Stefanie Yuen Thio comments in LHZB: “凯发集团是否违反上市条例 (Did Hyflux violate listing rules?)”

In a news article published on 17 April 2019 by Lianhe Zaobao on Singapore regulators reviewing disclosure issues involving struggling Singapore water and power firm Hyflux Ltd, Stefanie Yuen Thio commented: “该公司的披露和条规遵循遭受某些质问指责。作为负责任的监 管机构,金管局、新交所监管公司和会计与企业管制局得深入地检查 这些指责,包括投资者是否获得足够的信息评估他们的风险。虽然集 团一旦破产倒闭,利益相关者很不幸地将蒙受很大的损失,但并不是 每个企业失败都必定是一个管理不当的信号。小股东在找人怪罪是可以理解的,但管制者进行调查时 不能根据现在的条件来看以前的事。他们得了解管理团队当时面对的 情况。有些事情是可能无法预见的,例如电价大跌带来的如此灾难性 的影响。”

(Translation: “Some queries and allegations have been made about the disclosures and compliance by the company. As responsible regulators, the MAS, SGX Regco and ACRA have to look into these, including into whether investors have been provided sufficient information to assess their risks. And while it is unfortunate that stakeholders stand to lose a lot if the group is insolvent, not every corporate failure is necessarily a sign of mismanagement. It is understandable that retail shareholders are looking for someone to blame, but regulators cannot apply 20-20 hindsight when they investigate. They have to look at the circumstances facing the management team at the time. Some events were potentially not foreseeable, such as the tanking of electricity prices, which had such a catastrophic effect.”)

The story may be found here (LHZB)


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