SINGAPORE: Despite earlier concerns about Hyflux’s Tuaspring project, a group of banks still gave “in-principle management support” for loans of up to S$527 million, argued the lead lawyer for Hyflux founder Olivia Lum on the second day of her trial.
To support his case, Senior Counsel Davinder Singh on Tuesday (Aug 12) made reference to a letter issued by the banks to Hyflux on Jan 14, 2011, after they finished reviewing Hyflux’s plan to build a desalination plant and a power plant, and sell excess electricity from the power plant to the grid.
