

Insolvency, Restructuring and Dissolution Act 2018, which will come into operation sometime in 2019.

The restructuring of the Hyflux Group attracted significant attention in 2018 on the issue of the level of disclosure required of an applicant under the Section 211B moratorium regime. Hyflux is a Singapore-based water and fluid treatment specialist whose principal business activities include the operation and maintenance of water treatment and waste plants. It operates and manages numerous treatment projects in Singapore (eg, the Tuaspring Integrated Water and Power Project) and worldwide. On 22 May 2018 Hyflux and five of its subsidiaries applied for protection under Section 211B of the Companies Act from their creditors in respect of the approximately S$1.8 billion bank debt, S$900 million subordinated debt, S$265 million medium term notes and S$360 million trade debt.

On 22 May 2018 the Hyflux group applied under Section 211B(1) of the Companies Act for a moratorium. The automatic 30-day moratorium period was extended by the High Court for the first time on 19 June 2018 and a second time on 26 November 2018.

At the hearing on 19 June 2018 for the initial extension, Hyflux requested a six-month moratorium on the basis that a short-term runway creates uncertainty and may discourage third-party financiers from extending support. The company at that time required breathing space in order to discuss its intended plan with the various stakeholders.

The court directed Hyflux to appear before it at the three-month mark (ie, midway through the moratorium period) and provide an update on its restructuring. The court considered that this would be an adequate safeguard for stakeholders that were concerned about the six-month extension sought.

However, on 4 October 2018 UWG, a creditor of Hyflux, filed an application in court seeking to compel the disclosure of various documents and information, such as:

• a detailed breakdown and analysis of financial statements and monthly management accounts;
• trade debts;
• cash position;
• copies of all court documents of material disputes; and
• a detailed summary of the investor process and negotiations with interested parties.

UWG and other creditors were concerned about Hyflux's communication with creditors on the restructuring and level of disclosure of financial information. Although Hyflux had disclosed certain information required under Sections 211B(4) and 211B(6) of the Companies Act (eg, the brief description of proposed restructuring, a list of creditors, valuation of significant assets, cash flow forecasts and monthly management accounts), UWG, the noteholders and bank creditors felt that the information disclosed was insufficient.

Section 211B(6) of the Companies Act provides that companies must provide "sufficient information relating to the company's financial affairs to enable the company's creditors to assess the feasibility of the intended or proposed compromise or arrangement". Further, Section 211B(6) states that such information may include:

• a valuation report of the company's significant assets;
• information on any acquisition, disposal or grant of security over any property;
• periodic financial reports; and
• profit and cash flow forecasts.

However, there is little guidance on the extent or quality of such information to be disclosed, as can be seen from the ongoing matter involving the Hyflux group. At the status conference on 8 October 2018, UWG and various creditors raised concerns that there was a lack of sufficient or meaningful information and updates about the reorganisation process to be able to develop and understand their rights as creditors of a company undergoing restructuring. UWG further argued that the information requested was necessary to assess:

• Hyflux's financial position;
• the possible recovery; and
• whether SM Investment's entry as a strategic investor provided reasonable value.(13)

In response, Hyflux argued that it had complied with the mandatory disclosure obligations and that fulfilling requests for extensive information would place a strain on limited resources during the reorganisation. In its view, creditors should only be provided with certain information at the start of the restructuring process. Additional information would be provided when it was time for the creditors to evaluate the restructuring proposal, but that such information was excessive at this stage. This argument was rejected by UWG because allowing the debtor to decide what information is to be disclosed to creditors would inevitably prejudice the interests of the creditors. It was reported that parties subsequently agreed that Hyflux would disclose the following information to all of its creditors:

• financial models for projects;
• cash flow forecasts;
• business and assets valuations;
• details of material disputes; and
• a summary of the investor search and asset sale process.

