• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

Regulators Refusing to Act - Hyflux & Noble Group's Decline

JustLikeThis said:
"While Olivia was a brilliant entrepreneur, she lacked management skills to run a growing business," said Mak Yuen Teen, a corporate governance expert and associate professor at the National University of Singapore Business School. "And she failed to bring in the right people to address her own weaknesses."

Mak pointed out that Hyflux once filled a business development role with a family doctor and hospital registrar. It also put a hire with a sales and marketing background into a role requiring strong project management skills, Mak noted. As for Hyflux's independent directors, a number had relationships that raised questions about their independence, according to Mak.

Last month, Singapore's Securities Investors Association issued a statement that raises questions about Hyflux's entry into the electricity business. "Was proper due diligence performed?" the statement asks. "Was an exhaustive risk assessment conducted? How many directors voted in favor or against the move? Were investors adequately informed of the risks?"

Meanwhile, the company and its managers are being investigated for suspected false and misleading statements; they are also suspected of failing to meet disclosure requirements.

https://asia.nikkei.com/Business/St...of-Singapore-s-Hyflux-can-teach-entrepreneurs
Click to expand...
Dr Tan See Leng was appointed as the Minister for Manpower and Second Minister for Trade and Industry on 15 May 2021. He is also a family doctor.
 

Dr. Deirdre (Dee) Murugasu​

MBBS; MMed (FM)
Chief Scientific Advisor of Integrated Health Solutions (IHS)
Former Deputy Chief Executive of Operations and Executive Vice President of Hyflux Group

Dr. Deirdre (Dee) Murugasu is the Chief Scientific Advisor of Integrated Health Solutions (IHS), a holistic health and wellness company that provides synergized solutions by engaging both mainstream medical practice and the best in class of complementary care.

Dr. Dee was formerly the Deputy Chief Executive of Hyflux, a publicly listed specialist water treatment company.

She holds a Master’s Degree in Family Medicine from National University of Singapore.

Her pet interests are in the areas of combining oxygen and water therapies with bio-energetics, nutrition and traditional medical therapies to boost cellular health and improve clinical outcomes.
 
Joseph Prince & The Hyflux Fiasco – By Rev George Ong
https://www.revgeorgeong.com/

Yesterday (22 July 2021), it was reported in The Straits Times that the High Court has approved the winding up of Hyflux.

This goes to show Joseph Prince’s claim that his grace doctrine was responsible for the success of Hyflux is now proven to be a scam.

When Hyflux was in its heydays, Joseph Prince trumpeted to the world that because the founder of Hyflux followed his prescribed grace doctrine of daring to ask big things from God, she succeeded. You can read the details in his book, ‘The Power Of Right Believing’, pages 274-282.

Because of space, I can only include two paragraphs of these pages.

In ‘The Power Of Right Believing’, Page 278, Joseph Prince wrote,

“She (Olivia Lum) shared with me (Joseph Prince) that when she walked out of the bank, she remembered a message that I had preached on being bold and asking God for big things. She said, “You told us not to insult God by asking only for small things. You said, ‘Ask God for big things, compliment Him, and have a positive, confident expectation of good.’” So she went home and before going to bed, she decided to step out in faith and ask God to do a big thing for her.”​


In ‘The Power Of Right Believing’, Page 282, Joseph Prince wrote,

“How does a young girl… go from weaving rattan bags for a nickel to building a billion-dollar, public-listed company? My friend, that is the power of right believing. Olivia’s story is an amazing one, which tells of the goodness, favor, grace, and power of our God. I pray that you will be encouraged to see that nothing is impossible when you believe right in the person of Jesus and in His love and goodness. Ask God for big things. He loves you, and He has a track record of doing exceedingly and abundantly above all that we can ask, think, or even imagine (see Eph. 3:20).”​

When Hyflux was doing well, Joseph Prince proclaimed loudly to the world that Hyflux succeeded financially because the founder believed and practised his grace doctrine.

But when it was reported in the Newspapers at the beginning of 2019 that Hyflux became embroiled with financial difficulties and later reports indicated that the founder of Hyflux and its directors were under criminal investigation for suspected false and misleading statements and corporate governance breaches, Joseph Prince kept absolutely quiet as a mouse about it.

One question that needs to be asked is – did Joseph Prince’s grace doctrine, which he claims in his book to have brought about Hyflux’s financial success, really work? If it did, why is Hyflux laden with financial problems? Why is it being placed under criminal investigation? Why is it in the final process of being wound up?

Friends, the truth is Joseph Prince trumpets only on the so-called successful cases, while hiding from you the many other cases of people who have floundered under his ministry. As the case of Hyflux may prove, even the so-called successful cases, may not be a true reflection of it after all.

