Hyflux group takes legal action against former auditor KPMG over alleged contract breach
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HYFLUX and 35 companies in its group have lodged a lawsuit pre-emptively against their former independent auditor KPMG alleging breach of contract, and possibly pursuing claims that would include over S$400 million in dividends the company paid out between 2010 and 2018.
The Singapore-listed company in compulsory liquidation has, together with its 35 local and foreign units including Tuaspring, filed a writ of summons against the professional services firm in Singapore's High Court on Mar 28, according to a cause book search by The Business Times (BT).
KPMG was the statutory auditor for Hyflux and some of its subsidiaries in the group for several years.
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