Former white knight SM Investments has said it will be suing debt-laden Hyflux for cancelling the S$530 million rescue deal, it said in a statement on Friday .[SINGAPORE] Former white knight SM Investments has said it will be suing debt-laden Hyflux for cancelling the S$530 million rescue deal, it said in a statement on Friday .
SMI said it had not accepted the water treatment group's"purported termination" of the investment deal on April 4, adding that SMI only ended the deal on Friday in accordance with the terms of the agreement.sentifi.comIt said that Hyflux had wrongfully tried to walk away from the rescue deal through its actions on April 4."This was a repudiatory breach of the agreement by Hyflux entitling SMI to terminate the restructuring agreement," said SMI.
SMI said that issues at Hyflux's three projects - Tuaspring, Singspring and its Algerian desalination plant Magtaa - have not been remedied. "Each of the termination events entitles SMI to a refund of its deposit in accordance with the restructuring agreement," said SMI, adding that it rejects Hyflux's accusations on Monday that it reneged on the deal.
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