Joseph Prince only knows how to claim credit for his success. That’s what he did when he held up the founder of Hyflux as the poster girl of his so-called successful grace doctrine.

But when they falter, as in the case Hyflux, he doesn’t want to have anything to do with it by keeping quiet about it. This is the kind of man you are dealing with.

When a believer tastes prosperity because he has so-called followed the hypergrace principles, Joseph Prince gets the credit. Such success will be shared over the pulpit in the weekly Sunday services. Joseph Prince’s name will always be mentioned as the reason for the person’s accomplishment.

But when a believer does not experience wealth or is not healthy or even sickly, the ‘blame’ is placed on that individual for not having enough faith or doesn’t have enough revelation to experience the wealth or health that he should have experienced.

Don’t be deceived by the many so-called testimonies that Joseph Prince frequently and anxiously belts out in his weekly worship services every Sunday to prove the efficacy of his grace doctrine.

Matthew 7:15-20 NASB

15 “Beware of the false prophets, who come to you in sheep’s clothing, but inwardly are ravenous wolves. 16 You will know them by their fruits. Grapes are not gathered from thorn bushes nor figs from thistles, are they? 17 So every good tree bears good fruit, but the bad tree bears bad fruit. 18 A good tree cannot produce bad fruit, nor can a bad tree produce good fruit. 19 Every tree that does not bear good fruit is cut down and thrown into the fire. 20 So then, you will know them by their fruits.”​

Matthew 7:20 says, “… you will know them by their fruits.”

But the application of the fruit test is not entirely easy, simple or straightforward. You have to wait until the fruit has appeared. There is the danger of being too excited about the fruit prematurely once some semblance of it starts to appear, only to realise that the fruit is rotten.

You have to wait until you have the opportunity to examine the fruit closely and carefully. You cannot always recognise the tree or the fruit at a distance. Even when you examine it closely, you may not immediately see if the tree is diseased or if the fruit is rotten with maggots and worms crawling inside it. So what is needed is not a superficial but critical assessment of the fruit of the false teacher, such as Joseph Prince.

Don’t be deceived – just as true teachers can be counterfeited; the fruit of false teachers can be fabricated too. The great deception is that even the counterfeited fruit of false teachers can appear so genuine. The fruit of false teachers which appears so real at a distance could turn out to be fake on closer scrutiny.

Don’t judge fruit by the short term; the authenticity of fruit can only be established in the medium or long term. Fruit must be given time to prove its authenticity.

And Joseph Prince has capitalised on the initial and short-term success of Olivia Lum to mislead the people about the truth and efficacy of his grace doctrine.

Don’t be deceived – the short-term result that Joseph Prince frequently shares about the many testimonies that he belts out, does not necessarily equal to permanent success or genuine fruit.

Finally, instead of warning people that their desire for wealth and to be very rich, can choke them to their spiritual death, unbelievably, Joseph Prince encourages them to pursue the very thing that could result in their eternal ruin (1 Tim 6:8-10).

God’s true shepherds would never bring about your destruction, but only the devil’s wolf would.

Be warned that if you blindly follow after Joseph Prince’s ‘every-believer-must-be-very-rich’ false doctrine, you are allowing covetousness to gain a foothold in your life. And the sin of covetousness would lead, not just to your earthly ruin, but also to your eternal destruction (1 Tim 6:9-10).

Because Hyflux is now being wound up, The Straits Times dated 22 July 2021 (yesterday) reported that “the long-suffering 34,000 retail investors … will likely end up with nothing.”

In the same report in The Straits Times, Sias president and chief executive David Gerald said,

“I am saddened by the result, but the court was very patient and accommodative. I feel sorry for the (PnP investors) who may now end up getting nothing.​
“They put their trust in (founder) Olivia Lum and the board entirely. These are small investors and they have lost their investments.​
“Those responsible for bringing down Hyflux will have to live with their conscience.”​

If Joseph Prince has a conscience, he must repent from his Prosperity Gospel doctrine, as he was the one who encouraged the founder of Hyflux “… not to insult God by asking only for small things…” but to “… Ask God for big things…”
 
Maybe said:
Joseph Prince & The Hyflux Fiasco – By Rev George Ong
https://www.revgeorgeong.com/

Yesterday (22 July 2021), it was reported in The Straits Times that the High Court has approved the winding up of Hyflux.

This goes to show Joseph Prince’s claim that his grace doctrine was responsible for the success of Hyflux is now proven to be a scam.

