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Hyflux appoints new lead independent director
HONG Pian Tee on Tuesday joined Hyflux's board and took over as its lead independent director.
Meanwhile, Teo Kiang Kok has relinquished his position as lead independent director with immediate effect, although he continues to be a non-executive independent director of Hyflux.
Mr Teo is one of the directors under investigation over the troubled water treatment firm's Tuaspring project. On June 2, the Commercial Affairs Department of the Singapore Police Force, the Monetary Authority of Singapore, and the Accounting and Corporate Regulatory Authority said they had launched a joint probe into Hyflux's current and former directors for suspected false and misleading statements as well as breaches of disclosure rules.
Hyflux on Tuesday said that Mr Hong, 75, is considered a non-executive independent director of the company.
Mr Hong's experience and areas of expertise since 1977 are in corporate advisory, financial reconstruction and corporate insolvencies. From 1985 to 1999, he was a partner of PricewaterhouseCoopers and the managing director of PricewaterhouseCoopers Intrust.
He has been a corporate or financial adviser to clients with businesses in Singapore and Indonesia. Mr Hong was also engaged to restructure companies with operations in Taiwan, Indonesia, and Malaysia, Hyflux said.
He is the chairman and executive director of Pei Hwa Foundation.
At present, Mr Hong sits on the boards of three other Singapore-listed companies - as lead independent director of XMH Holdings and Sinarmas Land, and as an independent director of Yanlord Land group.
Previously, he was the non-executive chairman and an independent director of AsiaPhos and Sin Ghee Huat Corporation, the lead independent director of Golden Agri-Resources, and an independent director of Memstar Technology.
Pursuant to Hyflux's constitution, Mr Hong is subject to retirement and re-election at the company's next annual general meeting.
With his appointment, the water treatment firm's board now comprises eight members - Olivia Lum, Mr Hong, Mr Teo, Lee Joo Hai, Gay Chee Cheong, Christopher Murugasu, Gary Kee, and Lau Wing Tat.
Besides Mr Teo, Mr Lee was also identified last week as one of the directors involved in the joint probe by the authorities.