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SINGAPORE – Dr. Goh Jin Hian resigned as president of Cordlife Group, which is listed on the motherboard, after it emerged that the court managers of a failed marine fuel supplier are suing him for more than $ 156 million (212 , 6 million Singapore dollars) in losses due to an alleged violation of the director’s duties.
“In light of the above, in order to devote more time to his personal affairs, Dr. Goh will step down as chairman of the board effective immediately, but will continue to serve as ID (independent director) of the company,” Cordlife announced in a presentation to the Singapore Stock Exchange just before midnight on Monday (October 5).
Vice President and Independent Director Ho Choon Hou has been appointed Acting President effective immediately, it added.
On Monday, The Straits Times reported that a lawsuit against Dr. Goh, who is the son of former Prime Minister Goh Chok Tong, was filed on Friday night (October 2) in Singapore High Court for Deloitte & Touche. , the receivers of Inter-Pacific. Petroleum.
Dr. Goh has also withheld his passport as a result of an unrelated investigation by the Singapore Police Department of Commercial Affairs (CAD) into a possible offense under the Securities and Futures Act involving New Silkroutes Group , from which he retired last week as CEO but remains as non-executive chairman.
In its announcement Monday night, Cordlife said its nominating committee (NC) and board “had just been informed” of the lawsuit filed.
He also said that his CN and the board – with Dr. Goh’s abstention – believe that he “has the right character and integrity to continue as company identification” and that it is in the best interest of the company that he does so “given . your qualifications, knowledge and experience. “
He added that: “At this juncture, the resignation of Dr. Goh as president will allow Dr. Goh to continue to ensure that sufficient time and attention is given to the affairs of the company as ID.”
Dr. Goh’s departure as chairman came on the same day that the NC and the Cordlife board had previously reiterated their support for him as chairman and ID in response to an inquiry from SGX on his suitability, given the listing rules that they require a company, among others, to consider the character and integrity of directors and management.
But not satisfied with Cordlife’s response Monday morning, SGX questioned the company again, Cordlife’s filing revealed Monday night, with the regulator indicating that the board and NC had not provided input on the Dr. Goh’s suitability or the basis for it.
In response, Cordlife said that it had fully disclosed, as based on information available to the company at the time, the NC and the board believed that Dr. Goh had the right character and integrity to continue as president and identification and it was in the best interests of the company to do so.
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