Two IPC Corporation directors probed over Hyflux

This follows after CAD, ACRA and MAS launched a joint investigation.

Property investment company IPC Corporation has announced that its independent directors Teo Kiang Kok and Lee Joo Hai are being probed on Hyflux’s Tuaspring Integrated Water and Power project, an SGX filing revealed.

These two are the lead independent director and non-executive independent director of Hyflux, respectively. The Commercial Affairs Department, the Accounting and Corporate Regulatory Authority and the Monetary Authority of Singapore has launched a joint investigation on the potential lapses and possible accounting irregularities in the said project. 

“The Board wishes to inform that the matter mentioned above is not related to the Company and the business and operations of the Group are not affected by the investigation and will continue as normal,” IPC Corporation said in the filing. “As at the date of this announcement, the Board opines that both Mr Teo and Mr Lee are able to fulfil their duties professionally as Independent Directors of the Company. “

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Venture, Genting Singapore and Keppel Corporation showed the most growth.
Meanwhile, a record 583 non-landed homes sold for more than $2m each in the first nine months of the year.
The merger will create a flagship pan-Asia logistics and high-tech S-REIT.
It is followed closely by the identification app SingPass.
The index tracks REITs in the APAC region with higher dividend yields and positive environmental attributes.
Both companies will create training programs to support digital entrepreneurship and digital upskilling for Grab partners.
The deal is focused on M1’s network assets. 
This is a part of the Lion City's bid to become a global maritime knowledge and innovation hub.
Risks, however, are present with the financial troubles faced by the real estate sector in China. 
This comes as more Singaporeans turn to gaming in the midst of the pandemic. 
Retail sector has experienced the “most disruptions” with the changing restrictions.
The company was commended for being a global and regional sector leader in five categories.
The CEO designate said he aims to drive development in the company’s business units.   Gary Ho,  who played an instrumental role in the Initial Public Offering (IPO) of Nanofilm Technologies International Limited, has been appointed Chief Executive Officer of the company.
Analysts said strong leasing activity in Q3 played a factor.
Islandwide prime retail rents saw a dip by 0.6% q-o-q.