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


This restructuring will give the full release of any claims and rights that creditors may have against the company’s management and auditors. Look at the payouts for the management when the crisis is over, it’s a reward for failure. Hyflux’s management knows that the ship hit an iceberg, but they just want to make sure that they will not spend the days ahead facing lawsuits. If the management lose control over Hyflux, outsiders will get access to the internal records. That’s their nightmare. They want to enjoy their retirement in peace, that’s why they want to make sure the restructuring goes through. It is about themselves, understand?.

DEAR MTN NOTESHOLDERS!!! That's why the management want. Exactly!!!

Our lawyers explained this situation to us a month ago. Notesholders are in the best-position, we are only about 10% of total claims and yet we determine the outcome because of our headcounts in Senior Class. Please stay united and Vote NO, everyone got to pacify us to move forward. Don't settle for 25%, GET 100%%% BACK.


As long as all Hyflux noteholders vote "No" , we can make bankers beg us to support because we have the numbers in Senior Class. We call the shots, according to our representative lawyer. He said we have a high chance to recover 100% if we stay united. If we say no, nothing can proceed.

As long as we stay as a team and reject, everyone will pacify us and give us back 100% + penalty interests. I am serious. Our Akin Gump lawyers had briefed those who involved. We dominate the votes in unsecured class. Bankers can continue to enjoy their banking relationship with Hyflux, but we just want our 100% back. It is really possible. Don't fall to SIAS's and Hyflux's lies and accept the haircuts.

We just need to say NO on April 5th. PLEASE PASS THE MESSAGE.

Yes! They presented the worst option to us first. Don't fall for it!

This restructuring is not the last opinion, it is just the worst, so it is presented to you first.


How Hyflux investors got fucked

Deliberately by Gaberment and gaberment organs , knowingly or unknowingly, or inadvertently.

Neber mind how or what. They still got fucked!
View attachment 56228

Those bunch there at HongLim will be picking cardboards and drink cans or cleaning up at McDonald and food courts for exercises .

While maggots maggotess and cronies and paper generals will continue to laugh and laugh and laugh and laugh all the way to their fucking banks!
Like they care or scared of all their fucking crying about and protests.

They laff even more and more and more.

Shiok bor!



This is a post by Hyflux's independent director last night.

This restructuring will give the full release of any claims and rights that creditors may have against the company’s management and auditors. Hyflux’s management knows that the ship hit an iceberg, but they just want to make sure that they will not spend the days ahead facing lawsuits. If the management lose control over Hyflux, outsiders will get access to the internal records. That’s their nightmare. They want to enjoy their retirement in peace, that’s why they want to make sure the restructuring goes through. It is about themselves, understand?



Good morning,

According this morning's update, there were just a few proxy forms deposited after working hours on last sat and sunday. You can count with your fingers. Looks like Hyflux did the right thing by not sending out the proxy forms.

It might also reflect that many are waiting for Indonesian's confirmation today whether they will proceed with the deal. The deadline for submission is tomorrow 12noon.



99% of the "investors" did not show up for the "big protest" ?

so 99% won't show up to vote also ?

then "Yes" vote will win easily !

Salim really profit , only paying 3% !


Hyflux saga involved several prominent people among their corrupted management and NEA screw-ups. The confiscation of Tuaspring is just to hide things under the carpets to protect the management and policymakers. If the management lose control over Hyflux, outsiders will get access to the internal records. Therefore, the management, government and SIAS advocating the restructuring without sparing a thought for the retail investors. Saving Hyflux is lose-change to the government but in recent days, the government even went on the offensive citing inappropriateness to help, rentlessly averaging down on failed investments overseas.

In summary, it is something like this. The zero-dollar purchase of Tuaspring is like the rape victims went to police station and got raped by the police. And now the rape scandal exploded and government want to silence the rape victims, by asking them to accept a tiny compensation (3% cash back) or get murdered (nothing). Do-or-die.

Such a shame.



Good morning fellow MTN Notesholders (PLEASE TAKE A FEW MINUTES TO READ,

Do you still remember who sold you the notes? Yes, DBS and DBS just emailed me, I bet many of you received too.