When Hyflux was in its heydays, Joseph Prince trumpeted to the world that because the founder of Hyflux followed his prescribed grace doctrine of daring to ask big things from God, she succeeded. You can read the details in his book, ‘The Power Of Right Believing’, pages 274-282.

Because of space, I can only include two paragraphs of these pages.

In ‘The Power Of Right Believing’, Page 278, Joseph Prince wrote,

“She (Olivia Lum) shared with me (Joseph Prince) that when she walked out of the bank, she remembered a message that I had preached on being bold and asking God for big things. She said, “You told us not to insult God by asking only for small things. You said, ‘Ask God for big things, compliment Him, and have a positive, confident expectation of good.’” So she went home and before going to bed, she decided to step out in faith and ask God to do a big thing for her.”​


In ‘The Power Of Right Believing’, Page 282, Joseph Prince wrote,

“How does a young girl… go from weaving rattan bags for a nickel to building a billion-dollar, public-listed company? My friend, that is the power of right believing. Olivia’s story is an amazing one, which tells of the goodness, favor, grace, and power of our God. I pray that you will be encouraged to see that nothing is impossible when you believe right in the person of Jesus and in His love and goodness. Ask God for big things. He loves you, and He has a track record of doing exceedingly and abundantly above all that we can ask, think, or even imagine (see Eph. 3:20).”​

When Hyflux was doing well, Joseph Prince proclaimed loudly to the world that Hyflux succeeded financially because the founder believed and practised his grace doctrine.

But when it was reported in the Newspapers at the beginning of 2019 that Hyflux became embroiled with financial difficulties and later reports indicated that the founder of Hyflux and its directors were under criminal investigation for suspected false and misleading statements and corporate governance breaches, Joseph Prince kept absolutely quiet as a mouse about it.

One question that needs to be asked is – did Joseph Prince’s grace doctrine, which he claims in his book to have brought about Hyflux’s financial success, really work? If it did, why is Hyflux laden with financial problems? Why is it being placed under criminal investigation? Why is it in the final process of being wound up?

Friends, the truth is Joseph Prince trumpets only on the so-called successful cases, while hiding from you the many other cases of people who have floundered under his ministry. As the case of Hyflux may prove, even the so-called successful cases, may not be a true reflection of it after all.

Joseph Prince only knows how to claim credit for his success. That’s what he did when he held up the founder of Hyflux as the poster girl of his so-called successful grace doctrine.

But when they falter, as in the case Hyflux, he doesn’t want to have anything to do with it by keeping quiet about it. This is the kind of man you are dealing with.

When a believer tastes prosperity because he has so-called followed the hypergrace principles, Joseph Prince gets the credit. Such success will be shared over the pulpit in the weekly Sunday services. Joseph Prince’s name will always be mentioned as the reason for the person’s accomplishment.

But when a believer does not experience wealth or is not healthy or even sickly, the ‘blame’ is placed on that individual for not having enough faith or doesn’t have enough revelation to experience the wealth or health that he should have experienced.

Don’t be deceived by the many so-called testimonies that Joseph Prince frequently and anxiously belts out in his weekly worship services every Sunday to prove the efficacy of his grace doctrine.

Matthew 7:15-20 NASB

15 “Beware of the false prophets, who come to you in sheep’s clothing, but inwardly are ravenous wolves. 16 You will know them by their fruits. Grapes are not gathered from thorn bushes nor figs from thistles, are they? 17 So every good tree bears good fruit, but the bad tree bears bad fruit. 18 A good tree cannot produce bad fruit, nor can a bad tree produce good fruit. 19 Every tree that does not bear good fruit is cut down and thrown into the fire. 20 So then, you will know them by their fruits.”​

Matthew 7:20 says, “… you will know them by their fruits.”

But the application of the fruit test is not entirely easy, simple or straightforward. You have to wait until the fruit has appeared. There is the danger of being too excited about the fruit prematurely once some semblance of it starts to appear, only to realise that the fruit is rotten.

You have to wait until you have the opportunity to examine the fruit closely and carefully. You cannot always recognise the tree or the fruit at a distance. Even when you examine it closely, you may not immediately see if the tree is diseased or if the fruit is rotten with maggots and worms crawling inside it. So what is needed is not a superficial but critical assessment of the fruit of the false teacher, such as Joseph Prince.

Don’t be deceived – just as true teachers can be counterfeited; the fruit of false teachers can be fabricated too. The great deception is that even the counterfeited fruit of false teachers can appear so genuine. The fruit of false teachers which appears so real at a distance could turn out to be fake on closer scrutiny.

Don’t judge fruit by the short term; the authenticity of fruit can only be established in the medium or long term. Fruit must be given time to prove its authenticity.