Although the exact breadth of disclosure expected of an applicant under Section 211B(6) of the Companies Act remains to be seen, the ongoing restructuring of Hyflux has highlighted the conflict over the level, scope and quality of information to be disclosed to creditors in a debtor-in-possession restructuring. From the creditors' perspective, the current statutory disclosure obligations under Section 211B of the Companies Act are insufficient.




https://www.internationallawoffice....-following-recent-amendments-to-Companies-Act

 

[JustLikeThis]

HYLFUX PROOF-OF-CLAIMS FILING
These are very important information, especially for custodian banks and nominee banks. Please pay attention.

Disclaimer & Background
I refer to my weekend post. Thank you for holding back on your claims for a few days. Let's be very careful because there is a potential trap if you filed without a clue.

Today, I managed to meet a friend who is a former legal counsel to one of the entities involved. I cannot guarantee the full accuracy of the information provided because my friend gave these advice based on his professional interpretation. He shared that EY phrased the announcements in a "vague" manner to give more "maneuverability" for Indonesians and Hyflux's management. (because law & distribution payouts can be argued). He highlighted that EY is very experienced and shrewd in such restructuring business and designed the announcement to be even more confusing to custodian and nominee bankers. My friend judged that till date, no banker is 100% sure about what to do. Investors can consider sharing some of the information below with their bankers, so that the bankers help do some justice to the retail investors affected.




Part 1. Perpetual Bonds and Preference Shares - Direct-holding
Technically, there is no need to file any proof of claims, you are entitled to voting rights and distributions (if any) after restructuring or liquidation.

What can go wrong - Let's assume that Hyflux dare not fool CDP. It is a misconception that we should be kiasu and file a proof of claims for your direct holdings. There are calculation-traps in the forms. Most people will not remember to file the unpaid coupons for preference shares, or some people will not remember to add interest-on-interests(coupon) on the distribution arrears for perpetual bonds.




Part 2. Perpetual Bonds and Preference Shares - Share Financing/Margin/Custodian(eg. Standard Chartered), SRS, CPF Nominee Accounts
Hyflux mentioned that you will lose your claims to principal and interests if your banks don’t file the proof-of-claims on your behalf in due time. Please remind your bankers to make timely submission. Reference - "Any party who is required to but does not file a proof of claim by the deadline will not be entitled to vote at scheme meetings and may not be entitled to any payments or distributions, subject to the discretion of the scheme meeting's proposed chairman, Hyflux said. "

We wish to clarify a misconception. Actually, Hyflux cannot ignore that bank custodians and nominee accounts if your bankers don’t make timely submission because your banks are still holding these counters on your behalf with CDP. Reference - For holders of the company's bonds, perpetual securities and preference shares, however, their holdings as recorded by the Central Depository Pte Ltd (CDP) will be treated as proofs even if the holders do not file their claims, Hyflux said.

What can go wrong - Unless there is any guidance from MAS or SGX, it is almost certain that some banks will overlook certain calculation aspects of the filing due to some traps laid in the forms. Please see Part 3.



Part 3. Traps in Calculations - Important Reference for Bankers and Individuals making Submissions.
I refer to the unpaid coupons for perpetual bonds and preference shares. Technically, Hyflux will never provide template for calculation. Any overstatements will be voided and they have the right to recognize any understatements in the claims.

Preference Shares - Column for Principal Value
Potential Trap - This form did not ask for interest/dividend claim-values. However, we are very sure that you should include any accrued and unpaid dividends/coupons till 25th March 2019 (cummulative feature) in the claims. The UWG group and Maybanks or landlord will also be submitting claims on unpaid interests. In the same principle, ALL PREFERENCE SHAREHOLDERS are entitled to file a claim to undeclared/unpaid/accrued coupons in the forms. Hope bankers will understand this concept and include in the filings.


Perpetual - Column for Principal & Interest Value
Potential Trap - As mentioned above, everyone is entitled to claim undeclared/declared interests till 25 March 2019 (cumulative feature). While this form did ask for interest claim-values and many will overlook the entitlement of additional 6%pa interests on Arrears of Distribution. Eg. additional 6% interests on the unpaid XD 3% distribution payable on 28 May 2018.

