SINGAPORE (Reuters) – Singapore authorities said on Tuesday they had launched an investigation into water treatment firm Hyflux and its current and former directors for suspected false and misleading statements and disclosure breaches.
The investigation follows a review into Hyflux-related disclosure, and compliance with accounting and auditing standards announced in April.
“The review disclosed reasons to suspect that offences may have been committed,” Singapore police’s commercial affairs department, the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority, said in a joint statement.
The investigation will focus on the firm’s disclosures concerning its Tuaspring desalination and power plant in the city-state, the authorities added.
Hyflux said it had received notice from authorities which requires it to provide certain documents regarding the Tuaspring plant and added it will cooperate fully with the investigation.
Debt-laden Hyflux, once seen as a national champion running a strategically important water resource for Singapore, filed for a court-supervised financial restructuring in 2018 and defaulted on its debt payments.
(Reporting by John Geddie; Editing by Louise Heavens)