{
  "id": 15838306,
  "title": "Olivia Lum, ex-CFO, not giving evidence in their Hyflux trial",
  "url": "https://urgent.news/2026/10/21/olivia-lum-ex-cfo-not-giving-evidence-in-their-hyflux-trial",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-21T02:37:24.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/energy-commodities/olivia-lum-ex-cfo-not-giving-evidence-their-hyflux-trial"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "Judge notes that opting to remain silent may draw an adverse inference against them",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}