Reference from Prospectus Page 64
https://www.bondsupermart.com/main/...ramCategory=bondDocument&paramDocumentNo=1488

Each amount of Arrears of Distribution shall bear interest as if it constituted the principal of the Securities at the Distribution Rate and the amount of such interest (the “Additional Distribution Amount”) with respect to Arrears of Distribution shall be due and payable pursuant to this Condition 4 and shall be calculated by applying the applicable Distribution Rate to the amount of the Arrears of Distribution and otherwise mutatis mutandis as provided in the foregoing provisions of this Condition 4. The Additional Distribution Amount accrued up to any Distribution Payment Date shall be added, for the purpose of calculating the Additional Distribution Amount accruing thereafter, to the amount of Arrears of Distribution remaining unpaid on such Distribution Payment Date so that it will itself become Arrears of Distribution.




Other FAQs:
What is the true intent of asking me to reconfirm these information?
Hyflux can periodically seek submission of these proof-of-claims to "protect your rights to claim". Currently, they claimed that these information are for court-filings during restructuring. These information can also be used for liquidation distributions.

I do not know when was my purchase date?
Rightfully, bankers will fill in that column for you. It is definitely fine if you just fill in the calendar year or leave it blank. In the eyes of law, it doesn't matter your $100 note was printed in 2010 or 2019. They are still worth $100.

What is the best way to submit the proof-of-claims form?
Please use email and avoid posting. At least, you can get an confirmation reply-email
Email: [email protected]





Conclusion:
The two forms and announcements are designed to confuse. Do not file proof-of-claims for direct holdings unless you are 100% clear about the calculations. Yes, we might feel that it is safer to file but there is a 99% chance that you will understate the accrued and undeclared coupons wrongly. Please provide the above information to bankers and hope that your custodian/nominee bankers will submit the correct claims on unpaid and accrued distributions in arrears. You must get a written confirmation from your bank that they have filed proof-of-claims. Leave the calculations to your bankers, let the bankers curse and swear Hyflux.

Lastly, please be wary of Angela Ee Meng Yen. She is part of the team that rough-handled Swissco's investors.
https://www.sammyboy.com/threads/hy...egulators-refusing-to-act.258403/post-2851085

Note: Any party who is required to and does not file their proof of claim by 5.00pm on Friday, 15 February 2019 will (subject to the Proposed Chairman’s discretion) not be entitled to vote at the Scheme Meeting(s), and may not be entitled to any payments or distributions made pursuant to the compromise or arrangement that will be voted upon at the Scheme Meeting(s). In such event, all their claims against the Scheme Companies as well as all obligations the Scheme Companies have towards them will be forever varied, waived, released, discharged and/or extinguished in accordance with the terms of the said compromise or arrangement.




Perpetual Bonds: Principal + interests
https://www.hyflux.com/wp-content/uploads/2019/02/Form-of-Proof-of-Debt-to-be-completed-perps.pdf

Preference Shares: Principal
https://www.hyflux.com/wp-content/uploads/2019/02/Form-of-Proof-of-Debt-to-be-completed-prefs.pdf

 

[Empower]

Happy New Year big brother @JustLikeThis Thank you for your insights.

This is Chinese New Year, just hope all the families of the Hyflux management staff, regulators and debt restructuring legal and audit team, who destroyed the our lives will get their god-damned retributions.

 

[Ralders]

Hey i lost even more, $50million, but earned back $5 billion! Anyway if this was a composition i would fail you for writing totally out of point!

Nice one

 

[Huatable]

HYLFUX PROOF-OF-CLAIMS FILING
These are very important information, especially for custodian banks and nominee banks. Please pay attention.

Disclaimer & Background
I refer to my weekend post. Thank you for holding back on your claims for a few days. Let's be very careful because there is a potential trap if you filed without a clue.

Today, I managed to meet a friend who is a former legal counsel to one of the entities involved. I cannot guarantee the full accuracy of the information provided because my friend gave these advice based on his professional interpretation. He shared that EY phrased the announcements in a "vague" manner to give more "maneuverability" for Indonesians and Hyflux's management. (because law & distribution payouts can be argued). He highlighted that EY is very experienced and shrewd in such restructuring business and designed the announcement to be even more confusing to custodian and nominee bankers. My friend judged that till date, no banker is 100% sure about what to do. Investors can consider sharing some of the information below with their bankers, so that the bankers help do some justice to the retail investors affected.




