Singapore: Hyflux Founder Olivia Lum’s Criminal Trial Over Disclosure Failures Begins Aug 11

SINGAPORE – The criminal trial of Hyflux founder Olivia Lum Ooi Lin, former CFO Cho Wee Peng, and four former independent directors begins Aug 11, nearly three years after they were charged under the Securities and Futures Act. The six are accused of failing to disclose key information about the Tuaspring Integrated Water and Power Project, including that its profitability depended heavily on electricity sales – a new business for Hyflux – exposing it to market risks.

Hyflux

Lum faces two charges for consenting to these omissions in Singapore Exchange announcements and a 2011 offer information statement for $200 million preference shares. If convicted, she could face up to seven years in jail and fines of up to $250,000.

One former independent director, Rajsekar Mitta, pleaded guilty earlier and was fined $90,000. The trial is scheduled to run for 56 days until February 2026.

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