Increased TAXES
By approving Hyflux’s release of financial statements that did not disclose bank deposits, three charges were brought against Lum on Friday for failing & nbsp to exercise reasonable diligence in the performance of her duties as a director.
According to the authorities, Hyflux had agreed not to remove these as restricted banks balances.
Hyflux’s unaudited financial statements for the next quarter and nine weeks ended on September 30, 2017, were included in one count. At the current exchange rate on November 9, 2017, the amounts involved was US$ 33.5 million, or roughly S$ 45.6 million.
The agency’s unaudited financial statements for the fiscal year that ended on December 31, 2017, were connected to another matter. At the current exchange rate on February 27, 2018, this already involved US$ 33.5 million, or roughly S$ 44.1 million.
The second matter concerned Hyflux’s unaudited first quarter commercial claims for the fiscal year that ended on March 31, 2018. At the current exchange rate on May 9, 2018, the quantity was US$ 47.5 million, or roughly S$ 63.7 million.
Lum may spend up to a year in prison for each of these offenses or receive an Mho$ 5, 000 fine.
Lee Joo Hai, a self-employed chairman of Hyflux, was also charged on March 13 with violating the Securities and Futures Act.
According to SPF, MAS, and ACRA,” the cost relates to his incompetence in connection with Hyflux’s deliberate failure to disclose material relating to the Tuaspring Integrated Water and Power Project when like disclosure was required under the Singapore Exchange list rules.”
On March 12, Lee, who had already left Singapore before the investigation began, was detained in Malaysia with the help of the Royal Malaysia Police.
If found guilty, Lee could receive a sentence of up to seven years in prison and an S$ 250, 000 good or both.
Regarding” meaningful financial statements for the fiscal year ended between 2013 and 2017 ,” the Public Accountants Oversight Committee has issued directions against Hyflux’s accountants KPMG, according to SPF, MAS, and ACRA.
Due to ongoing legal proceedings related to this question, we are unable to communicate any additional information, the authorities added.