<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/WuPht74jJijUW_tuMiYV3w--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/straits_times_442/9aa9192ce506077ba9cb47340af5b72d?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/WuPht74jJijUW_tuMiYV3w--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/straits_times_442/9aa9192ce506077ba9cb47340af5b72d"/></p>
<p>2020 年，Hyflux 大楼位于 Kallang Bahru。检方和辩方在 9 月 3 日的 Hyflux 刑事审判中展开了口水战。</p>
<p>新加坡 - 在 9 月 3 日的 Hyflux 刑事审判中，检方和辩方之间爆发了口水战，此前高级律师 Davinder Singh 意外请求提供 Hyflux 与所有寻求融资的银行之间的通信记录。</p>
<p>代表 Hyflux 创始人 Olivia Lum 的 Singh 先生，曾寻求证据以了解 Maybank 及其他银行在考虑为 Tuaspring 项目融资时是否对 Hyflux 的电力战略存在问题。</p>
<p>Tuaspring 最终在 2011 年 10 月通过一笔 8.404 亿美元的股东贷款获得融资。这笔贷款在 2013 年 9 月又通过新加坡 Maybank 和 Maybank Kim Eng 证券进行了再融资。</p>
<p>检方指控 Hyflux“有动机” 淡化重要信息，因为它知道六家原始银行在寻求 5.27 亿美元融资时对其电力战略存在担忧。</p>
<p>这指的是 2011 年 3 月公告中关于 Tuaspring 项目电力销售部分的信息，以及 2011 年 4 月优先股发行的要约信息声明（OIS）。</p>
<p>Singh 先生对这些指控提出了质疑。</p>
<p>Hyflux 的前首席财务官 Lum、Cho Wee Peng 及四名独立董事——Teo Kiang Kok、Christopher Murugasu、Gay Chee Cheong 和 Lee Joo Hai——正在对与 2011 年 3 月公告和 2011 年 4 月优先股发行相关的重要信息未披露的指控进行辩护。</p>
<p>根据检方的说法，六家银行已签署原则承诺函，表示愿意贷款，但在得知 Hyflux 计划建设发电厂并将多余电力出售给电网后，提出了 “严重担忧”。2011 年 1 月，Hyflux 被告知，他们无法按照之前所示的条款提供贷款，因为发电厂引入了新的 “商售风险和运营风险”。</p>
<p>最终，Hyflux 仅成功获得 1.5 亿美元的银行贷款。这是因为银行估计，海水淡化厂的现金流仅能支持约 1.5 亿至 1.7 亿美元的债务。</p>
<p>但检方的第三位证人 Nah Tien Liang 在交叉审问中告诉法庭，这 1.5 亿美元的融资 “很可能” 是为了 “满足 PUB 设定的财务关闭截止日期”。Nah 曾是 Hyflux 的前投资副总裁。</p>
<p>在提供 1.5 亿美元后，银行仍在继续考虑为包括发电厂在内的整个项目提供融资，Singh 先生表示。</p>
<p>这发生在 Singh 先生与副首席检察官 Christopher Ong 之间的争执之后，当时 Singh 先生要求提供 Hyflux 与所有银行之间的通信记录。</p>
<p>“检方认为，了解六家银行的反应对其案件是相关的。但他们拒绝让我们获得 Hyflux、Maybank 和其他银行之间的交流记录，” Singh 先生说。</p>
<p>副首席检察官 Ong 表示，他没有预料到辩方会提出这个问题。</p>
<p>Singh 先生表示，他请求这些信息是因为检方曾询问 Nah 关于 “融资安排以及银行不情愿的印象，以及 Hyflux 在筹集资金方面的困难”。</p>
<p>地方法官 Toh Han Li 指出：“但 Maybank 提供了 7.2 亿美元的贷款。所以从事实来看，一些银行有保留意见，而 Maybank 却提供了贷款。”</p>
<p>Singh 先生辩称：“你不能仅仅从银行中挑选几封信件来说明存在担忧，而不显示在尽职调查完成后是否还有其他担忧。Maybank 在更晚的时候贷款，但 Hyflux 与 Maybank 和其他银行进行了沟通。”</p>
<p>但副首席检察官 Ong 反驳道：“检方绝对没有选择性。这显然是在解释导致 2011 年 3 月公告以这种方式发布的背景。”</p>
<p>正是这六家银行提供了 Hyflux 提交给 PUB 的原则承诺函，并 “以他们愿意的方式支持 Hyflux，” 他说。</p>
<p>“所以这些是相关的银行，” 他补充道。</p>
<p>在听证会上，Singh 先生让 Nah 回顾了 2011 年 6 月 17 日 Hyflux 发给 PUB 的信件，显示项目融资建议分为两个阶段。</p>
<p>当被问及 1.5 亿美元与财务关闭截止日期之间的联系时，Nah 表示：“根据要求，在签署后 X 个月内，必须有融资以向 PUB 证明项目有资金。”</p>
<p>他承认，根据 PUB 的条款，从 2011 年初到 2011 年中期，提交融资的截止日期即将到来，并且 Hyflux 在 2011 年 1 月和 2 月也在与其他银行进行讨论。</p>
<p>Singh 先生表示：“我建议你，六家银行在 2011 年 1 月表示他们需要更多时间，这并不罕见。他们准备向 Hyflux 提交一封信以转交给 PUB，但由于银行仍在评估 Hyflux 请求的融资，而提交融资的截止日期即将到来，Hyflux 不能仅仅坐等六家银行，必须采取行动。</p>
<p>“而他们所做的事情之一就是首先让 PUB 同意 1.5 亿美元的融资，同时继续与六家银行和其他银行进行谈判。最终，融资得以获得，” Singh 先生说。</p>
<p>在试图驳斥检方关于 Hyflux 高层管理人员淡化发电厂将向电网出售电力这一事实，以及 Tuaspring 的盈利能力依赖于这些电力销售的论点时，Singh 先生辩称，Hyflux 不可能在没有发电厂的情况下向 PUB 提供淡化水。</p>
<p>“实际上，发电厂和淡化水厂就像连体婴儿。它是向 PUB 呈现的整个模型的基本和固有部分？” 他问道。</p>
<p>Nah 先生表示同意。</p>
<p>检方的论点是，Tuaspring 被向投资者宣传为一个淡化水厂，而发电厂的主要目的是为淡化水厂提供电力，实际上发电厂生产的近 92% 的电力预计将出售给电网，仅有 3% 用于为淡化水厂供电。</p>
<p>由于 Tuaspring 的收入是集团战略的重要组成部分，其因电力销售疲软而导致的失败导致了 Hyflux 的崩溃。</p>
<p>“如果你有一个像 Tuaspring 这样的发电厂，你打算将多余的电力出售给电网，那么你的风险在于电价下跌，对吧？” Singh 先生问道。</p>
