, Columnist
This Singaporean Tale of Corporate Ruin Has 34,000 Victims
Mom-and-pops plonked almost $670 million into a water and power company. Be they gullible or greedy, they’re now left empty-handed.
A huge protest, by Singapore standards.
Photographer: Bryan van der Beek/BloombergThis article is for subscribers only.
If success has many fathers, failure in financial markets is no orphan either: It almost always ends up in the lap of retail investors.
In Hyflux Ltd., there are 34,000 of these moms and pops, set to lose most – if not all – of the S$900 million ($665.5 million) they plonked down in the troubled Singaporean water and power firm’s preference and perpetual shares.