Six former Hyflux leaders were called on to present their defense in the Tuaspring disclosure trial after their lawyers declined to seek an immediate acquittal, The Business Times reported Oct. 21.
Lawyers for the six said their clients would not testify and plan to call Dr Christopher Decker as a joint expert, CNA and The Business Times reported. Principal District Judge Toh Han Li called for their defense after they declined to seek an immediate acquittal by arguing that prosecutors had failed to establish a case. The court’s decision to call for a defense does not determine guilt.
Hyflux founder and former chief executive Olivia Lum Ooi Lin and former chief financial officer Cho Wee Peng are on trial alongside former independent directors Teo Kiang Kok, Gay Chee Cheong, Christopher Murugasu and Lee Joo Hai. Their lawyers maintain that prosecutors have not proved the charges.
The case concerns a March 7, 2011, Tuaspring exchange announcement and an April 13, 2011, offer information statement. Prosecutors allege the disclosures omitted the scale of the project’s electricity revenue, its importance to the project’s profitability and Hyflux’s entry into a new business. The offer information statement did say excess power would be sold to the grid.
Lum and the four former independent directors each face two charges in this trial, concerning the exchange announcement and offer information statement. Cho faces only the charge concerning the exchange announcement.
Hyflux’s April 2011 exchange announcement proposed an issue of up to S$200 million in 6% perpetual preference shares, with an option to increase it to S$400 million. Years later, Hyflux reported a S$81.9 million net loss at Tuaspring for 2017, citing weak electricity prices in Singapore. Its group net loss that year was S$116.4 million.
The prosecution closed its case Sept. 29 after 54 trial days and testimony from 22 witnesses, CNA and The Straits Times reported. A Nov. 23 conference will set further trial dates.