<p>Nah 先生回答：“更主要的是如果火花价差减少，并且电价也下跌，那将对发电厂的财务产生影响。”</p>
<p>火花价差是指电力销售价格与燃料的短期边际成本或使用天然气的生产成本之间的差额。</p>
<p>在听证会的下午，Nah 先生的证词是在非公开场合进行的，公众和媒体不被允许进入，因为涉及新加坡水安全的国家安全问题。</p>
<p>来源：海峡时报 © SPH Media Limited。转载需获得许可。</p>
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<p>在 9 月 3 日的 Hyflux 刑事审判中，控辩双方就有关银行对 Hyflux 电力战略反应的证据请求发生了争议。代表 Hyflux 创始人 Olivia Lum 的高级顾问 Davinder Singh 寻求与考虑为 Tuaspring 项目融资的银行之间的通信记录。控方指控 Hyflux 因银行对其电力战略的担忧而淡化了重要信息。该审判涉及对 Lum 及其他人因与该项目相关的未披露信息而提出的指控</p>

<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/WuPht74jJijUW_tuMiYV3w--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/straits_times_442/9aa9192ce506077ba9cb47340af5b72d" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/WuPht74jJijUW_tuMiYV3w--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/straits_times_442/9aa9192ce506077ba9cb47340af5b72d"/></p>
<p>Hyflux building in Kallang Bahru in 2020. The prosecution and defence had a war of words in the Hyflux criminal trial on Sept 3.</p>
<div class="lb-trans"><p>2020 年，Hyflux 大楼位于 Kallang Bahru。检方和辩方在 9 月 3 日的 Hyflux 刑事审判中展开了口水战。</p>
</div><p>SINGAPORE - A war of words erupted between the prosecution and defence in the Hyflux criminal trial on Sept 3, following a surprise request for correspondence between Hyflux and all the banks it had asked for financing by Senior Counsel Davinder Singh.</p>
<div class="lb-trans"><p>新加坡 - 在 9 月 3 日的 Hyflux 刑事审判中，检方和辩方之间爆发了口水战，此前高级律师 Davinder Singh 意外请求提供 Hyflux 与所有寻求融资的银行之间的通信记录。</p>
</div><p>Mr Singh, who is representing Hyflux founder Olivia Lum, had sought evidence on whether Maybank and other banks had issues with Hyflux’s power strategy when they considered financing the Tuaspring project.</p>
<div class="lb-trans"><p>代表 Hyflux 创始人 Olivia Lum 的 Singh 先生，曾寻求证据以了解 Maybank 及其他银行在考虑为 Tuaspring 项目融资时是否对 Hyflux 的电力战略存在问题。</p>
</div><p>Tuaspring was ultimately financed by a shareholder’s loan of $840.4 million in October 2011. The loan, in turn, was refinanced with Maybank Singapore and Maybank Kim Eng Securities in September 2013.</p>
<div class="lb-trans"><p>Tuaspring 最终在 2011 年 10 月通过一笔 8.404 亿美元的股东贷款获得融资。这笔贷款在 2013 年 9 月又通过新加坡 Maybank 和 Maybank Kim Eng 证券进行了再融资。</p>
</div><p>The prosecution had alleged that Hyflux “had motive” to downplay material information because it knew that the six original banks from which it had sought $527 million in financing had concerns about its power strategy.</p>
<div class="lb-trans"><p>检方指控 Hyflux“有动机” 淡化重要信息，因为它知道六家原始银行在寻求 5.27 亿美元融资时对其电力战略存在担忧。</p>
</div><p>It was referring to information about the Tuaspring project’s electricity sales component in a March 2011 announcement, as well as in the offer information statement (OIS) for the issuance of preference shares in April 2011.</p>
<div class="lb-trans"><p>这指的是 2011 年 3 月公告中关于 Tuaspring 项目电力销售部分的信息，以及 2011 年 4 月优先股发行的要约信息声明（OIS）。</p>
</div><p>Mr Singh had challenged these allegations.</p>
<div class="lb-trans"><p>Singh 先生对这些指控提出了质疑。</p>
