<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/RKd7JT43y_oKsjMUYq9kmA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD05MzQ-/https://media.zenfs.com/en/straits_times_442/a71879e6cbf8052e0cd9a94b5407e41b?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/RKd7JT43y_oKsjMUYq9kmA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD05MzQ-/https://media.zenfs.com/en/straits_times_442/a71879e6cbf8052e0cd9a94b5407e41b"/></p>
<p>在 9 月 22 日的刑事审判第 18 天，翁先生告诉法庭，海水淡化厂可以获得补贴，因为 “电价在量上高于水价”。</p>
<p>新加坡 – 前 Hyflux 副首席执行官翁英强知道水处理公司正在进行 Tuaspring 项目的电力销售业务，但他坚持表示他并不知道 “损失和利润的规模”。</p>
<p>翁先生是 Hyflux 创始人兼前首席执行官林义杰、前首席财务官卓伟平及四名独立董事的刑事审判中第八位作证的检方证人，他被问及如何理解电厂产生的收入可以如何补贴海水淡化水厂的问题，检方和辩方均对此进行了询问。</p>
<p>在 9 月 22 日的刑事审判第 18 天，翁先生告诉法庭，海水淡化厂可以获得补贴，因为 “电价在量上高于水价”。</p>
<p>当副首席检察官（DCP）克里斯托弗·翁要求他详细解释他的回答时，翁先生说：“作为一个综合项目，它是可行的。”</p>
<p>在林的律师、资深顾问达文德·辛格对他进行交叉询问时，翁先生表示：“我没有很多信息。我当时不在新加坡。我不确定我是在利比亚、阿尔及利亚还是新加坡。补贴可能意味着补贴利润或优化成本节约。”</p>
<p>当进一步被问及利润补贴如何运作时，翁先生说：“我不知道细节……（并且）假设电力利润可以抵消水成本。”</p>
<p>辛格先生说：“因此，从这些话中可以清楚地看出，电力的收入和利润将补贴淡化水的成本？”</p>
<p>翁先生回答：“正确，但我不知道具体的程度。”</p>
<p>虽然翁先生同意财务模型是电力销售的收入和利润将用于补贴海水淡化厂的水价，但他表示他没有 “关于模型的细节，以及在 25 年的生命周期内，（通货膨胀）调整将如何影响补贴”。</p>
<p>Hyflux 全资子公司 Tuaspring Pte Ltd 于 2011 年与国家水务机构 PUB 签署了一份为期 25 年的水购买协议，从 2013 年到 2038 年每天供应 7000 万加仑的淡化水。</p>
<p>“该模型对水生产能力非常敏感。如果 PUB 要求零能力调度，模型将会非常不同……我不是这个项目的工作组成员。我的重点是中东和北非，” 翁先生说。</p>
<p>翁先生于 2006 年加入 Hyflux，担任首席投资官，并曾在多个职位上任职，包括首席财务官和副首席执行官。在副首席执行官的角色中，他负责管理中东和北非地区，该地区曾占公司业务的 80%。</p>
<p>他告诉法庭，Tuaspring 项目是 “一个重要项目，因为它将使 Hyflux 能够将中东和北非市场的业务比例从 80% 多样化到 50%。”</p>
<p>当检方询问为何成立工作组处理 Tuaspring 项目时，翁先生表示这是一个 “接近 10 亿美元规模的重大项目。出于保密目的，只有有限数量的人被分配到工作组。”</p>
<p>DCP 翁问：“你不知道电力销售对该项目的程度和重要性吗？作为副首席执行官，你在这个项目的细节上没有了解吗？”</p>
<p>翁先生回答：“这就是公司的运作方式……所有各方都接受副首席执行官负责新加坡以外的项目，而不是 Tuaspring 项目。”</p>
<p>当被问及林的管理风格时，翁先生形容她为 “一个非常严格的老板，对团队要求很高。她在公司各个方面都参与智力和情感。这是她的心血。”</p>
<p>当被问及他与卓的交往时，翁先生表示，他在加入 Hyflux 之前曾担任道化学公司的财务总监，他说卓 “是我能干的得力助手，接替我担任首席投资官，并承担了我在道化学公司的大部分角色。”</p>
<p>翁先生补充说，卓是在他之后加入 Hyflux 的，他是从道化学公司聘请卓的。</p>
<p>林、卓及四名独立董事正在对 2011 年 3 月公告和 2011 年 4 月优先股发行中未披露 Tuaspring 项目电力销售部分的重大信息的指控进行辩护。</p>
<p>检方的案件是，Tuaspring 被向投资者宣传为一个海水淡化厂，而电厂的主要目的是为海水淡化厂提供电力，实际上电厂生产的近 92% 的电力预计将出售给国家电网，仅 3% 用于为海水淡化厂供电。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>当 DCP 翁问他是否对 Hyflux 的电力战略有任何担忧时，翁先生表示：“我没有足够的细节来产生担忧。但作为领导团队的高级成员，我确实向林提到，我们必须确保关注收益和收益的倍数。”</p>
<p>翁先生所指的是 “股价是收益（乘以）市盈率（PE）的函数。我们从收益的量和收益的倍数来考虑公司的估值……并最大化股东的价值。”</p>
<p>市盈率是衡量公司股价与收益之间倍数的指标，DCP Ong 解释道。</p>
<p>当被问及为何向电网出售电力需要考虑收益倍数时，Ong 先生表示：“根据我的理解，电力销售的收益与水技术的收益在市场上的回报方式是不同的。”</p>
<p>“Hyflux 的收益是 20 倍，而发电公司的收益是 10 倍，” 他补充道。</p>
<p>“那么电力方面的价值低于水技术方面吗？” DCP Ong 问道。</p>
<p>Ong 先生回答：“这是基于我当时对新加坡交易所的观察。”</p>
<p>来源：海峡时报 © SPH Media Limited。转载需获得许可。</p>
<p>在这里了解如何享受其他优质文章。</p>

<p>前 Hyflux 副首席执行官 Sam Ong 在一场刑事审判中作证称，尽管他知道公司参与了 Tuaspring 项目，但并未被告知其财务损失和利润的具体情况。Ong 表示， desalination plant（海水淡化厂）可以通过电力收费进行补贴，而电力收费高于水费，但他对财务模型及其长期影响缺乏详细了解。他强调，他的重点是新加坡以外的项目，特别是在中东和北非，并将 Tuaspring 项目描述为对 Hyflux 市场多元化具有重要意义</p>

<p><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/RKd7JT43y_oKsjMUYq9kmA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD05MzQ-/https://media.zenfs.com/en/straits_times_442/a71879e6cbf8052e0cd9a94b5407e41b" alt="" original-src="https://s.yimg.com/ny/api/res/1.2/RKd7JT43y_oKsjMUYq9kmA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD05MzQ-/https://media.zenfs.com/en/straits_times_442/a71879e6cbf8052e0cd9a94b5407e41b"/></p>
<p>On Day 18 of the criminal trial on Sept 22, Mr Ong told the court that the desalination plant can be subsidised as “the power tariff is, quantum wise, higher than the water tariff”.</p>
<div class="lb-trans"><p>在 9 月 22 日的刑事审判第 18 天，翁先生告诉法庭，海水淡化厂可以获得补贴，因为 “电价在量上高于水价”。</p>
</div><p>SINGAPORE – Former Hyflux deputy chief executive Sam Ong Eng Keang was aware that the water treatment firm was going into the business of selling electricity in the Tuaspring project, but maintained that he wasn’t aware of the “magnitude of losses and profits”.</p>
<div class="lb-trans"><p>新加坡 – 前 Hyflux 副首席执行官翁英强知道水处理公司正在进行 Tuaspring 项目的电力销售业务，但他坚持表示他并不知道 “损失和利润的规模”。</p>
</div><p>Mr Ong, who is the eighth prosecution witness to take the stand in the criminal trial of Hyflux founder and former chief executive Olivia Lum, former chief financial officer Cho Wee Peng, and four independent directors, was asked about his understanding of how revenue generated from the power plant can subsidise the desalination water plant by both the prosecution and the defence.</p>
<div class="lb-trans"><p>翁先生是 Hyflux 创始人兼前首席执行官林义杰、前首席财务官卓伟平及四名独立董事的刑事审判中第八位作证的检方证人，他被问及如何理解电厂产生的收入可以如何补贴海水淡化水厂的问题，检方和辩方均对此进行了询问。</p>
</div><p>On Day 18 of the criminal trial on Sept 22, Mr Ong told the court that the desalination plant can be subsidised as “the power tariff is, quantum wise, higher than the water tariff”.</p>
<div class="lb-trans"><p>在 9 月 22 日的刑事审判第 18 天，翁先生告诉法庭，海水淡化厂可以获得补贴，因为 “电价在量上高于水价”。</p>
</div><p>When asked by the Deputy Chief Prosecutor (DCP) Christopher Ong to explain his answer fully, Mr Ong said: “As an integrated project, it would be viable.”</p>
<div class="lb-trans"><p>当副首席检察官（DCP）克里斯托弗·翁要求他详细解释他的回答时，翁先生说：“作为一个综合项目，它是可行的。”</p>
</div><p>When asked the same question in his cross-examination by Lum’s lawyer, Senior Counsel Davinder Singh, Mr Ong said: “I don’t have a lot of information. I was away from Singapore. I’m not sure if I was in Libya, Algeria or Singapore. Subsidising could mean subsidising profits or optimising of cost savings.”</p>
<div class="lb-trans"><p>在林的律师、资深顾问达文德·辛格对他进行交叉询问时，翁先生表示：“我没有很多信息。我当时不在新加坡。我不确定我是在利比亚、阿尔及利亚还是新加坡。补贴可能意味着补贴利润或优化成本节约。”</p>
</div><p>When grilled further on how profit subsidisation works, Mr Ong said: “I don’t know the details ... (and) assume power profits to offset water costs.”</p>
<div class="lb-trans"><p>当进一步被问及利润补贴如何运作时，翁先生说：“我不知道细节……（并且）假设电力利润可以抵消水成本。”</p>
</div><p>Mr Singh said: “Therefore it is clear from these words that revenue and profits from power would subsidise the cost of desalinated water?”</p>
<div class="lb-trans"><p>辛格先生说：“因此，从这些话中可以清楚地看出，电力的收入和利润将补贴淡化水的成本？”</p>
</div><p>Mr Ong replied: “Correct, but I don’t know the extent of it.”</p>
<div class="lb-trans"><p>翁先生回答：“正确，但我不知道具体的程度。”</p>
</div><p>While Mr Ong agreed that the financial model is that revenue and profit from electricity sales would be used to subsidise the water tariff from the desalination plant, he said he didn’t have “details of the model and how over a 25-year lifecycle, (inflationary) adjustments will impact the subsidy”.</p>
<div class="lb-trans"><p>虽然翁先生同意财务模型是电力销售的收入和利润将用于补贴海水淡化厂的水价，但他表示他没有 “关于模型的细节，以及在 25 年的生命周期内，（通货膨胀）调整将如何影响补贴”。</p>
</div><p>Hyflux’s wholly-owned subsidiary, Tuaspring Pte Ltd, signed a 25-year water purchase agreement with national water agency PUB in 2011 to supply 70 million gallons of desalinated water daily from 2013 to 2038.</p>
<div class="lb-trans"><p>Hyflux 全资子公司 Tuaspring Pte Ltd 于 2011 年与国家水务机构 PUB 签署了一份为期 25 年的水购买协议，从 2013 年到 2038 年每天供应 7000 万加仑的淡化水。</p>
</div><p>“The model is very sensitive to water production capacity. If PUB calls for zero capacity to be despatched, the model would be very different. ...I am not part of the task force for this project. My focus was on the Middle East and North Africa,” Mr Ong said.</p>
<div class="lb-trans"><p>“该模型对水生产能力非常敏感。如果 PUB 要求零能力调度，模型将会非常不同……我不是这个项目的工作组成员。我的重点是中东和北非，” 翁先生说。</p>
</div><p>Mr Ong joined Hyflux in 2006 as its chief investment officer, and had served in various capacities, including as chief financial officer and deputy CEO. In his role as deputy CEO, he was tasked with managing the Middle East and North Africa region, which accounted for 80 per cent of the company’s business at one point.</p>
<div class="lb-trans"><p>翁先生于 2006 年加入 Hyflux，担任首席投资官，并曾在多个职位上任职，包括首席财务官和副首席执行官。在副首席执行官的角色中，他负责管理中东和北非地区，该地区曾占公司业务的 80%。</p>
</div><p>He told the court that the Tuaspring project was “an important project as it would enable Hyflux to diversify away from the Middle East and North Africa market to 50 per cent from 80 per cent”.</p>
<div class="lb-trans"><p>他告诉法庭，Tuaspring 项目是 “一个重要项目，因为它将使 Hyflux 能够将中东和北非市场的业务比例从 80% 多样化到 50%。”</p>
</div><p>When asked by the prosecution why the task force was set up to handle Tuaspring, Mr Ong said that it was a “monumental project that was close to $1 billion in project size. For confidential purposes, only a limited number of people were assigned to the task force”.</p>
<div class="lb-trans"><p>当检方询问为何成立工作组处理 Tuaspring 项目时，翁先生表示这是一个 “接近 10 亿美元规模的重大项目。出于保密目的，只有有限数量的人被分配到工作组。”</p>
</div><p>DCP Ong asked: “You were not aware of the extent and significance of electricity sales to the project? As deputy CEO, someone in your position was not aware of the particulars of this project?”</p>
<div class="lb-trans"><p>DCP 翁问：“你不知道电力销售对该项目的程度和重要性吗？作为副首席执行官，你在这个项目的细节上没有了解吗？”</p>
</div><p>Mr Ong replied: “That’s how the company works. ... it’s accepted by all parties that the deputy CEO helps with projects outside Singapore, not with the Tuaspring project.”</p>
<div class="lb-trans"><p>翁先生回答：“这就是公司的运作方式……所有各方都接受副首席执行官负责新加坡以外的项目，而不是 Tuaspring 项目。”</p>
</div><p>When asked about Lum’s management style, Mr Ong described her as “a very tough boss, who demanded a lot from the team. She is intellectually and emotionally involved in all aspects of the company. This is her baby.”</p>
<div class="lb-trans"><p>当被问及林的管理风格时，翁先生形容她为 “一个非常严格的老板，对团队要求很高。她在公司各个方面都参与智力和情感。这是她的心血。”</p>
</div><p>When asked about his dealings with Cho, Mr Ong, who had been finance director with Dow Chemical company before joining Hyflux, said he “was my able and capable right-hand person, and succeeded me as chief investment officer, and most of my roles in Dow Chemical.”</p>
<div class="lb-trans"><p>当被问及他与卓的交往时，翁先生表示，他在加入 Hyflux 之前曾担任道化学公司的财务总监，他说卓 “是我能干的得力助手，接替我担任首席投资官，并承担了我在道化学公司的大部分角色。”</p>
</div><p>Mr Ong added that Cho joined Hyflux after him, and that he was the one who hired Cho from Dow Chemical.</p>
<div class="lb-trans"><p>翁先生补充说，卓是在他之后加入 Hyflux 的，他是从道化学公司聘请卓的。</p>
</div><p>Lum, Cho and four independent directors are contesting charges relating to non-disclosures of material information about the Tuasspring project’s electricity sales component in the March 2011 announcement and the April 2011 preference shares issue.</p>
<div class="lb-trans"><p>林、卓及四名独立董事正在对 2011 年 3 月公告和 2011 年 4 月优先股发行中未披露 Tuaspring 项目电力销售部分的重大信息的指控进行辩护。</p>
</div><p>The prosecution’s case is 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 national grid and only 3 per cent was meant for powering the desalination plant. 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>检方的案件是，Tuaspring 被向投资者宣传为一个海水淡化厂，而电厂的主要目的是为海水淡化厂提供电力，实际上电厂生产的近 92% 的电力预计将出售给国家电网，仅 3% 用于为海水淡化厂供电。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>When asked by DCP Ong if he had any concerns about Hyflux’s power strategy, Mr Ong said: “I don’t have enough details to have concerns. But as a senior member of the leadership team, I did mention to Olivia that we have to make sure that we look at earnings, and the multiple of earnings.”</p>
<div class="lb-trans"><p>当 DCP 翁问他是否对 Hyflux 的电力战略有任何担忧时，翁先生表示：“我没有足够的细节来产生担忧。但作为领导团队的高级成员，我确实向林提到，我们必须确保关注收益和收益的倍数。”</p>
</div><p>By that, Mr Ong said he meant that the “stock price is the function of earnings (multiplied by) PE (price earnings ratio). We look at earnings in terms of quantum and multiple of earnings for the valuation of the company... and in maximising shareholders’ value.”</p>
<div class="lb-trans"><p>翁先生所指的是 “股价是收益（乘以）市盈率（PE）的函数。我们从收益的量和收益的倍数来考虑公司的估值……并最大化股东的价值。”</p>
</div><p>The price earnings ratio is a measure of how many times of earnings the company’s share price is, DCP Ong explained.</p>
<div class="lb-trans"><p>市盈率是衡量公司股价与收益之间倍数的指标，DCP Ong 解释道。</p>
</div><p>When asked why the selling of electricity to the grid necessitated looking at the multiple of earnings, Mr Ong said: “Based on my understanding, electricity sales, earnings are different from water technology earnings in how they are rewarded in the market place.”</p>
<div class="lb-trans"><p>当被问及为何向电网出售电力需要考虑收益倍数时，Ong 先生表示：“根据我的理解，电力销售的收益与水技术的收益在市场上的回报方式是不同的。”</p>
</div><p>“Hyflux’s earnings are 20 times multiple and the power plant company’s earnings are 10 times multiple,” he added.</p>
<div class="lb-trans"><p>“Hyflux 的收益是 20 倍，而发电公司的收益是 10 倍，” 他补充道。</p>
</div><p>“So the power aspect is valued less than the water technology aspect?” DCP Ong asked.</p>
<div class="lb-trans"><p>“那么电力方面的价值低于水技术方面吗？” DCP Ong 问道。</p>
</div><p>Mr Ong replied: “That’s based on my observation, at the time, of the SGX.”</p>
<div class="lb-trans"><p>Ong 先生回答：“这是基于我当时对新加坡交易所的观察。”</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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前 Hyflux 副首席执行官 Sam Ong 表示对 Tuaspring 项目的 ‘损失和利润的规模’ 并不知情