Business · Singapore Bureau
Hyflux founder Lum won't testify as trial enters defence phase
Hyflux founder Olivia Lum and five co-accused have decided against taking the stand as the prosecution rests its case in the high-profile trial centred on alleged investor disclosure failures related to the Tuaspring desalination project.
LSN Singapore ·
The decision by Ms Lum and her five co-accused to forgo testimony marks a significant development in the long-running case, which centres on allegations that senior Hyflux personnel failed to disclose material information to investors about the Tuaspring water desalination project in 2011.
With the prosecution having concluded its submissions, the court has now called on the defence to present its case. The choice by the accused not to testify represents a strategic decision that will shape the remainder of proceedings.
The Hyflux trial has drawn considerable attention in Singapore's business and investment community, given the company's prominence as a water treatment firm and its subsequent financial difficulties. The Tuaspring project, a joint venture with international partners, became a focal point of scrutiny regarding corporate disclosure practices.
The trial is expected to continue as defence counsel prepares its arguments and evidence. The outcome will carry implications for corporate governance standards and investor protection frameworks in Singapore's financial markets.