Asia/Pacific News
Former IPP Director Found Liable for Singapore Bunker Supplier's $146 Million Losses
Goh Jin Hian, former director of Inter-Pacific Petroleum, has been found liable for the bunker supplier's $146 million losses.
The ruling was made at a Singapore court on January 24, local news provider Channel News Asia reported on Wednesday, citing initial remarks from the judge.
IPP had sued Goh for breaching his duties as a director, failing to look into issues which would have revealed the company was being defrauded. Goh had denied the claims.
A full judgement on the case has yet to be released.
Goh, the son of former Singapore Prime Minister Goh Chok Tong, is the former director of Inter-Pacific Petroleum. The company had been listed as Singapore's 26th-largest bunker supplier by volume in 2018, but in July 2019 had its bunker craft operator licence suspended and then cancelled by the Maritime and Port Authority as part of investigations into suppliers' alleged use of magnets to influence mass flow meter readings.
The supplier began a court-led debt restructuring process in September 2019, saying at the time it had insufficient cash to sustain operations.
