Hyflux founder Olivia Lum, 5 ex-directors rest defense in fraud trial
What's next: A Nov. 23 conference will set further trial dates as the six call only one expert witness after 54 days of prosecution evidence.
Hyflux founder Olivia Lum and five former executives and directors will not testify in their criminal trial after a Singapore judge ruled prosecutors had made a case for them to answer. Principal District Judge Toh Han Li on Oct. 21 called for the defense of Lum, former CFO Cho Wee Peng and former independent directors Teo Kiang Kok, Gay Chee Cheong, Christopher Murugasu and Lee Joo Hai. The six also chose not to seek an early acquittal through a no-case submission and instead will call a single expert witness. The case centers on alleged non-disclosure tied to Hyflux's Tuaspring project and its exposure to electricity sales. Hyflux collapsed after its power-market losses, leaving about 34,000 investors who put in a combined S$900 million with nothing.