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Singapore – Dr. Goh Jin Hian, son of former Prime Minister Goh Chok Tong, resigned as chairman of the Cordlife Group following news that he was sued by Inter-Pacific Petroleum (IPP) judicial managers for US $ 156 million ($ 212.6 million) in losses arising from an alleged breach of the director’s duties.
Cordlife Group, a company that provides cord blood and cord coating banking services, as well as other services, issued the following statement in a filing with the Singapore Stock Exchange shortly before midnight on Monday (October 5), according straitstimes.com (ST).
“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 with immediate effect, but will continue to serve as ID (independent director) of the company.”
Earlier on Monday, it was reported that Dr. Goh was being sued by the receivers of IPP. The lawsuit had been filed late Friday night (October 2) in Superior Court by LVM Law Chambers, the legal representatives of Deloitte & Touche, IPP’s court managers.
Deloitte & Touche seeks to recover said amount plus interest, alleging that the funds were used in “non-existent or simulated transactions” carried out between June and July of last year.
Dr. Goh told ST that he was “surprised that the receivers have taken action so unilaterally,” and said they had not asked him for his full version of the story.
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He said: “I have raised several questions and concerns with the JMs: How could the banks have let the debt grow to $ 160 million when it was supposed to be back-to-back financing or very short-term loans? Have the JMs contested the bank’s right to this payment?
“What did the banks that are experts in trade finance miss that they should have picked up? What should I have done as a director that I didn’t? “
According to Cordlife, its board of directors and nominating committee had recently heard about the Deloitte & Touche lawsuit, adding that it believes that Dr. Goh “has the right character and integrity to continue as a company ID” and that ” given your qualifications, experience and experience ”, it is best for Cordlife to do so.
Last month, court administrators investigating IPP, a bunker provider and closed bunker vessel operator in Singapore, submitted a request 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 ship chartered by the company was accused of malpractice in fueling. The crew had tampered with a mass flow meter, illegally using magnets to boost its readings and claiming that it had delivered more fuel during fueling operations than it was actually carrying.
IPP’s bunker vessel operator license was temporarily suspended by the Maritime and Port Authority (MPA) last June. Dr. Goh, IPP director 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: The signature of Goh Chok Tong’s son under investigation for possible security breach
Goh Chok Tong’s son’s signature under investigation for possible security breach
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