And Joseph Prince has capitalised on the initial and short-term success of Olivia Lum to mislead the people about the truth and efficacy of his grace doctrine.

Don’t be deceived – the short-term result that Joseph Prince frequently shares about the many testimonies that he belts out, does not necessarily equal to permanent success or genuine fruit.

Finally, instead of warning people that their desire for wealth and to be very rich, can choke them to their spiritual death, unbelievably, Joseph Prince encourages them to pursue the very thing that could result in their eternal ruin (1 Tim 6:8-10).

God’s true shepherds would never bring about your destruction, but only the devil’s wolf would.

Be warned that if you blindly follow after Joseph Prince’s ‘every-believer-must-be-very-rich’ false doctrine, you are allowing covetousness to gain a foothold in your life. And the sin of covetousness would lead, not just to your earthly ruin, but also to your eternal destruction (1 Tim 6:9-10).

Because Hyflux is now being wound up, The Straits Times dated 22 July 2021 (yesterday) reported that “the long-suffering 34,000 retail investors … will likely end up with nothing.”

In the same report in The Straits Times, Sias president and chief executive David Gerald said,

“I am saddened by the result, but the court was very patient and accommodative. I feel sorry for the (PnP investors) who may now end up getting nothing.​
“They put their trust in (founder) Olivia Lum and the board entirely. These are small investors and they have lost their investments.​
“Those responsible for bringing down Hyflux will have to live with their conscience.”​

If Joseph Prince has a conscience, he must repent from his Prosperity Gospel doctrine, as he was the one who encouraged the founder of Hyflux “… not to insult God by asking only for small things…” but to “… Ask God for big things…”
Click to expand...

Good one.
 

The demise of Hyflux - issues to be addressed​

https://www.businesstimes.com.sg/opinion/the-demise-of-hyflux-issues-to-be-addressed

Full disclosure should be made to the public as to the financial position of the group in the relevant periods when the company issued notes to raise funds from the market and the events leading to its abrupt announcement that it would need court protection to stave off creditors' claims.

The Accounting and Corporate Regulatory Authority announced in June 2020 that it was probing into the company's compliance with accounting and auditing standards over the period from 2011 to 2018. Likewise, the relevant authorities have commenced investigations on whether there have been false and misleading statements made to the market that breached disclosure rules over a period of years. At the appropriate time when the investigation was completed, details of what went wrong and the persons responsible for any errant conduct should have been made known to the public.
 
Maybe said:
are you in the committee?
Click to expand...

I like my privacy. Thanks all and our forum for keeping this thread alive so that we can update and communicate with the fellow investors.
Please direct all communications to the committee via [email protected]

1044291935-never-forgive-and-never-forget-3.png
 
Dear fellow Hyflux Preference shareholders and perpetual securities holders (PnPs),

A group of volunteers have formed a litigation committee and this email is an invitation to fellow PnPs who are interested in joining.

We currently have a legal firm ready to commence on the legal opinion. With this legal opinion and the aid of the legal firm, we plan to source for litigation funders subsequently. The legal firm has not commenced on their work, pending this fund raising exercise.

We are seeking $50 from each PnP who chooses to join. The legal fee charged by the lawyer for the legal opinion is capped at SGD20,000.

Hence, we need at least 400 PnPs to join before we proceed.

Subsequently, only those who have funded, registered with complete, accurate details and shown their proof of holdings with their full name shown will be updated on the progress.

More details are provided below:

1) PnP letter

https://drive.google.com/file/d/1cczagzb0-IIdKR2PZxeOs1BYW9KUzWC3/view

2) FAQs

https://drive.google.com/file/d/1OerGZMPTzYx8IigP-hTibrJwClA3BGv7/view?usp=sharing

Do contact [email protected] for your enquiries.

Thank you

Litigation Committee

(Stephen Lim, Johnson Zheng, Simon Sim, Max Sze, Francis Teo and Lee Eng)
 
You must log in or register to reply here.

Similar threads

P
Serious FT Run Hospitality Trust Collapsed in Record Short Time on SGX!
Replies
11
Views
988
Patriotmissile
P
steffychun
Musk's X banned in Brazil after disinformation row
Replies
3
Views
367
Dr Christopher Cheok C S
Dr Christopher Cheok C S
Cottonmouth
Mookata Thai ducks entry denied!!? Our district 10 horny aunties how?
Replies
8
Views
1K
congo9
congo9
Taylorshit
NTUC Enterprise whack former CEO Tan Suee Chieh liao
Replies
2
Views
746
Taylorshit
Taylorshit
Franjipani
David Yong Khung Lin
Replies
7
Views
1K
Scrooball (clone)
Scrooball (clone)
Back
Top