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Investors viewed Hyflux as growth firm before Tuaspring bid: Ex-deputy CEO
The Straits Times
|September 25, 2025
The former deputy chief executive of Hyflux said investors had perceived the firm as a growth company before it won the bid for the Tuaspring project in 2011, and not a water utilities firm.
Mr Sam Ong Eng Keang, who on Sept 24 was testifying in the ongoing criminal trial involving senior managers at Hyflux, said there was nothing in the company’s business that would point to it being a utilities firm prior to the successful bid.
Hyflux was named the preferred bidder for the integrated power and desalination plant in March 2011. The tender for the project closed in October 2010.
Mr Ong, who is the eighth prosecution witness to take the stand in the criminal trial of Hyflux founder Olivia Lum, former chief financial officer Cho Wee Peng and four independent directors, was responding to questions by Deputy Chief Prosecutor (DCP) Christopher Ong.
This story is from the September 25, 2025 edition of The Straits Times.
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