Part 1. Perpetual Bonds and Preference Shares - Direct-holding
Technically, there is no need to file any proof of claims, you are entitled to voting rights and distributions (if any) after restructuring or liquidation.

What can go wrong - Let's assume that Hyflux dare not fool CDP. It is a misconception that we should be kiasu and file a proof of claims for your direct holdings. There are calculation-traps in the forms. Most people will not remember to file the unpaid coupons for preference shares, or some people will not remember to add interest-on-interests(coupon) on the distribution arrears for perpetual bonds.




Part 2. Perpetual Bonds and Preference Shares - Share Financing/Margin/Custodian(eg. Standard Chartered), SRS, CPF Nominee Accounts
Hyflux mentioned that you will lose your claims to principal and interests if your banks don’t file the proof-of-claims on your behalf in due time. Please remind your bankers to make timely submission. Reference - "Any party who is required to but does not file a proof of claim by the deadline will not be entitled to vote at scheme meetings and may not be entitled to any payments or distributions, subject to the discretion of the scheme meeting's proposed chairman, Hyflux said. "

We wish to clarify a misconception. Actually, Hyflux cannot ignore that bank custodians and nominee accounts if your bankers don’t make timely submission because your banks are still holding these counters on your behalf with CDP. Reference - For holders of the company's bonds, perpetual securities and preference shares, however, their holdings as recorded by the Central Depository Pte Ltd (CDP) will be treated as proofs even if the holders do not file their claims, Hyflux said.

What can go wrong - Unless there is any guidance from MAS or SGX, it is almost certain that some banks will overlook certain calculation aspects of the filing due to some traps laid in the forms. Please see Part 3.



Part 3. Traps in Calculations - Important Reference for Bankers and Individuals making Submissions.
I refer to the unpaid coupons for perpetual bonds and preference shares. Technically, Hyflux will never provide template for calculation. Any overstatements will be voided and they have the right to recognize any understatements in the claims.

Preference Shares - Column for Principal Value
Potential Trap - This form did not ask for interest/dividend claim-values. However, we are very sure that you should include any accrued and unpaid dividends/coupons till 25th March 2019 (cummulative feature) in the claims. The UWG group and Maybanks or landlord will also be submitting claims on unpaid interests. In the same principle, ALL PREFERENCE SHAREHOLDERS are entitled to file a claim to undeclared/unpaid/accrued coupons in the forms. Hope bankers will understand this concept and include in the filings.


Perpetual - Column for Principal & Interest Value
Potential Trap - As mentioned above, everyone is entitled to claim undeclared/declared interests till 25 March 2019 (cumulative feature). While this form did ask for interest claim-values and many will overlook the entitlement of additional 6%pa interests on Arrears of Distribution. Eg. additional 6% interests on the unpaid XD 3% distribution payable on 28 May 2018.

Reference from Prospectus Page 64
https://www.bondsupermart.com/main/...ramCategory=bondDocument&paramDocumentNo=1488

Each amount of Arrears of Distribution shall bear interest as if it constituted the principal of the Securities at the Distribution Rate and the amount of such interest (the “Additional Distribution Amount”) with respect to Arrears of Distribution shall be due and payable pursuant to this Condition 4 and shall be calculated by applying the applicable Distribution Rate to the amount of the Arrears of Distribution and otherwise mutatis mutandis as provided in the foregoing provisions of this Condition 4. The Additional Distribution Amount accrued up to any Distribution Payment Date shall be added, for the purpose of calculating the Additional Distribution Amount accruing thereafter, to the amount of Arrears of Distribution remaining unpaid on such Distribution Payment Date so that it will itself become Arrears of Distribution.




Other FAQs:
What is the true intent of asking me to reconfirm these information?
Hyflux can periodically seek submission of these proof-of-claims to "protect your rights to claim". Currently, they claimed that these information are for court-filings during restructuring. These information can also be used for liquidation distributions.

