KUALA LUMPUR – Goh Jin Hian, son of a former Singapore prime minister, is deemed responsible for US$146 million (RM695.7 million) in losses from when he was the director of a marine fuel supplying company.
Judge Aedit Abdullah found Jin Hian – who is the only son of Goh Chok Tong – in the course of his duties would have realised that the now-defunct company, Inter-Pacific Petroleum Pte, was being defrauded.
“The financial position of the company was suspect, and should have primed the defendant to look further and obtain a picture of the true state of the affairs of the company and monitor what was happening within it. That was his duty as a director.”
“Loss was caused to the plaintiff through the transactions and drawdowns which should not have been carried out and would not have been had the defendant performed his duties,” the judge was quoted as saying in his judgement.
The judge added “red flags” that should have triggered Goh’s inquiry into the company’s financials, such as the US$132 million owed to the company, suspended bunker licence, and owing US$15.6 million to Maybank.
In his defence, Jin Hian claimed that there was no breach or causation of loss, and the company qualifies for relief from liability under the Companies Act.
Jin Hian, 55, served as IPP director from 2011 to 2019. He was among four charged last year with false trading and market manipulation linked to investment holding company New Silkroutes Group Ltd. – February 7, 2024