Hyflux fiasco shows why ‘book value’ is BS
And why audited accounts are juz another genre of fiction: science fiction is closer to reality. I tot these tots when I read Hyflux’s response to a question from Securities Investors Association of S’pore (SIAS) which read: On what basis was Tuaspring being valued at SGD1.4 billion? This has proven to be overstated by at...
Discombobulated Individual Responsibility
Nations, culture, people, what account for their differences? The differences seem random and chaotic. However, Chaos Theory shows that behavior of dynamical systems are highly sensitive to initial conditions. Francis Fukuyama in his ‘The Origins of Political Order | Neuroanthropology’, made essentially the same points.The...
Did Hyflux’s auditors mislead?
Further to A really curious incident,where I criticised SIAS for not KPKBing early, here’s one criticism it got right, though why didn’t it raise this earlier, much earlier? “On Mar 22 2018, KPMG provided a clean a clean audit report for Hyflux Group for the financial year 2017. On May 22 2018, Hyflux Limited and a...
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