Prosecutors close case against Hyflux founder Olivia Lum after 54 days of trial
The defence will indicate whether or not to submit a “no case to answer” on Oct 21.
The criminal trial of former Hyflux CEO Olivia Lum concluded on September 29 after a 59-week trial. The prosecution, led by Christopher Ong, accused Lum of intentionally failing to disclose material information about the Tuaspring integrated water and power project, which ultimately led to the company's collapse. The project's profitability was heavily dependent on electricity sales, but Lum allegedly concealed this fact to deter potential investors.
The prosecution called 22 witnesses, including former Hyflux employees and bank representatives, during the proceedings. If convicted, Lum faces up to seven years in prison and a fine of up to $250,000 for failing to disclose the project's dependence on electricity sales. Additionally, she faces up to two years in prison and a $150,000 fine for not disclosing the same information in the offer information statement for the preference shares offer in 2011.
The four former independent directors were charged with neglect for not disclosing the required information about Tuaspring.
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