The title is ""Vote For", but they gave trashy reasons below (ignoringthe benefits advised by our legal) OR maybe DBS is in shit too because they are calls from retail investors to sue them for lack of disclosures and peddling toxic financial instruments. So DBS is very keen to make us vote yes, which is detrimental to our interests.

Here's some points that DBS wrote:

Noteholders’ Potential Recoveries
Minimum 13.4% Recovery from Cash
Potential 4.6% Recovery from Cash.
Appx 10.4% Recovery from Equity (uncertain about trading share value)
Potential 7.4% Recovery from Equity.

Perp and Pref Share Holders’ Potential Recoveries
Minimum 3.0% Recovery from Cash
Additional up to 4.6% Recovery from Cash
Appx 7.7% Recovery from Equity (uncertain about trading share value)

Only trust the minimums, the rest are imaginary. Even PUB stated that they have a lot of claims but they never file as a claimant this round. PUB has threatened to seek compensations if they don't confiscate Tuaspring. If the restructuring goes through, they will not confiscate. And there are new lawsuits are emerging from overseas. Effectively, I suspect we are only looking at about 15-20% recovery as Notesholders. The new equities are quite worthless because Hyflux will continue to operate at a loss if they own Tuaspring (according to Hyflux Management and PUB).

Please vote No so that our legal can implement the negotiations. Hyflux will brief you and scare you before the voting on April 5. Our lawyers already explained that the collapse of the April 5 voting will force them to come back to us with better terms. This is logic. Heaven is with us, we are the kingmakers of this deal. Please give a resounding NO to the vote. We only constitute $278m (a small part) of the claims, but yet nothing can proceed if we say NO. Doing so, we can make them compensate us fully before anything can proceed. This is our reward for choose a lower-yield instrument. We can determine the outcome because of our headcounts. Do you know that all these years, the banks and retail investors enjoyed higher yields than us? Yes, including the bankers.

I was exposed to Noble. It was another con job. Do you know that Noble bondholders suffered >95% losses including coupons, and awarded with a new worthless bond that tanked? The new bond is just trading at 40-50% discount now. Please see the charts below and you will understand.

We already got cheated so don't get cheated another time. Hyflux can promise you new equity shares but I tell you they will again be worthless, because indonesians are just bringing in small amount of working capital. Look, in less than a year, the new Noble is broke again. (Just read)

Voting No, can also allow new bidders for Hyflux's assets or new investors to come in.

So please be firm, we can win. VOTE NO, so that we can get our principal and interests back.


Hyflux's Shocking Fall Adds to the Roster of Singapore Business Stumbles

In recent history, several home-grown regional champions have also found new owners with financial power amid liquidity challenges.
Chinese corporations have bought over semiconductor assembler STATS ChipPac 2015, while French group CMA CGM SA acquired container liner Neptune Orient Lines Ltd. in the following year. Like Hyflux, both counted state investment company Temasek Holdings Pte. as a former investor.


Maybe let Hyflux goes bust and NEA confiscates Tuaspring, partial shareholding in Singspring, Bedok Newater plant and the membrane bioreactor plant in Jurong, and exchanges the Preference Shares and Perpetual Bonds with a NEA/PUB zero-coupon bond with fixed maturity like what Keppel did for KrisEnergy zero-coupon bonds swap?

Everybody tai chi now.
Hyflux's financial situation 'a result of its own commercial decisions', says EMA


Hyflux failed to disclose Tuaspring’s status as an electricity genco in its prospectus

In a submission to TOC on Sun (31 Mar), a disgruntled Hyflux perpetual capital securities investor had shared what he deemed to be “very important information that was not revealed in the prospectus”, that is the firm’s failure to disclose Tuaspring’s status as “a genco with a minor portion of its revenue from water supply to PUB”.

He did not realise that Hyflux had transformed into a genco instead of strictly running its operations as a water treatment firm until he raised a question during the company’s previous town hall meeting as to why the largest seawater reverse osmosis plant – or desalination plant – in Israel “was charging US$0.60 versus Hyflux’s S$0.45/m3” (cubic metre).

