Asia/Pacific News
Bunker Supplier IPP's Judicial Managers Sue Former Director for $156 Million: Straits Times
Goh Jin Hian, the former director of defunct marine fuels supplier Inter-Pacific Petroleum (IPP), has been sued by the company's judicial managers over $156 million of the firm's losses, according to Singapore newspaper the Straits Times.
The lawsuit was filed at Singapore's High Court by LVM Law Chambers on behalf of Deloitte & Touche on Friday, the newspaper reported Monday.
The managers are seeking to recover $156 million lost in alleged "non-existent or sham transactions," the newspaper said.
Goh told the Straits Times that he was "surprised that the judicial managers have commenced an action so unilaterally" without consulting with him more first.
Named as the country's 26th biggest player by volume for 2018, IPP in July 2019 had its bunker craft operator licence suspended and then cancelled as part of Maritime and Port Authority of Singapore (MPA) investigations into bunker suppliers' use of magnets to influence mass flow meter (MFM) readings.
The supplier began a court-led debt restructuring process in September 2019, saying at the time it had insufficient cash to sustain operations.