I do not know when was my purchase date?
Rightfully, bankers will fill in that column for you. It is definitely fine if you just fill in the calendar year or leave it blank. In the eyes of law, it doesn't matter your $100 note was printed in 2010 or 2019. They are still worth $100.

What is the best way to submit the proof-of-claims form?
Please use email and avoid posting. At least, you can get an confirmation reply-email
Email: [email protected]





Conclusion:
The two forms and announcements are designed to confuse. Do not file proof-of-claims for direct holdings unless you are 100% clear about the calculations. Yes, we might feel that it is safer to file but there is a 99% chance that you will understate the accrued and undeclared coupons wrongly. Please provide the above information to bankers and hope that your custodian/nominee bankers will submit the correct claims on unpaid and accrued distributions in arrears. You must get a written confirmation from your bank that they have filed proof-of-claims. Leave the calculations to your bankers, let the bankers curse and swear Hyflux.

Lastly, please be wary of Angela Ee Meng Yen. She is part of the team that rough-handled Swissco's investors.
https://www.sammyboy.com/threads/hy...egulators-refusing-to-act.258403/post-2851085

Note: Any party who is required to and does not file their proof of claim by 5.00pm on Friday, 15 February 2019 will (subject to the Proposed Chairman’s discretion) not be entitled to vote at the Scheme Meeting(s), and may not be entitled to any payments or distributions made pursuant to the compromise or arrangement that will be voted upon at the Scheme Meeting(s). In such event, all their claims against the Scheme Companies as well as all obligations the Scheme Companies have towards them will be forever varied, waived, released, discharged and/or extinguished in accordance with the terms of the said compromise or arrangement.




Perpetual Bonds: Principal + interests
https://www.hyflux.com/wp-content/uploads/2019/02/Form-of-Proof-of-Debt-to-be-completed-perps.pdf

Preference Shares: Principal
https://www.hyflux.com/wp-content/uploads/2019/02/Form-of-Proof-of-Debt-to-be-completed-prefs.pdf

Oei @JustLikeThis, your friend in EY or Hyflux?
Hyflux just released the FAQs https://www.hyflux.com/faqs-on-proofs-of-claim

How come your FAQ is so similar to the one released by Hyflux a day later? Or Hyflux copied from you. Anyway, thanks for having the section on coupon calculation traps, which Hyflux dare not mention in the FAQs.

Huatable wishes everyone here a HUAT BIG BIG 2019!!!

 

[JustLikeThis]

Big brother, I was hoping temasek saves Hyflux, using funds in ASTREA or Heliconia. Looks like no chance since Hyflux was mentioned.

This is a forum letter this morning asking Temasek to help
https://www.straitstimes.com/forum/letters-on-the-web/temasek-a-better-white-knight-for-hyflux

Temasek???
In August 2018, Salt Bae steakhouse faces severe debt restructuring woes just 4 months after Temasek invests $200 million into it
http://theindependent.sg/parent-com...ths-after-temasek-invests-200-million-into-it

After temasek invested, Salt Bae happily hosted Venezuela Dictator

https://www.channelnewsasia.com/new...s-steak-feast-at-salt-bae-restaurant-10730972

 

[JustLikeThis]

Oh by the way, the Independent Financial Advisor (IFA) appointed by Hyflux has a FANTASTIC track record.

They are the financial boutique firm behind con job listings such as China Hongxing, China Animal Health, China Sports, China XLX Fertilizer, Junma Tyre, etc.
An ideal IFA that fits Hyflux's corporate-values.

 

[JustLikeThis]

Oei @JustLikeThis, your friend in EY or Hyflux?
Hyflux just released the FAQs https://www.hyflux.com/faqs-on-proofs-of-claim

How come your FAQ is so similar to the one released by Hyflux a day later? Or Hyflux copied from you. Anyway, thanks for having the section on coupon calculation traps, which Hyflux dare not mention in the FAQs.

haha don't flame me bro. I exchanged for these information with a box or mandarins and 2 cans of abalones.