He noted that “90 per cent” of Tuaspring’s revenue stems from electricity generation.

The investor also thought that Tuaspring was “a Sea Water Reverse Osmosis plant supplying water to PUB”, and that the plant “would generate a small profit after maintenance and operation to cover the capital and interest payment”, as “PUB would not demand a water rate that will affect its operation and maintenance”.

He added that it was likely that the S$0.45/m3water price rate at which Hyflux was supplying [water to] PUB for the first year “will likely be adjusted upward to prevent loss that will affect the desalination plant”.

This investor’s perception has been echoed by other investors, such as a 65-year-old man who told Nikkei Asian Review at the protest at Hong Lim Park last Sun (31 Mar) that he “never thought of danger because Hyflux is a water company” after having invested S$20,000 into the firm.

During a Q&A session at the second townhall meeting for holders of its perpetual capital securities and preference shares on 18 Jan this year, Hyflux said that its decision to tap into power generation despite originally being a water treatment firm is rooted in its need to “remain competitive” in the infrastructure sector where “track record is critical in securing new projects”.

Noting that the Tuaspring plant is its “first Integrated Water and Power Project”, Hyflux said that the addition of the plant to its “portfolio of landmark projects” allows the firm to “bid for other Integrated Water and Power Projects as well as independent power projects in other parts of the world”.

“As an example, the Ain Sokhna project in Egypt was awarded to Hyflux as it has the proven track record of Tuaspring,” Hyflux highlighted.

The company added that it did not anticipate the heavy losses as a result of the eventual overcapacity in the electricity market.

“When Hyflux first won the Tuaspring project bid in 2011, industry experts projected strong profitability from the sale of electricity in the Singapore power market, with electricity demand projected to grow significantly,” it said.

“The viability of the Tuaspring project was also independently supported by the banking community which enabled project financing to be arranged,” Hyflux added.
Prospectus “failed to provide forecast of” Hyflux’s financial position in following year; investors ought to have been told about expected inability of the Wholesale Electricity Price to recover due to “huge overcapacity”

However, the investor who wrote in to TOC had observed, based on his research on Hyflux’s electricity plant’s approved capacity and the Wholesale Electricity Market Price, that “the very low Wholesale Electricity Market Price from 2015 to 1Q 2016 would result in heavy losses selling electricity to the market”.

“By 2016 before the launch of the PCS, the parties involved would have known that the huge overcapacity would not enable the wholesale electricity price to recover,” he argued.

The investor highlighted that the prospectus had also “failed to provide a forecast of the financial position of the preceding year after its issue”, as illustrated in the screenshot below:

The investor then questioned: “Who are the parties responsible in drafting this prospectus by not revealing all the facts to provide a truth and fair accounts for investors to enable them to analyse the risk?

“Was there a deliberate attempt to hide the truths from the public the real financial situation of the company in incurring losses for years going forward because of the collapse of the wholesale electricity market prices?” he further probed.

He urged financial regulatory entities such as the Monetary Authority of Singapore, the Singapore Exchange and CPIB to conduct investigations into the matter.

“The consequences for not doing so will definitely damage the credibility” of the financial institutions involved and Singapore’s reputation “as a financial centre” overall, he warned.

Why did Hyflux issue $500m PCS in 2016 to retail investors when you were fully aware that Hyflux was already in serious trouble then? Why not offer right issue then?

When asked at the second townhall meeting on 18 Jan as to why Hyflux had issued “$500m perpetual capital securities in 2016 to retail investors” when the company was “fully aware that Hyflux was already in serious trouble”, the firm answered: “It was not apparent then that the weak electricity prices would persist and the group would be adversely impacted by the cash needs of Tuaspring resulting from the prolonged weak electricity market in Singapore.”

“When the perpetual capital securities were raised in May 2016, the Tuaspring Power Plant had just commenced operations.

