The Monetary Authority of Singapore said yesterday that its supervisory reviews to date have not uncovered any impropriety on the part of DBS in performing its roles as both issue manager and distributor of Hyflux perpetual securities in 2016.
Also in question is the fate of some 34,000 retail investors who had sunk a total of $900 million into the Hyflux perpetual securities and preference shares. "We note that Hyflux had disclosed in its offering document in 2016 that the Tuaspring power plant was expected to incur losses if electricity prices in Singapore were to remain low. The offering document was also cautious on the outlook for the water and energy markets," MAS said.
"All investments carry risks. The deterioration in Hyflux's financial conditions that led to losses for investors illustrates this," MAS said.
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