What happened to Hyflux?
SINGAPORE — Troubled water treatment company Hyflux will finally go into liquidation now that a court has approved an application for winding up the company, marking the end to a charismatic founder’s once high-flying startup.
What industry is hyflux in?
About Hyflux Ltd. The Industrial segment includes liquid separation applications for the manufacturing sector, such as the pharmaceutical, biotechnology, food processing and petrochemical oil-related industries.
How many desalination plants are there in Singapore?
three desalination plants
Currently, we have three desalination plants with a combined capacity of 130 mgd that can meet up to 30% of Singapore’s current water demand. Two more desalination plants will be ready by 2020. Desalinated water is expected to meet up to 30% of Singapore’s future water needs by 2060.
Who owns Hyflux now?
On 19 October 2018, conglomerate Salim Group and energy giant Medco Group agreed to offer Hyflux a S$400 million equity injection, in exchange for a 60 per cent stake in the company once it has settled all its debts.
Who are the directors of Hyflux?
According to the company’s website, its current board of directors are founder-CEO Olivia Lum, lead independent director Teo Kiang Kok, as well as five other non-executive independent directors Gay Chee Cheong, Lee Joo Hai, Christopher Murugasu, Lau Wing Tat and Gary Kee.
How is NEWater produced?
NEWater is produced by further purifying conventionally treated wastewater through microfiltration, reverse osmosis and ultraviolet irradiation. However, most NEWater is currently used for non-drinking purposes, mostly by industries with production requirements for high purity water.
What happen to Oliver Lum?
Lum holds several positions in public service. She is a board member of SPRING Singapore, the National University Singapore Council, and the Singapore Exchange, as well as the president of the Singapore Water Association. In 2014 she was appointed the board of Singapore Technologies Engineering (ST Engineering).
What happen to Olivia Lum?
This means that Hyflux founder Olivia Lum and the rest of the board will no longer be in control of the company, as appointed judicial managers Hamish Alexander Christie and Patrick Bance of Borrelli Walsh have taken over the company’s operations on Monday.
What went wrong with Hyflux?
In other words, what went wrong was that Hyflux did their internal projections based on electricity prices in 2011, and they had bet the company on electricity prices being close to those levels. Due to the crash in oil prices in 2015, electricity prices fell drastically, and this affected the earnings from the plant after it went operational.
Does Hyflux have a clear restructuring plan for investors?
February: David Gerald, head of Securities Investors Association (Singapore) or Sias, calls for answers as Hyflux has not presented a clear restructuring plan to their investors. Investors later learn about their losses under a proposed restructuring plan.
Who are the directors under investigation at Hyflux?
Among the directors under investigation is Hyflux’s executive chairman, Ms Olivia Lum, who was the company’s only executive director during that period.
What is the investigation into Hyflux’s Tuaspring project?
The joint investigation undertaken by Acra, MAS and the police’s Commercial Affairs Department (CAD) will ascertain if there were lapses in Hyflux’s disclosures concerning the Tuaspring integrated water and power project, as well as non-compliance with accounting standards between 2011 and 2018.