‘Temasek’ and ‘GIC’ unable to prevent Hyflux from seeking court protection?

Although Temasek may not have any interest in Hyflux, it is a government-linked company.

On Hyflux’s board are former paper colonel Gay Chee Cheong and Lau Wing Tat, former GIC senior management executive.

Gay is also a director of Heliconia Capital Management Pte Ltd, a Temasek subsidiary.

In 2010 when Gay bought 8 million shares of Mencast at 35 cents apiece for a total of $2.8 m, NextInsight described the former paper colonel as a “well-known investor“.  Accumulating Mencast at various prices, Gay currently holds 23.3 million shares.
1gaycheecheong
Over more than a decade, Gay has also been investing in Hyflux and currently owns
3 million shares. It is not known if Gay invested at Hyflux’s high of about $4.
1gaycheecheong1It is not known why the “well-known” investor and Hyflux director Gay has chosen to invest millions in these 2 companies.

It is unbelievable that – despite their wealth of experience,  Temasek’s Gay and GIC’s Lau could not prevent Hyflux from seeking court protection.

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