- Joined
- Jul 18, 2014
- Messages
- 4,595
- Points
- 113
One farking year already still no sound no picture? She needs to be sent down to the 18 levels of hell for defrauding 34000 retail investors of $900 million holding its perpetual and preference shares (PnPs) .
https://www.businesstimes.com.sg/co...r-olivia-lum-ex-auditor-kpmg-be-jointly-tried
HYFLUX’S civil lawsuits against the company’s founder Olivia Lum and former auditor KPMG will be tried jointly, after the High Court granted Lum’s application.
Justice Goh Yihan, in a judgment published on Monday (Mar 25), said he agreed with Lum that a joint trial of the Hyflux claims will “save costs, time and effort, as well as promote convenience”.
“Crucially, the plaintiffs rely on the same pleaded facts in support of these causes of action… Similarly, the plaintiffs also claim to have suffered almost identical losses in both suits,” Justice Goh said.
KPMG supported the application for a joint trial because there are common questions of law and fact which arise in the suits.
Hyflux’s counsel had objected to having the claims heard before the same judge at the same time, arguing that there are a number of non-overlapping issues in both the suits that are key and substantial.
However, Justice Goh pointed out that the overlapping issues are key and substantial.
Beleaguered Hyflux and two subsidiaries Hydrochem (S) and Tuaspring, as well as liquidator Cosimo Borrelli filed a lawsuit in 2022 against the group’s former chief executive Lum, seeking at least S$690.6 million in claims over her alleged breach of fiduciary duty.
Borrelli is the liquidator of Hyflux and Hydrochem. He is not one of the three plaintiffs in the suit against KPMG.
Against KPMG, the two Hyflux companies and Tuaspring alleged that the professional services firm had breached its duty to exercise reasonable skill and care in carrying out its audit work in relation to its audit of the financial statements for 2011 to 2017, which were said to have been materially misstated. They are seeking more than S$684.6 million in claims.
https://www.businesstimes.com.sg/co...lapped-three-more-charges-three-kpmg-auditors
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https://www.straitstimes.com/business/companies-markets/hyflux-put-under-judicial-management
Hyflux also owes about $900 million to 34,000 retail investors holding its perpetual and preference shares (PnPs).
Hyflux and its current and former directors are now under probe for suspected false and misleading statements and breaches of disclosure rules.
https://www.straitstimes.com/busine...directors-including-olivia-lum-under-criminal
Among the directors under investigation is Hyflux's executive chairman, Ms Olivia Lum, who was the company's only executive director during that period.
https://www.businesstimes.com.sg/co...r-olivia-lum-ex-auditor-kpmg-be-jointly-tried
Hyflux’s civil suits against founder Olivia Lum, ex-auditor KPMG to be jointly tried
Published Mon, Mar 25, 2024 · 02:58 PMHYFLUX’S civil lawsuits against the company’s founder Olivia Lum and former auditor KPMG will be tried jointly, after the High Court granted Lum’s application.
Justice Goh Yihan, in a judgment published on Monday (Mar 25), said he agreed with Lum that a joint trial of the Hyflux claims will “save costs, time and effort, as well as promote convenience”.
“Crucially, the plaintiffs rely on the same pleaded facts in support of these causes of action… Similarly, the plaintiffs also claim to have suffered almost identical losses in both suits,” Justice Goh said.
KPMG supported the application for a joint trial because there are common questions of law and fact which arise in the suits.
Hyflux’s counsel had objected to having the claims heard before the same judge at the same time, arguing that there are a number of non-overlapping issues in both the suits that are key and substantial.
However, Justice Goh pointed out that the overlapping issues are key and substantial.
Beleaguered Hyflux and two subsidiaries Hydrochem (S) and Tuaspring, as well as liquidator Cosimo Borrelli filed a lawsuit in 2022 against the group’s former chief executive Lum, seeking at least S$690.6 million in claims over her alleged breach of fiduciary duty.
Borrelli is the liquidator of Hyflux and Hydrochem. He is not one of the three plaintiffs in the suit against KPMG.
Against KPMG, the two Hyflux companies and Tuaspring alleged that the professional services firm had breached its duty to exercise reasonable skill and care in carrying out its audit work in relation to its audit of the financial statements for 2011 to 2017, which were said to have been materially misstated. They are seeking more than S$684.6 million in claims.
https://www.businesstimes.com.sg/co...lapped-three-more-charges-three-kpmg-auditors
Olivia Lum slapped with three more charges; three KPMG auditors issued orders over Hyflux’s financial statements
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https://www.straitstimes.com/business/companies-markets/hyflux-put-under-judicial-management
Hyflux also owes about $900 million to 34,000 retail investors holding its perpetual and preference shares (PnPs).
Hyflux and its current and former directors are now under probe for suspected false and misleading statements and breaches of disclosure rules.
https://www.straitstimes.com/busine...directors-including-olivia-lum-under-criminal
Among the directors under investigation is Hyflux's executive chairman, Ms Olivia Lum, who was the company's only executive director during that period.
