Overview

• Senior Counsel Davinder Singh asked the court to order disclosure of correspondence with all lenders, including Maybank, after prosecutors cited bank concerns to support nondisclosure charges.
• District Judge Toh Han Li noted that Maybank later extended a $720 million loan, as the prosecution pointed to earlier reservations from six banks in 2010 to 2011.
• Prosecution witness Nah Tien Liang testified that the $150 million financing secured then was very likely to meet PUB’s financial close deadline while broader funding talks continued.
• The court heard that banks estimated desalination cash flows could support only about $150 million to $170 million of debt, leading to a $150 million facility from three banks and heavier reliance on equity.
• Tuaspring was ultimately funded by an $840.4 million shareholder loan later refinanced with Maybank entities, and weak power sales later preceded Hyflux’s collapse with about 34,000 investors owed $900 million.