Hyflux Ex-Director Fined Over Firm's Failure to Disclose Tuaspring Info

He gets $90,000 fine for neglect in case tied to integrated water and power project

- Selina Lum

A former independent director of Hyflux was fined $90,000 on Aug 7 over the company's failure to disclose information relating to the Tuaspring integrated water and power project in 2011 as required under Singapore Exchange (SGX) listing rules.

The fine was handed to Rajsekar Kuppuswami Mitta by a district court after he pleaded guilty to a charge of neglect in relation to an announcement by the company to the SGX on March 7 that year.

Rajsekar, a 68-year-old Australian citizen and Singapore permanent resident, was also barred from acting as a company director for five years.

Six others who have also been charged with disclosure-related offences — including Hyflux founder and former chief executive Olivia Lum Ooi Lin — are contesting their charges in a trial scheduled from Aug 11 to Feb 5, 2026.

Hyflux, once a celebrated water treatment company in Singapore, officially collapsed in 2021 after facing financial woes from its foray into the energy business through the Tuaspring plant.

On Aug 7, Deputy Public Prosecutor Kevin Yong told the court that Hyflux intentionally failed to disclose information in the March 7, 2011 announcement that would have allowed investors to make fully informed decisions.

The announcement stated that Hyflux had been named the "preferred bidder" by national water agency PUB to build and operate Singapore's second and largest seawater desalination plant in Tuas for a concession period of 25 years.

The announcement also stated that the cost of the Tuaspring project was $890 million.