Criminal trial of Hyflux founder Olivia Lum and five others starts today

They were charged with violations of the Securities and Futures Act in 2022

- Grace Leong

The long-awaited criminal trial of Hyflux founder and former chief executive Olivia Lum Ooi Lin, former chief financial officer (CFO) Cho Wee Peng and several former board members will start today, nearly three years after they were charged with violations of the Securities and Futures Act.

Already, one of the defendants has thrown in the towel.

In total, seven individuals have been charged over Hyflux's intentional failure to disclose information relating to the Tuaspring Integrated Water and Power Project, among other things. But six are contesting their charges in a 56-day trial scheduled to run from today to Feb 5, 2026.

The charges were filed more than a year after the failed water treatment firm was approved for winding up in 2021, leaving about 34,000 investors of perpetual securities and preference shares, who had sunk in a combined $900 million, with nothing.

The prosecution will proceed on 11 charges against the six defendants today. These include two of the six charges Lum faces. The remaining four charges against Lum are stood down.

The two charges proceeding against Lum relate to her consenting to Hyflux omitting information relating to Tuaspring, when disclosure was required under Singapore Exchange (SGX) listing rules.

This information was necessary to avoid the establishment of a false market in Hyflux's securities, the charge sheet said.