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.
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.
It 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.