Legal

Singapore: Ex-Director of Inter-Pacific Petroleum found responsible for up to USD 146 million of firm’s loss

Judge Aedit Abdullah pointed out Dr Goh Jin Hian should have carried out his duties as Director and inquired about the financial position of IPP upon knowing of three ‘red flags’ incurred.

Published

2 years ago

February 7, 2024

Admin

A Judge at the High Court of the Republic of Singapore has reportedly found the former Director of defunct Singapore bunker supplier Inter-Pacific Petroleum (IPP) responsible for up to USD 146 million of the company’s total USD 156 million loss.

IPP Judicial Managers (JMs) Deloitte Singapore, the plaintiffs, on April 2023 initiated a legal suit against former company Director Dr Goh Jin Hian, the defendant, suing him for over USD 156 million over losses due to alleged breach of his Director’s duties.

The Singapore branch of Maybank is looking to recover an amount of USD 88.3 million while Societe Generale (SocGen) is owed USD 81.3 million that they allege to be due to Dr Goh’s negligence as Director.

Dr Goh has said it is not the responsibility of the Director to authenticate documents from management and he disputes against the banks’ own due diligence and credit risk assessment.

Brief Remarks of the Judge

“I am satisfied having considered the evidence and submissions that the plaintiff’s claim has been made out as to the liability of the defendant,” wrote Judge Aedit Abdullah in his Brief Remarks on 24 January obtained by Manifold Times.

The JMs have shown evidence Dr Goh played an active role in the management of and had assumed responsibilities and obtained knowledge and information, he stated.

Three ‘Red Flags’ incurred

Judge Aedit pointed out Dr Goh should have carried out his duties as Director and inquired about the financial position of IPP upon knowing of three ‘red flags’ incurred.

“These three matters raised the issue of there being a large amount of money of about US$132 million owed to the company (the audit confirmation request to a supposed creditor); the threat to the profitability of the company by the suspension of the bunker licence; and the large sums totalling some US$15.6 million owed to Maybank while the bunker licence was suspended,” he stated.

“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.”

JMs to secure ‘full extent’ of IPP losses

Of the total USD 156 million claimed by the IPP JMs, Judge Aedit concluded claims for the full extent of the sum of USD 146 million (exact: USD 146,047.099.60 and the interest claimed) should be allowed.

However, he believed the JMs have not sufficiently shown evidence for the remaining USD 10 million (exact: $10,508,238.71) claims due to Dr Goh’s breach of Director’s duties and dismissed such claims.

A timeline organised list of events preceding the current development of Inter-Pacific Petroleum has been recorded by Manifold Times below:

Photo credit: Manifold Times
Published: 7 February 2024

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