(Jan 31): Some of the mom and pop investors desperate to recover money from Singapore’s embattled water treatment firm Hyflux are losing confidence they’ll get much of anything back as the wait drags on.

In the latest twist to the city-state’s most high-profile debt restructuring, Hyflux’s legal adviser this week expressed its intent to resign from the case due to “loss of confidence,” while the company said in turn that it has lost trust in its adviser and has since appointed new ones. That adds to uncertainties facing the about 34,000 retail investors in the company who have been waiting for resolution since it stumbled in 2018.

“It has been a dramatic 18 months,” said Violet Siew, a home-maker in her 50s who invested in junior securities including perpetual bonds and preference shares. “We have been hit with bad news and bad decisions by Hyflux.”

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