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The son of former Singaporean Prime Minister Goh Chok Tong is being sued for breaching directorial duties during his time as director of Inter-Pacific Petroleum (IPP), Singapore’s marine fuel and cargo trader.
Goh jin hian, who was a director of IPP from 2011 to 2019, is being sued by his court managers Deloitte & Touche for more than $ 156 million, including interest, “The Straits Times” reported earlier this week. (behind the paywall). The firm’s largest creditors, Maybank and Societe Generale, who are owed $ 88.3 million and $ 81.3 million respectively, are financing the lawsuit, which was filed last Friday.
According to court documents, the $ 156 million came from trade finance withdrawals between June and July 2019, which the banks alleged were “non-existent or false transactions.” The firm lost its operating license earlier this year and was placed under receivership amid financial stress. Losses at SocGen resulted in the departure of its Asia-Pacific Commodity Finance and Trade Co-Directors.
“By failing to prevent IPP from asking SocGen and Maybank for withdrawals … at the time IPP was insolvent, the defendant had acted in breach of its fiduciary duty to the plaintiff to take into account the interests of [IPP’s] creditors to ensure that the plaintiff’s assets are not dissipated or exploited to the detriment of creditors’ interests, ”the lawsuit says.
CAD research
Goh, who is currently the CEO and CEO of New Silkroutes Group, is the subject of a separate investigation by the Singapore Police Department of Commercial Affairs (CAD).
The investment holding company that is listed on the main board has interests in trading oil and sanitary devices. The alleged crime is false trading and market manipulation under the Securities and Futures Act in view of past share buybacks and share acquisitions, according to a “Straits Times” report on Sept. 28.
Meanwhile, Goh has resigned as president of Cordlife, a consumer healthcare company that provides blood banking services, while remaining on the board as an independent director, the company said Tuesday.
