Rare protest in Singapore flags investor anger in Hyflux debacle

A rare public protest in Singapore on Saturday underscored mounting anger among investors set to suffer sharp losses in one of the country’s highest-profile corporate debt restructurings.

The catastrophic slump of the once-vaunted water and power company, Hyflux, has stunned debtholders, who stand to lose about 90 per cent. About 400 to 500 of those individual investors gathered in a downtown park known as the Speaker’s Corner on Saturday, carrying placards and posters.

“There are a lot of questions that need answers,” said Ray Ho, a 65-year-old retiree who has invested in the company’s perpetual bonds. Investments were “a leap of faith.