Singapore moved to take control of debt-laden Hyflux’s key water treatment plant on Wednesday, a day after authorities said they were reviewing the company’s disclosures to see if it has breached any laws.

Once lauded as a national champion running a strategically important water source for the city-state, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings of tens of thousands of retail investors.

Singapore’s national water agency, PUB, issued a notice to Hyflux on Wednesday saying it would take over the company’s Tuaspring desalination plant in 30 days and terminate its water supply deal.

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