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Singapore – In the latest development related to Dr. Goh Jin Hian, the New Silkroutes Group announced on Thursday night (October 15) that he had resigned as president.
Dr. Goh is the son of former Prime Minister Goh Chok Tong.
The company said that Dr. Goh and Mr. William Teo Thiam Chuan, who had served as CFO, had resigned immediately, even as they are assisting the Department of Commercial Affairs (CAD) with investigations.
Dr. Goh’s role as a non-independent, non-executive chairman had been announced earlier this year after having been with the company since July 2015.
In separate filings with the Singapore Stock Exchange on Thursday night (October 15), New Silkroutes Group, a healthcare company, said that Dr. Goh resigned “to spend more time on his personal business” and that Mr. Teo was resigning “to concentrate on personal matters and to pursue other interests.”
According to the straitstimes.com, the firm announced on September 30 that both men were under investigation by CAD due to a possible crime under the Securities and Futures Act. The crime refers to “false operations and market manipulation in view of past share buybacks and acquisitions.”
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On October 6, it was announced that Dr. Goh had also resigned as chairman of Cordlife Group following news that Inter-Pacific Petroleum (IPP) judicial managers had brought him an unrelated lawsuit due to US $ 156 million ( S $ 212.6 million). in losses derived from an alleged breach of the functions of director.
Cordlife had said last week that Dr. Goh would remain as an independent director. However, in a filing with the Singapore Stock Exchange, also on Thursday night, the company announced that it had resigned as an independent director with immediate effect.
On October 5, it was reported that Dr. Goh was being sued by the receivers of IPP. The lawsuit had been filed late on the night of October 2 in Superior Court by LVM Law Chambers, the legal representatives of Deloitte & Touche, the receivers of IPP.
Deloitte & Touche seeks to recover said amount plus interest, alleging that the funds were used in “non-existent or simulated transactions” between June and July of last year.
Last month, court administrators investigating IPP, a bunker provider and closed bunker vessel operator in Singapore, submitted a presentation to the High Court asking for more time to consider whether to take Dr. Goh to court.
ITGS reported on September 17 that IPP began to sink after the crew of a company-chartered vessel was accused of poor fueling practices. The crew had tampered with a mass flow meter, illegally using magnets to boost its readings and claim that it had delivered more fuel during fueling operations than it was actually carrying.
IPP’s fuel vessel operator license was temporarily suspended by the Maritime and Port Authority (MPA) last June. Dr. Goh, director of IPP at the time, called MPA’s move “premature” and stated that the authority should have “discussed the incident with us giving us an opportunity to review the facts.”
On August 16, IPP and its parent company Inter-Pacific Group Pte Ltd applied for receivership in Superior Court and appointed Deloitte & Touche LLP as its receivers. Dr. Goh left IPP four days later, having been with the firm since June 2011. / ITGS
Also Read: Ho Ching’s Brother’s Ties To Goh Jin Hian Stand Out Amid IPP Lawsuit
Ho Ching’s brother’s ties to Goh Jin Hian take center stage amid IPP lawsuit
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