Hyflux independent director charged over neglect in failure to disclose material information on Tuaspring
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AN independent director of Hyflux has been charged over neglect which caused the company to omit information relating to Tuaspring Integrated Water and Power Project, in violation of Singapore Exchange (SGX) listing rules.
The Business Times learnt on Thursday (May 4) that Lee Joo Hai, 67, was charged in March this year with one count of neglect as an independent director under the Securities and Futures Act.
His alleged neglect resulted in Hyflux on Mar 7, 2011 intentionally failing to notify the bourse that the Tuaspring project was the water treatment firm’s expansion into a new business of selling electricity.
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