“The perpetual capital securities were raised one month after Hyflux was awarded a contract for an Integrated Water and Power Project in Egypt worth USD500 million,” said Hyflux.

“Hyflux had also posted a net profit of S$7.3 million for its FY2016 first quarter results on 12 May 2016, right before the offer for the perpetual capital securities was made.

“Group revenue for 1QFY2016 rose to S$248.3 million from S$60.4 million in 1QFY2015,” said Hyflux.
The $500 million perpetual capital securities raised in May 2016, said Hyflux, were used for the repayment of the following:
  • the S$100 million in aggregate principal amount of 3.50% outstanding notes due 2016 issued under Hyflux’s S$1.5 billion multicurrency debt issuance programme; and
  • the S$175 million in aggregate principal amount of 4.80% outstanding perpetual capital securities, whilst the remaining were used for general corporate purposes, which includes the repayment and/or refinancing of existing borrowings, redemption of outstanding perpetual capital securities, financing of working capital and/or capital expenditure requirements of Hyflux or Hyflux Group.
“Such use and purpose of the funds sought to be raised by the perpetual capital securities in 2016 were fully explained in the offer document,” stressed Hyflux.



Which responsible Goverment in the world would implement policies that would adversely affect the function of its home grown companies??
Someone wrote this article at the time that you posted. Honestly, the trust is gone. I am as shocked as you and the author below that our country left good retirees, faithful citizens who believed in Singapore's water independence to die.

No bail out for Hyflux

It is easy for people to mutter the words, “the govt should not use tax payers money to bail out Hyflux”. Even the highly paid Minister for the Environment and Water Resources muttered these words.

As an intelligent minister, I would expect him to spend some time to understand the part that his own agency, the Public Utilities Board, played in the saga. It was the tender condition – to quote a price with no adjustment for the future cost of power, that probably prompted Hyflux to enter into the power market. Was he aware that Public Utilities Board (PUB) asked the price to be fixed for a concession period of 25 years?

He should also consider this point – why did the PUB offer the tender to Hyflux when they have seriously under-quoted the price of water, i.e. 35 cents per cu meter when the next lowest tender was 52 cents and other tenders were at $1.00?

I know that the board and management of Hyflux should take the blame for their bad commercial decision and mistake in under-quoting the price.

Still, it it the role of the Public Utilities Board to give a poison pill to Hyflux so that they can be destroyed?

It may be a little more troublesome for him to understand the role played by another agency, i.e. the Energy market Authority. in this saga, especially as it comes under another ministry. But because so many people are badly affected, he should take the trouble before muttering the convenient words.

Is the minister aware that the Energy Market Authority had given out “vesting contracts” to new power generating companies to bring additional electricity supply into the market way beyond the actual demand?

It is this additional supply that depressed the wholesale electricity price from $125 in 2011 (when the tender was awarded to Hyflux) to $63 in 2016, when the Hyflux power plant came into operation.

Because the honorable minister said “no bail out”, many other people just follow and shout “no bail out”.

It does not seem to be a fair way of dealing with the losses of 34,000 investors who put in $900 million of their hard earned savings.



:tongue: Sinkies :laugh:

Really a daft bunch that vote PAP decade in decade out.

Even Ah Nehs and Niggers are not this dumb.

Don't worry, more CECA Ah Nehs coming your way to stink up the country. Stinkapore.

Your empress Ho Ching has spare sums to invest in rotten Ah Neh telco, but no sum to invest in Sinkie startups or groom local companies.


Is that because the emergence of big MNCs and tech companies from Sinkieland will take the spotlight away from the Lee Dynasty?


Hyflux lied again. Not mainly because of SMI refusal to proceed. If Hylfux proceeds with the voting and YES votes win, Hyflux will get the escrow money, if SMI walks away.

Anyway, just heard that boardroom collected many many millions worth of NO proxy votes from big retail investors and Notesholders. So it will be very ugly to vote and ends management's bid to cover their back-side.

If NO votes sink the senior and junior class, the management will lose control over Hyflux, outsiders will get access to the internal records. That’s their nightmare.

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