The Business Times
SUBSCRIBERS

Hyflux seeks S$684.6 million from KPMG for alleged negligence

Fundamentally, the plaintiffs’ claim is an impermissible attempt to make the defendant underwrite the plaintiffs’ own business failures, auditor says

Tay Peck Gek

Tay Peck Gek

Published Wed, Nov 30, 2022 · 09:27 PM
    • KPMG has refuted the allegations of it being negligent, and argued in the defence filed last week that the obligation to prepare the financial statements in compliance with the law and reporting standards lies with the plaintiffs’ management and board.
    • KPMG has refuted the allegations of it being negligent, and argued in the defence filed last week that the obligation to prepare the financial statements in compliance with the law and reporting standards lies with the plaintiffs’ management and board. PHOTO: BT FILE

    HYFLUX and two of its units are claiming over S$684.6 million from the group’s former external auditor, KPMG, for alleged negligence in auditing the accounts.

    The professional services firm has denied the allegation.

    According to the statement of claim filed in October, Hyflux, Hydrochem and Tuaspring alleged that Hyflux’s financial statements for the years 2011 to 2017 in relation to the Tuaspring desalination and power plants were materially misstated.

    HyfluxLawsuits

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback
    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More