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01 Apr 2019
Prime Minister Office
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Hyflux - a disaster the could have been avoided

Some people say that my views on Hyflux are "with the benefit of hindsight".

This kind of motherhood statement is not helpful.

In 2011, it was quite clear that Hyflux quote of $0.35 was way below the next lowest tender of $0.52 and other tenders of $1.00.

PUB could have discussed with Hyflux if they wish to withdraw the tender. I don't know if they did. But they should.

Even if Hyflux thought that they could make it work, it was quite clear in 2015 that the wholesale electricity price had collapsed to $63 (from the 2011 price of $215).

Something could be done at that time by PUB, EMA and Hyflux. It seemed that nothing was done.

I am not speaking from the benefit of hindsight. The scale of this disaster could have been avoided, if someone had taken charge.

We do have many highly paid ministers who could come forward.

We cannot be proud of an outcome where a home grown company is destroyed together with over 80% of the $900 million of savings from 34,000 retail investors.

I get angry when I see remarks by shallow minded people who thinks that they are really smart.

Tan Kin Lian


 


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