Hyflux
{{Short description|Singaporean sustainable products and research company}}
{{use dmy dates|date=August 2021}}
Hyflux Ltd was a Singaporean sustainable products and research company listed on the Singapore Stock Exchange (SGX).
The company was founded in 1989 by Olivia Lum, Group CEO, President and Managing Director.
In 2006, the company was given the 'Water Company of the Year' award, at the 'Global Water Awards', by the Global Water Intelligence, UK.{{Citation needed|date=June 2022}}
The company was placed under judicial management (JM) on 19 November 2020 by the Singapore Courts due to excessive debts. Control of the company's operation has been transferred to the appointed judicial managers Hamish Alexander Christie and Patrick Bance of Borrelli Walsh.{{Cite web|last=hermesauto|date=2020-11-16|title=Hyflux put under judicial management; founder Olivia Lum loses control over firm|url=https://www.straitstimes.com/business/companies-markets/hyflux-put-under-judicial-management|access-date=2020-12-11|website=The Straits Times}} The company has been approved to wind up on 21 July 2021.{{Cite web|last=hermesauto|date=2021-07-21|title=End of the road for Hyflux as High Court okays winding up of water treatment firm|url=https://www.straitstimes.com/business/companies-markets/end-of-the-road-for-hyflux-high-court-oks-winding-up-of-water-treatment|access-date=2021-07-22|website=The Straits Times|url-access=subscription}}
History
The company started initially as Hydrochem (S) Pte Ltd in 1989{{Cite web |title=Former HR manager of Hyflux subsidiary Hydrochem charged with corruption |url=https://www.channelnewsasia.com/business/hyflux-subsidiary-hydrochem-corruption-former-hr-manager-646236 |access-date=2023-01-27 |website=CNA |language=en}} with a start-up capital of S$20,000 and three staff, selling water treatment systems.{{citation |last=Lum |first=Olivia |title=Toilet was just a squat pan; Group CEO and president of Hyflux Olivia Lum recounts a childhood of extreme poverty |date=4 June 2007 |url=http://newpaper.asia1.com.sg/printfriendly/0,4139,132153,00.html |periodical=The Electric New Paper |access-date=15 January 2008 |archive-url=https://archive.today/20071223005230/http://newpaper.asia1.com.sg/printfriendly/0,4139,132153,00.html |url-status=dead |publisher=Singapore |archive-date=23 December 2007}}{{citation |last=Zhang |first=Lihong |title=新加坡"水之女皇"林爱莲 幽默随和的美丽女人/Singapore's 'Queen of Water' Olivia Lum - a humorous, amiable beauty |date=6 October 2005 |url=http://news.xinhuanet.com/world/2005-10/06/content_3587618.htm |periodical=Xinhua News |access-date=15 January 2008 |archive-url=https://web.archive.org/web/20071204164449/http://news.xinhuanet.com/world/2005-10/06/content_3587618.htm |url-status=dead |language=zh |archive-date=4 December 2007}}
By January 2001, Hyflux had become the first water treatment company to be listed on SESDAQ, and was upgraded to the Singapore Exchange's Mainboard in April 2003.{{Cite news |last=Pek |first=Tiong Gee |date=2 September 2021 |title=Hyflux: Down the slippery slope |work=The Edge |url=https://www.theedgesingapore.com/issues/1000th-issue/hyflux-down-slippery-slope}}
In 2008, the group had net profits of S$59 million.{{cite web |url=http://www.asiabiotech.com/publication/apbn/13/english/preserved-docs/1303/0057_0057.pdf |title= Hyflux Still Expanding |date= November 3, 2009 |work=Asia Pacific Biotech News }} In 2016, the group had net profits of S$3.8 million.
