Breaking: Hyflux sue over botched deal
#1
Hyflux sues SM Investments over repudiation of rescue deal, claims S$38.9m deposit
Tay Peck Gek
APR 15, 2019 05:57 PM
DEBT-RIDDEN Hyflux has filed a lawsuit against its former suitor SM Investments (SMI) in the Singapore High Court for the repudiation of the rescue deal and is claiming the S$38.9 million deposit.

Hyflux has fired the first salvo in its dispute with SMI, which the water treatment company said has denied repudiating the restructuring agreement struck in October 2018. SMI was supposed to be the white knight for Hyflux.

The company, in a regulatory filing on Monday, said it had filed a writ of summons in the Singapore High Court to commence an action against SMI for repudiation of the agreement and to claim the S$38.9 million deposit placed into escrow shortly after the execution of the restructuring agreement.

Hyflux will provide updates as and when there are any further material developments concerning this matter. SMI had earlier this month commented that it was "surprised" by Hyflux's "purported termination" of the rescue deal, and will be taking legal advice in relation to Hyflux's action.

Hyflux has also announced the appointment of nTan Corporate Advisory as an additional adviser in the company's ongoing court-supervised reorganisation process.
I, being poor, have only my dreams;
I will do my utmost to keep them alive.
Against tyrants and adversity, I will strive.
Together, a better future, we will realise......
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#2
Ms Lum replied: "I think today is a happy day. We just caught the flu. Like what Pak Anthony Salim just told me, 'Don't worry Olivia, you just (caught a cold), it's okay'. 

Its certainly more serious than a flu.
Today, Hyflux is in ICU without life support..
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#3
Just like the perps sold to retail investors this deal with Salim is full of toxic non disclosures. It is no surprise Salim back off.

Hyflux is filthy. The executives have to be investigated.
I, being poor, have only my dreams;
I will do my utmost to keep them alive.
Against tyrants and adversity, I will strive.
Together, a better future, we will realise......
[+] 3 users Like sgbuffett's post
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#4
What type of toxic bonds they sold out matured in six months can get return $38M ?
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#5
Botched deal?
They don't know?
Or withholding information?
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#6
Still got money to sue ah? k#@..got money pay back the retail investors la..hopeless
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#7
Last resort.....
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#8
How can they be sueing when they are the one who initiated the termination? Really filthy water.
[+] 1 user Likes XXX's post
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#9
Hope SMI sue OL jialat jialat. Makan small investors liao now want to makan big fish.
[+] 1 user Likes winbig's post
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#10
16-4-2019 8:08 AM
Jac Lau Jac said:
Now is the right time for 6% PCS holders to seek justice.

They must band together and make a police report.

So that CAD can investigate their money lost to a ponzi like scam.

Why did Olivia Lum makan $500M to pay early accredited investors?

They should also seek legal advice to sue Olivia Lum and their BODs for cheating their money.
Now you finally get it instead of blaming victims affected.

However the fault does not lie with Hyflux management alone. These were unrated binds marketed directly to retailers. The regulation is poor.
I, being poor, have only my dreams;
I will do my utmost to keep them alive.
Against tyrants and adversity, I will strive.
Together, a better future, we will realise......
Quote
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