Olivia Lum, ex-CFO, not giving evidence in their Hyflux trial
Judge notes that opting to remain silent may draw an adverse inference against them
Former CFO Olivia Lum and four former directors of Hyflux have opted not to testify in their ongoing trial. The judge declared a case for their defense, stating that if they choose to remain silent, the court may draw an adverse inference against them regarding their guilt. The prosecution had presented a sufficient case against Lum, former CFO Cho Wee Peng, and the four directors.
They have been charged with non-disclosure under the Securities and Futures Act, stemming from alleged intentional failure to disclose material information related to the Tuaspring project. The Tuaspring project was supposed to be a major water and power project, but Hyflux misled investors by stating it was primarily a desalination project.
Lum faces four Companies Act charges, while the other five face two non-disclosure charges each. Despite the prosecution's sufficient case, Lum and the other five have chosen not to testify, preferring a quicker conclusion of the trial.
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