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Singapore investigates Hyflux over suspected false statements

Founder Olivia Lum reportedly among those probed at water company

Singaporean water treatment company Hyflux is under the microscope. (Photo by Lim Weixiang)

SINGAPORE -- Ailing water company Hyflux and its directors are under investigation, suspected of false and misleading statements, breaches of disclosure requirements and noncompliance with accounting standards, Singaporean authorities said Tuesday.

The investigation comes as a $290 million rescue deal with Middle Eastern utility company Utico collapsed last week. Hyflux is seeking other bailout deals, though the probe may cloud prospects for the Singaporean company's restructuring.

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