</div><p>Lum, Hyflux’s former chief financial officer, Cho Wee Peng, and four independent directors – Teo Kiang Kok, Christopher Murugasu, Gay Chee Cheong and Lee Joo Hai – are contesting charges relating to non-disclosures of material information about the project in the March 2011 announcement and the April 2011 preference shares issue.</p>
<div class="lb-trans"><p>Hyflux 的前首席财务官 Lum、Cho Wee Peng 及四名独立董事——Teo Kiang Kok、Christopher Murugasu、Gay Chee Cheong 和 Lee Joo Hai——正在对与 2011 年 3 月公告和 2011 年 4 月优先股发行相关的重要信息未披露的指控进行辩护。</p>
</div><p>According to the prosecution, six banks had signed in-principle commitment letters indicating their willingness to lend, but raised “serious concerns” after they learnt of Hyflux’s plan to build a power plant and sell excess electricity to the grid. In January 2011, Hyflux was told that they could not lend money on the terms previously indicated, as the power plant introduced new “merchant sale risk and operational risk”.</p>
<div class="lb-trans"><p>根据检方的说法，六家银行已签署原则承诺函，表示愿意贷款，但在得知 Hyflux 计划建设发电厂并将多余电力出售给电网后，提出了 “严重担忧”。2011 年 1 月，Hyflux 被告知，他们无法按照之前所示的条款提供贷款，因为发电厂引入了新的 “商售风险和运营风险”。</p>
</div><p>In the end, Hyflux only managed to secure a $150 million bank loan. This was because the banks estimated that cash flows from the desalination plant would support only around $150 million to $170 million of debt.</p>
<div class="lb-trans"><p>最终，Hyflux 仅成功获得 1.5 亿美元的银行贷款。这是因为银行估计，海水淡化厂的现金流仅能支持约 1.5 亿至 1.7 亿美元的债务。</p>
</div><p>But the prosecution’s third witness, Mr Nah Tien Liang, told the court in his cross-examination that the $150 million financing was “very likely” meant “to meet the financial close deadline set by PUB”. Mr Nah was Hyflux’s former vice-president of investment.</p>
<div class="lb-trans"><p>但检方的第三位证人 Nah Tien Liang 在交叉审问中告诉法庭，这 1.5 亿美元的融资 “很可能” 是为了 “满足 PUB 设定的财务关闭截止日期”。Nah 曾是 Hyflux 的前投资副总裁。</p>
</div><p>After the $150 million was offered, the banks were still continuing to look at financing for the entire project including the power plant, Mr Singh said.</p>
<div class="lb-trans"><p>在提供 1.5 亿美元后，银行仍在继续考虑为包括发电厂在内的整个项目提供融资，Singh 先生表示。</p>
</div><p>This came after a spat between Mr Singh and Deputy Chief Prosecutor Christopher Ong, when Mr Singh asked for communications between Hyflux and all the banks.</p>
<div class="lb-trans"><p>这发生在 Singh 先生与副首席检察官 Christopher Ong 之间的争执之后，当时 Singh 先生要求提供 Hyflux 与所有银行之间的通信记录。</p>
</div><p>“The prosecution considers it relevant to its case to set out how the six banks reacted. But they are refusing to let us have the exchanges between Hyflux, Maybank and the other banks, Mr Singh said.</p>
<div class="lb-trans"><p>“检方认为，了解六家银行的反应对其案件是相关的。但他们拒绝让我们获得 Hyflux、Maybank 和其他银行之间的交流记录，” Singh 先生说。</p>
</div><p>DCP Ong said he was not expecting the defence to bring this up.</p>
<div class="lb-trans"><p>副首席检察官 Ong 表示，他没有预料到辩方会提出这个问题。</p>
</div><p>Mr Singh said he requested this information because the prosecution had asked Mr Nah about “the financing arrangements and the impression that the banks were reluctant, and Hyflux was having difficulty raising funds”.</p>
<div class="lb-trans"><p>Singh 先生表示，他请求这些信息是因为检方曾询问 Nah 关于 “融资安排以及银行不情愿的印象，以及 Hyflux 在筹集资金方面的困难”。</p>