On 21 May 2018, the company suspended its shares and applied for court supervision to reorganise liabilities and businesses the next day.{{Cite news |url=https://www.channelnewsasia.com/news/business/hyflux-applies-for-court-supervision-to-reorganise-liabilities-10258032 |title=Hyflux applies for court supervision to reorganise liabilities, businesses |work=Channel NewsAsia|access-date=2018-05-23|archive-url=https://web.archive.org/web/20210411041334/https://www.channelnewsasia.com/news/business/hyflux-applies-for-court-supervision-to-reorganise-liabilities-10258032|archive-date=11 April 2021}}
On 19 October 2018, conglomerate Salim Group and energy giant Medco Group agreed to offer Hyflux a S$400 million equity injection, in exchange for a 60 per cent stake in the company once it has settled all its debts.{{Cite web| url=https://www.businesstimes.com.sg/companies-markets/indon-white-knights-put-s530m-hyflux-rescue-plan-on-table| title=Indonesian white knights put S$530m Hyflux rescue plan on table | first=Marissa| last=Lee| date=October 19, 2018| website=The Business Times| archive-url=https://web.archive.org/web/20201108132359/https://www.businesstimes.com.sg/companies-markets/indon-white-knights-put-s530m-hyflux-rescue-plan-on-table| archive-date=8 November 2020| url-status=live}}{{Cite web| url=https://www.channelnewsasia.com/news/singapore/hyflux-s-retail-investors-face-losses-under-proposed-11249968 |title=Hyflux's retail investors face losses under proposed restructuring plan |website=Channel NewsAsia |access-date=2019-02-21}}{{Cite web |url=https://www.channelnewsasia.com/news/business/sias-to-hold-investor-only-town-hall-session-on-feb-25-for-11258302| title=SIAS to hold investor-only town hall session on Feb 25 for Hyflux perpetual, preference shareholders| website=Channel NewsAsia|access-date=2019-02-21}}
On 4 June 2021, judicial managers filed an application with Singapore's court to wind up the company after failed negotiations with an investor.{{cite web|last=Choy |first=Natalie|date=4 June 2021|title=Hyflux files for liquidation after failed investor talks|url=https://www.businesstimes.com.sg/companies-markets/hyflux-files-for-liquidation-after-failed-investor-talks|access-date=2021-06-05 |website=www.businesstimes.com.sg}}
On 21 July 2021, Singapore's high court has approved for Hyflux to wind up and be liquidated with its judicial managers being its liquidators.
On 17 November 2022, ex-CEO Olivia Lum, ex-CFO Cho Wee Peng and four other former board members were charged with violations of Singapore's Securities and Futures Act.{{cite web|last=Leong |first=Grace|date=17 November 2022|title=Ex-Hyflux CEO Olivia Lum, ex-CFO and four others charged with violations of Securities and Futures Act|url=https://www.straitstimes.com/business/ex-hyflux-ceo-olivia-lum-ex-cfo-and-four-others-charged-for-violations-of-securities-and-futures-act|access-date=2023-05-04|website=www.straitstimes.com}}
On 12 March 2023, former independent director Lee Joo Hai, who had left Singapore, was arrested in Malaysia in a joint operation with the Royal Malaysia Police. He was subsequently charged on one count of violating the Securities and Futures Act. Lee faces a potential jail term of up to seven years, a fine of up to S$250,000, or both.{{cite web|last=Leong |first=Grace|date=5 May 2023|title=Hyflux founder Olivia Lum faces 3 more charges, independent director Lee Joo Hai arrested and charged|url=https://www.straitstimes.com/business/hyflux-founder-olivia-lum-faces-3-more-charges-independent-director-lee-joo-hai-arrested-and-charged#:~:text=Lum%20was%20first%20charged%20in,the%20Securities%20and%20Futures%20Act.|access-date=2023-05-04|website=www.straitstimes.com}}
On 5 May 2023, Singapore's State Court added three additional charges against Olivia Lum, citing violations of the Companies Act related to an allegation that she failed to exercise diligence in the discharge of her duties as a director. Lum faces a potential jail term of up to two years, a maximum fine of S$150,000, or both.