It is guaranteed that you can claim for the unpaid accrued coupons (cumulative features) in preference shares. Many will happily fill in the blank without making these claims could be interpreted as ceding your rights to claim these coupons. I assure you that even bankers will make these oversights. Likewise similar oversights are inevitable for the perpetual bond submission form because many will overlook the interests on arrears.

 

[gummybear]

haha don't flame me bro. I exchanged for these information with a box or mandarins and 2 cans of abalones.

It is guaranteed that you can claim for the unpaid accrued coupons (cumulative features) in preference shares. Many will happily fill in the blank without making these claims could be interpreted as ceding your rights to claim these coupons. I assure you that even bankers will make these oversights. Likewise similar oversights are inevitable for the perpetual bond submission form because many will overlook the interests on arrears.

So must fill in the form then got money ?

 

[JustLikeThis]

So must fill in the form then got money ?

I wouldn't recommend.
Fill in the form if you understand the difference between complex and complicated.

 

[JustLikeThis]

Police CAD never catch thieves. Hyflux and Noble are scams, accounts were faked.
You know what, even MHA Police Coop got cheated. They invested in Hyflux 6%

Jail Hyflux's management!

I don't know what to say if CFO and CEO not arrested by CAD.

Sias in its latest letter said there appeared to be "material faults and defects" in almost every Hyflux asset.
https://www.straitstimes.com/business/companies-markets/hyflux-queried-over-ceos-remuneration

 

[Empower]

Someone protesting at Xchange Mall.
https://sg.news.yahoo.com/man-found-wearing-sandwich-board-113204816.html

 

[JohnTan]

Olivia Lum huat ah!!! Which church or temple she worship at? I should do the same!

Among them are whether chief executive Olivia Lum will have a role in Hyflux after its restructuring and why she is not contributing her gains from the company to this process. Sias flagged that Ms Lum received over $60 million in dividends "in the time that shareholders and bond holders have seen their entire investment destroyed".

In 2017, when Hyflux reported losses of $115.6 million, Ms Lum received between $750,000 and $1 million in salary, benefits and bonuses, Sias said.

"How was Hyflux able to justify such large remuneration given (its) financial position and the performance of (its) businesses and assets?" Sias asked, questioning as well if there has been an independent investigation on the role of key executives in the firm's collapse.

 

[borom]

Too little too late-all these are questions that should be asked by the regulators, SIAS and of course all these greedy investors looking for high returns BEFORE the company starts to default .
To me the only payback is during the next elections-and show them what you think of their sending the wrong signal through out this sorry episode-basically on allowing use of CPF and second listing of perpetual bonds. Its like allowing the sale of medicine in a hospital pharmacy-if its not good or ineffective, why allow its sale?

 

[JustLikeThis]

Olivia Lum huat ah!!! Which church or temple she worship at? I should do the same!

Among them are whether chief executive Olivia Lum will have a role in Hyflux after its restructuring and why she is not contributing her gains from the company to this process. Sias flagged that Ms Lum received over $60 million in dividends "in the time that shareholders and bond holders have seen their entire investment destroyed".

In 2017, when Hyflux reported losses of $115.6 million, Ms Lum received between $750,000 and $1 million in salary, benefits and bonuses, Sias said.

"How was Hyflux able to justify such large remuneration given (its) financial position and the performance of (its) businesses and assets?" Sias asked, questioning as well if there has been an independent investigation on the role of key executives in the firm's collapse.

Please highlight to your RC, I bet many grassroots leaders affected
"material faults and defects" in almost every Hyflux asset.

 

[JustLikeThis]

Too little too late-all these are questions that should be asked by the regulators, SIAS and of course all these greedy investors looking for high returns BEFORE the company starts to default .
To me the only payback is during the next elections-and show them what you think of their inaction through out this sorry episode-basically on allowing use of CPF and second listing of perpetual bonds. Its like allowing the sale of medicine in a hospital pharmacy-if its not good or ineffective, why allow its sale?

Hyflux investors will not die in vain if Singapore changes government.
In fact, if there is a new government, there's always a chance to re-consider helping these investors since the current one is indifferent.