Local lawyer and Peoples’ Voice Party leader Lim Tean says he has agreed to help a group of Hyflux investors seek legal redress.
Announcing this in a Facebook post on Tuesday (30 Apr), Lim said:
“Over the past several weeks, many Hyflux retail investors have met with me to seek my advice on how their investments in the beleaguered company can be protected. Over 34 000 retail investors invested over $900 million in Hyflux’s so called perpetual securities.
What I have learnt from them has left me feeling deeply troubled and disappointed that people in positions of responsibility and relevant bodies have let these investors down badly. These Investors now stand to lose their entire investments.
After a careful consideration of the relevant facts, I have agreed to assist a group of investors who wish to seek legal redress. I believe this is the best way forward for them to protect their legal rights.”
Hyflux investors, many of them “unsophisticated” retail investors such as retirees and housewives, stand to lose over 90 percent of their investment in Hyflux perpetual securities.
Some are known to have invested their retirement savings in to these securities.
In March, a group of investors demonstrated at Speaker’s Corner to show their anger at the government’s bid to acquire Hyflux’s Tuaspring desalination plant at zero dollars.
Protestors also demanded fairer distribution of the company’s funds to affected investors should the company be liquidated.