</div><p>District Judge Toh Han Li pointed out: “But Maybank gave a loan of $720 million. So factually, some banks have reservations, and Maybank gave a loan.”</p>
<div class="lb-trans"><p>地方法官 Toh Han Li 指出：“但 Maybank 提供了 7.2 亿美元的贷款。所以从事实来看，一些银行有保留意见，而 Maybank 却提供了贷款。”</p>
</div><p>Mr Singh argued: “You can’t just pick a few letters from the banks to say there were concerns without showing whether there were any remaining concerns after due diligence was done. Maybank lent much later, but Hyflux was talking to Maybank and other banks.”</p>
<div class="lb-trans"><p>Singh 先生辩称：“你不能仅仅从银行中挑选几封信件来说明存在担忧，而不显示在尽职调查完成后是否还有其他担忧。Maybank 在更晚的时候贷款，但 Hyflux 与 Maybank 和其他银行进行了沟通。”</p>
</div><p>But DCP Ong countered: “In no way was (the) prosecution being selective. This is clearly in the context of what led to the March 2011 announcement coming out the way it did.”</p>
<div class="lb-trans"><p>但副首席检察官 Ong 反驳道：“检方绝对没有选择性。这显然是在解释导致 2011 年 3 月公告以这种方式发布的背景。”</p>
</div><p>It was these six banks that gave the in-principle commitment letter that Hyflux submitted to PUB for its bid, and “supported Hyflux in whatever way they are willing to”, he said.</p>
<div class="lb-trans"><p>正是这六家银行提供了 Hyflux 提交给 PUB 的原则承诺函，并 “以他们愿意的方式支持 Hyflux，” 他说。</p>
</div><p>“So these are the relevant banks,” he added.</p>
<div class="lb-trans"><p>“所以这些是相关的银行，” 他补充道。</p>
</div><p>During the hearing, Mr Singh took Mr Nah through a June 17, 2011 letter from Hyflux to PUB, that showed that it was proposed that financing of the project be structured in two phases.</p>
<div class="lb-trans"><p>在听证会上，Singh 先生让 Nah 回顾了 2011 年 6 月 17 日 Hyflux 发给 PUB 的信件，显示项目融资建议分为两个阶段。</p>
</div><p>When asked about the link between the $150 million and the financial close deadline, Mr Nah said: “Based on a requirement that X months after signing, there is a financial close where there has to be financing to show PUB that there are funds for the project.”</p>
<div class="lb-trans"><p>当被问及 1.5 亿美元与财务关闭截止日期之间的联系时，Nah 表示：“根据要求，在签署后 X 个月内，必须有融资以向 PUB 证明项目有资金。”</p>
</div><p>He acknowledged that there was an approaching deadline for submission of financing from early-2011 to mid-2011 under PUB’s terms, and that Hyflux was also in discussions with other banks apart from the six banks in January and February of 2011.</p>
<div class="lb-trans"><p>他承认，根据 PUB 的条款，从 2011 年初到 2011 年中期，提交融资的截止日期即将到来，并且 Hyflux 在 2011 年 1 月和 2 月也在与其他银行进行讨论。</p>
</div><p>Mr Singh said: “I suggest to you that the six banks in January 2011 said they needed more time, and that’s not unusual at all. They were prepared to submit a letter to Hyflux to be passed on to PUB, but as the banks were still assessing Hyflux’s requested financing, and the deadline for (submission of financing) was coming up, Hyflux couldn’t just sit and wait for the six banks, it had to do something.</p>
<div class="lb-trans"><p>Singh 先生表示：“我建议你，六家银行在 2011 年 1 月表示他们需要更多时间，这并不罕见。他们准备向 Hyflux 提交一封信以转交给 PUB，但由于银行仍在评估 Hyflux 请求的融资，而提交融资的截止日期即将到来，Hyflux 不能仅仅坐等六家银行，必须采取行动。</p>
</div><p>“And one of the things it did was to have PUB agree to the $150 million financing first, and in the meantime, continue to talk to the six banks and other banks. Ultimately, financing was obtained,” Mr Singh said.</p>
