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Olivia Lum slapped with three more charges; three KPMG auditors issued orders over Hyflux’s financial statements

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Tay Peck Gek

Tay Peck Gek

Published Fri, May 5, 2023 · 02:53 PM
    • The three charges levelled against Olivia Lum (left) on Friday pertain to Section 157 of the Companies Act,
    • The three charges levelled against Olivia Lum (left) on Friday pertain to Section 157 of the Companies Act, PHOTO: KELVIN CHNG, ST

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    HYFLUX founder and former chief executive Olivia Lum Ooi Lin on Friday (May 5) was handed three additional charges over her alleged failure to exercise reasonable diligence as a director. The charges were in relation to Hyflux’s omission to disclose some restricted bank balances.

    The auditors from KPMG who handled Hyflux’s financial statements for FY2013 to FY2017 have, meanwhile, been issued orders by the Public Accountants Oversight Committee under the Accountants Act. This was announced in a joint statement issued by the police, the Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (Acra) on Friday.

    Acra maintains oversight of the quality of work of public accountants through the Practice Monitoring Programme (PMP).

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