Founder of People’s Voice Party and lawyer Lim Tean has expressed his willingness to assist a group of retail investors wishing to seek legal recourse against Hyflux’s potential winding up as the clock ticks yet again before the extension of a court-sanctioned debt moratorium expires at the end of this month.
In a Facebook post on Tue (30 Apr), Mr Lim revealed that around 300 of such investors have sought his advice “on how their investments in the beleaguered company can be protected” over the past several weeks.
“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,” he added.
Other Hyflux retail investors who are interested in seeking legal advice from Mr Lim may contact him at [email protected].
Netizens encouraged Mr Lim’s move to protect Hyflux’s retail investors’ interests in the debt-ridden water treatment firm, with a few suggesting that a class action lawsuit should be taken up against Hyflux:
A few other commenters appeared to be doubtful as to whether legal action would serve as the best course of action in the case of the retail investors, given that all investments come with huge risks, which was highlighted in the disclaimer included in the Hyflux perpetual securities prospectuses:
One commenter in particular opined that not only do Hyflux and its retail investors need to bear the responsibility for any repercussions as a result of failed investments, but government statutory bodies such as the Energy Market Authority and the Public Utilities Board ought to take up some of the brunt of Hyflux’s dire predicament: