<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 日的刑事審判第 18 天，翁先生告訴法庭，海水淡化廠可以獲得補貼，因為 “電價在量上高於水價”。</p>
<p>新加坡 – 前 Hyflux 副首席執行官翁英強知道水處理公司正在進行 Tuaspring 項目的電力銷售業務，但他堅持表示他並不知道 “損失和利潤的規模”。</p>
<p>翁先生是 Hyflux 創始人兼前首席執行官林義傑、前首席財務官卓偉平及四名獨立董事的刑事審判中第八位作證的檢方證人，他被問及如何理解電廠產生的收入可以如何補貼海水淡化水廠的問題，檢方和辯方均對此進行了詢問。</p>
<p>在 9 月 22 日的刑事審判第 18 天，翁先生告訴法庭，海水淡化廠可以獲得補貼，因為 “電價在量上高於水價”。</p>
<p>當副首席檢察官（DCP）克里斯托弗·翁要求他詳細解釋他的回答時，翁先生説：“作為一個綜合項目，它是可行的。”</p>
<p>在林的律師、資深顧問達文德·辛格對他進行交叉詢問時，翁先生表示：“我沒有很多信息。我當時不在新加坡。我不確定我是在利比亞、阿爾及利亞還是新加坡。補貼可能意味着補貼利潤或優化成本節約。”</p>
<p>當進一步被問及利潤補貼如何運作時，翁先生説：“我不知道細節……（並且）假設電力利潤可以抵消水成本。”</p>
<p>辛格先生説：“因此，從這些話中可以清楚地看出，電力的收入和利潤將補貼淡化水的成本？”</p>
<p>翁先生回答：“正確，但我不知道具體的程度。”</p>
<p>雖然翁先生同意財務模型是電力銷售的收入和利潤將用於補貼海水淡化廠的水價，但他表示他沒有 “關於模型的細節，以及在 25 年的生命週期內，（通貨膨脹）調整將如何影響補貼”。</p>
<p>Hyflux 全資子公司 Tuaspring Pte Ltd 於 2011 年與國家水務機構 PUB 簽署了一份為期 25 年的水購買協議，從 2013 年到 2038 年每天供應 7000 萬加侖的淡化水。</p>
<p>“該模型對水生產能力非常敏感。如果 PUB 要求零能力調度，模型將會非常不同……我不是這個項目的工作組成員。我的重點是中東和北非，” 翁先生説。</p>
<p>翁先生於 2006 年加入 Hyflux，擔任首席投資官，並曾在多個職位上任職，包括首席財務官和副首席執行官。在副首席執行官的角色中，他負責管理中東和北非地區，該地區曾佔公司業務的 80%。</p>
<p>他告訴法庭，Tuaspring 項目是 “一個重要項目，因為它將使 Hyflux 能夠將中東和北非市場的業務比例從 80% 多樣化到 50%。”</p>
<p>當檢方詢問為何成立工作組處理 Tuaspring 項目時，翁先生表示這是一個 “接近 10 億美元規模的重大項目。出於保密目的，只有有限數量的人被分配到工作組。”</p>
<p>DCP 翁問：“你不知道電力銷售對該項目的程度和重要性嗎？作為副首席執行官，你在這個項目的細節上沒有了解嗎？”</p>
<p>翁先生回答：“這就是公司的運作方式……所有各方都接受副首席執行官負責新加坡以外的項目，而不是 Tuaspring 項目。”</p>
<p>當被問及林的管理風格時，翁先生形容她為 “一個非常嚴格的老闆，對團隊要求很高。她在公司各個方面都參與智力和情感。這是她的心血。”</p>
<p>當被問及他與卓的交往時，翁先生表示，他在加入 Hyflux 之前曾擔任道化學公司的財務總監，他説卓 “是我能幹的得力助手，接替我擔任首席投資官，並承擔了我在道化學公司的大部分角色。”</p>
<p>翁先生補充説，卓是在他之後加入 Hyflux 的，他是從道化學公司聘請卓的。</p>
<p>林、卓及四名獨立董事正在對 2011 年 3 月公告和 2011 年 4 月優先股發行中未披露 Tuaspring 項目電力銷售部分的重大信息的指控進行辯護。</p>
<p>檢方的案件是，Tuaspring 被向投資者宣傳為一個海水淡化廠，而電廠的主要目的是為海水淡化廠提供電力，實際上電廠生產的近 92% 的電力預計將出售給國家電網，僅 3% 用於為海水淡化廠供電。由於 Tuaspring 的收入是集團戰略的重要組成部分，其因電力銷售疲軟而導致的失敗導致了 Hyflux 的崩潰。</p>
<p>當 DCP 翁問他是否對 Hyflux 的電力戰略有任何擔憂時，翁先生表示：“我沒有足夠的細節來產生擔憂。但作為領導團隊的高級成員，我確實向林提到，我們必須確保關注收益和收益的倍數。”</p>
<p>翁先生所指的是 “股價是收益（乘以）市盈率（PE）的函數。我們從收益的量和收益的倍數來考慮公司的估值……並最大化股東的價值。”</p>
<p>市盈率是衡量公司股價與收益之間倍數的指標，DCP Ong 解釋道。</p>
<p>當被問及為何向電網出售電力需要考慮收益倍數時，Ong 先生表示：“根據我的理解，電力銷售的收益與水技術的收益在市場上的回報方式是不同的。”</p>
<p>“Hyflux 的收益是 20 倍，而發電公司的收益是 10 倍，” 他補充道。</p>
<p>“那麼電力方面的價值低於水技術方面嗎？” DCP Ong 問道。</p>
<p>Ong 先生回答：“這是基於我當時對新加坡交易所的觀察。”</p>
<p>來源：海峽時報 © SPH Media Limited。轉載需獲得許可。</p>
<p>在這裏瞭解如何享受其他優質文章。</p>

<p>前 Hyflux 副首席執行官 Sam Ong 在一場刑事審判中作證稱，儘管他知道公司參與了 Tuaspring 項目，但並未被告知其財務損失和利潤的具體情況。Ong 表示， desalination plant（海水淡化廠）可以通過電力收費進行補貼，而電力收費高於水費，但他對財務模型及其長期影響缺乏詳細瞭解。他強調，他的重點是新加坡以外的項目，特別是在中東和北非，並將 Tuaspring 項目描述為對 Hyflux 市場多元化具有重要意義</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 日的刑事審判第 18 天，翁先生告訴法庭，海水淡化廠可以獲得補貼，因為 “電價在量上高於水價”。</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 副首席執行官翁英強知道水處理公司正在進行 Tuaspring 項目的電力銷售業務，但他堅持表示他並不知道 “損失和利潤的規模”。</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 創始人兼前首席執行官林義傑、前首席財務官卓偉平及四名獨立董事的刑事審判中第八位作證的檢方證人，他被問及如何理解電廠產生的收入可以如何補貼海水淡化水廠的問題，檢方和辯方均對此進行了詢問。</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 日的刑事審判第 18 天，翁先生告訴法庭，海水淡化廠可以獲得補貼，因為 “電價在量上高於水價”。</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>當副首席檢察官（DCP）克里斯托弗·翁要求他詳細解釋他的回答時，翁先生説：“作為一個綜合項目，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>在林的律師、資深顧問達文德·辛格對他進行交叉詢問時，翁先生表示：“我沒有很多信息。我當時不在新加坡。我不確定我是在利比亞、阿爾及利亞還是新加坡。補貼可能意味着補貼利潤或優化成本節約。”</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>當進一步被問及利潤補貼如何運作時，翁先生説：“我不知道細節……（並且）假設電力利潤可以抵消水成本。”</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>辛格先生説：“因此，從這些話中可以清楚地看出，電力的收入和利潤將補貼淡化水的成本？”</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：“正確，但我不知道具體的程度。”</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>雖然翁先生同意財務模型是電力銷售的收入和利潤將用於補貼海水淡化廠的水價，但他表示他沒有 “關於模型的細節，以及在 25 年的生命週期內，（通貨膨脹）調整將如何影響補貼”。</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 全資子公司 Tuaspring Pte Ltd 於 2011 年與國家水務機構 PUB 簽署了一份為期 25 年的水購買協議，從 2013 年到 2038 年每天供應 7000 萬加侖的淡化水。</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>“該模型對水生產能力非常敏感。如果 PUB 要求零能力調度，模型將會非常不同……我不是這個項目的工作組成員。我的重點是中東和北非，” 翁先生説。</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>翁先生於 2006 年加入 Hyflux，擔任首席投資官，並曾在多個職位上任職，包括首席財務官和副首席執行官。在副首席執行官的角色中，他負責管理中東和北非地區，該地區曾佔公司業務的 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>他告訴法庭，Tuaspring 項目是 “一個重要項目，因為它將使 Hyflux 能夠將中東和北非市場的業務比例從 80% 多樣化到 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>當檢方詢問為何成立工作組處理 Tuaspring 項目時，翁先生表示這是一個 “接近 10 億美元規模的重大項目。出於保密目的，只有有限數量的人被分配到工作組。”</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 翁問：“你不知道電力銷售對該項目的程度和重要性嗎？作為副首席執行官，你在這個項目的細節上沒有了解嗎？”</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：“這就是公司的運作方式……所有各方都接受副首席執行官負責新加坡以外的項目，而不是 Tuaspring 項目。”</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>當被問及林的管理風格時，翁先生形容她為 “一個非常嚴格的老闆，對團隊要求很高。她在公司各個方面都參與智力和情感。這是她的心血。”</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>當被問及他與卓的交往時，翁先生表示，他在加入 Hyflux 之前曾擔任道化學公司的財務總監，他説卓 “是我能幹的得力助手，接替我擔任首席投資官，並承擔了我在道化學公司的大部分角色。”</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>翁先生補充説，卓是在他之後加入 Hyflux 的，他是從道化學公司聘請卓的。</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、卓及四名獨立董事正在對 2011 年 3 月公告和 2011 年 4 月優先股發行中未披露 Tuaspring 項目電力銷售部分的重大信息的指控進行辯護。</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>檢方的案件是，Tuaspring 被向投資者宣傳為一個海水淡化廠，而電廠的主要目的是為海水淡化廠提供電力，實際上電廠生產的近 92% 的電力預計將出售給國家電網，僅 3% 用於為海水淡化廠供電。由於 Tuaspring 的收入是集團戰略的重要組成部分，其因電力銷售疲軟而導致的失敗導致了 Hyflux 的崩潰。</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>當 DCP 翁問他是否對 Hyflux 的電力戰略有任何擔憂時，翁先生表示：“我沒有足夠的細節來產生擔憂。但作為領導團隊的高級成員，我確實向林提到，我們必須確保關注收益和收益的倍數。”</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 “股價是收益（乘以）市盈率（PE）的函數。我們從收益的量和收益的倍數來考慮公司的估值……並最大化股東的價值。”</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價與收益之間倍數的指標，DCP Ong 解釋道。</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>當被問及為何向電網出售電力需要考慮收益倍數時，Ong 先生表示：“根據我的理解，電力銷售的收益與水技術的收益在市場上的回報方式是不同的。”</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，而發電公司的收益是 10 倍，” 他補充道。</p>
</div><p>“So the power aspect is valued less than the water technology aspect?” DCP Ong asked.</p>
<div class="lb-trans"><p>“那麼電力方面的價值低於水技術方面嗎？” DCP Ong 問道。</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：“這是基於我當時對新加坡交易所的觀察。”</p>
</div><p>Source: The Straits Times © SPH Media Limited. Permission required for reproduction</p>
<div class="lb-trans"><p>來源：海峽時報 © SPH Media Limited。轉載需獲得許可。</p>
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<div class="lb-trans"><p>在這裏瞭解如何享受其他優質文章。</p>
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前 Hyflux 副首席執行官 Sam Ong 表示對 Tuaspring 項目的 ‘損失和利潤的規模’ 並不知情