SINGAPORE - The High Court has found that Goh Jin Hian, a former director of insolvent marine fuel supplier Inter-Pacific Petroleum , is not entitled to relief from liability to pay US$146 million plus interest in compensation for losses suffered by the firm.
In declining to grant Goh relief from liability, Justice Abdullah said: “The mere fact that Dr Goh had not been a perpetrator of the fraud did not mean that he was not responsible for its disastrous consequences on IPP. It consisted of US$146 million drawn down for cargo trading operations, and US$10.5 million drawn from SocGen’s facility for IPP’s bunkering operations allegedly when IPP was balance-sheet insolvent.
“Any reasonable director in Dr Goh’s position who had been informed that his company was facing a ‘going concern issue’ would have inquired on how IPP’s cargo trading business was doing amidst the suspension,” said Justice Abdullah. “However, ‘even when shown that there was a significant amount due from a single trade debtor, Dr Goh did not even so much as check how much of these receivables were overdue’,” Justice Abdullah noted.
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Source: The Straits Times - 🏆 8. / 63 Read more »