Date: April 25, 2019
It is now evident that the trust in the senior management and the board of Hyflux has weaned considerably. Understandably, stakeholders are getting tired of waiting for a concrete plan that would take the company out of its current woes though the company has informed SIAS that it is working on a plan. SIAS had earlier called on Olivia Lum to step down as Chairman and appoint a suitable Chairman who will, with his expertise, steer the company out of its current misery. Many do not believe that Olivia Lum and current management can rise to the occasion to meet the challenges ahead. This must not be delayed any longer if trust is to be built with the stakeholders. However, Olivia Lum has said that she will work for free for the company and continue with her efforts to help restructure the company so that the faith in her by her investors will be regained.
Stakeholders are also not happy with the lack of transparency, information flow and the manner in which information is dispatched. There has to be an urgent meeting of minds between all parties concerned if there is a willingness to find a solution acceptable to all stakeholders. Finally, all stakeholders are seriously concerned with the escalation of professional fees that is to be paid, although the professional advisors are a necessity.
Founder, President & CEO
Securities Investors Association (Singapore)