<div class="lb-trans"><p>“而他们所做的事情之一就是首先让 PUB 同意 1.5 亿美元的融资，同时继续与六家银行和其他银行进行谈判。最终，融资得以获得，” Singh 先生说。</p>
</div><p>In trying to debunk the prosecution’s case that Hyflux senior management downplayed the fact that the power plant would sell electricity to the grid and that Tuaspring’s profitability depended on these electricity sales, Mr Singh argued that it would not be possible for Hyflux to deliver desalinated water to PUB without the power plant.</p>
<div class="lb-trans"><p>在试图驳斥检方关于 Hyflux 高层管理人员淡化发电厂将向电网出售电力这一事实，以及 Tuaspring 的盈利能力依赖于这些电力销售的论点时，Singh 先生辩称，Hyflux 不可能在没有发电厂的情况下向 PUB 提供淡化水。</p>
</div><p>“In fact, the power plant and the desalination plant were like conjoined twins. And it was fundamental and inherent to the entire model that was presented to the PUB?” he asked.</p>
<div class="lb-trans"><p>“实际上，发电厂和淡化水厂就像连体婴儿。它是向 PUB 呈现的整个模型的基本和固有部分？” 他问道。</p>
</div><p>Mr Nah agreed.</p>
<div class="lb-trans"><p>Nah 先生表示同意。</p>
</div><p>It is the prosecution’s case that Tuaspring was pitched as a desalination plant to investors, and the power plant’s main purpose was to supply electricity to the desalination plant, when in fact nearly 92 per cent of power produced by the plant was projected to be sold to the grid and only 3 per cent was meant for powering the desalination plant.</p>
<div class="lb-trans"><p>检方的论点是，Tuaspring 被向投资者宣传为一个淡化水厂，而发电厂的主要目的是为淡化水厂提供电力，实际上发电厂生产的近 92% 的电力预计将出售给电网，仅有 3% 用于为淡化水厂供电。</p>
</div><p>Because Tuaspring’s revenue was a big component of the group’s strategy, its failure due to weak electricity sales led to Hyflux’s collapse.</p>
<div class="lb-trans"><p>由于 Tuaspring 的收入是集团战略的重要组成部分，其因电力销售疲软而导致的失败导致了 Hyflux 的崩溃。</p>
</div><p>“If you had a power plant like Tuaspring where you were going to sell excess power to the electricity grid, your exposure lies in the event of electricity prices going down, right?” Mr Singh asked.</p>
<div class="lb-trans"><p>“如果你有一个像 Tuaspring 这样的发电厂，你打算将多余的电力出售给电网，那么你的风险在于电价下跌，对吧？” Singh 先生问道。</p>
</div><p>Mr Nah replied: “It is more if the spark spread reduces, and if the electricity price also drops, that would impact the power plant financially.”</p>
<div class="lb-trans"><p>Nah 先生回答：“更主要的是如果火花价差减少，并且电价也下跌，那将对发电厂的财务产生影响。”</p>
</div><p>Spark spread refers to the difference between selling price of electricity and the short run marginal costs of fuel, or the costs of production using gas.</p>
<div class="lb-trans"><p>火花价差是指电力销售价格与燃料的短期边际成本或使用天然气的生产成本之间的差额。</p>
</div><p>In the afternoon of the hearing, Mr Nah’s evidence was given in camera, with the public and media not allowed in, as it involved issues of national security involving Singapore’s water security.</p>
<div class="lb-trans"><p>在听证会的下午，Nah 先生的证词是在非公开场合进行的，公众和媒体不被允许进入，因为涉及新加坡水安全的国家安全问题。</p>
</div><p>Source: The Straits Times © SPH Media Limited. Permission required for reproduction</p>
<div class="lb-trans"><p>来源：海峡时报 © SPH Media Limited。转载需获得许可。</p>
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控方与辩方就要求提供银行对 Hyflux 电力战略反应的证据展开争论