Hyflux trial to proceed as founder Olivia Lum and five others will not file ‘no case to answer’ acquittal
The defendants will not testify in trial, but will call joint expert Dr Chris Decker.
On October 21, Hyflux founder Olivia Lum and five co-defendants announced they would not file a "no case to answer" acquittal during their criminal trial. This decision came after the prosecution closed its case, which lasted 54 days and involved calling 22 witnesses. The court heard that Hyflux, a water treatment firm, collapsed in 2021 due to weak electricity sales, leaving about 34,000 investors with nothing.
The prosecution brought 11 charges against the six defendants, including two each against Lum and the four directors - Teo Kiang Kok, Gay Chee Cheong, Christopher Murugasu, and Lee Joo Hai. Lum's lawyer stated that she believed the prosecution had insufficient evidence to support its case and did not want to waste the court's time.
The charges against Lum relate to failing to disclose material information, such as the Tuaspring project's significant electricity market exposure, in the Tuaspring project win announcement and subsequent share issue. If convicted, she faces up to seven years' jail, a fine of up to $250,000, or both. The four directors were charged with neglect related to the failure to disclose information about Tuaspring as required by Singapore Exchange (SGX) listing rules.
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