An application made by major creditors of former Singapore bunker supplier and bunker craft operator Inter-Pacific Petroleum (IPP, or the Company) to fund the company’s legal suit against its former director Dr. Goh Jin Hian has been approved by the Singapore High Court, reported Business Times.
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.
Inter-Pacific Petroleum will now receive financial backing from two of its largest creditors to take legal action against Dr. Goh; legal fees are reported to be about USD 734,047, inclusive of any appeals.
The agreement between the banks and the company was purportedly made several days before IPP’s Judicial Managers from Deloitte & Touche LLP sent a letter to Dr. Goh, requesting that he indemnify IPP’s debts to Socgen and Maybank for what they claim to be fraudulent transactions.
Reportedly, Dr. Goh has said that 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.
According to earlier published court documents, the JMs said they had been looking into IPP’s books and records and investigating its affairs since the Company was placed under judicial management.
“It was following such investigations that the JMs, in consultation with their solicitors, verily believe that the Company has a viable claim against one of its former directors (specifically, one Dr. Goh Jin Hian (“Dr Goh”)) for breaches of his director’s duties to act with skill, care and diligence which he owned to the Company,” stated the document.
A timeline organised list of events preceding the current development of Inter-Pacific Petroleum have been recorded by Manifold Times below:
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Photo Credit: Manifold Times
Published: 5 October, 2020
Captain Segar, MPA Assistant Chief Executive, Operations, to be also joining IBIA for the game where proceeds will be channelled into an IBIA Bursary Fund for supporting students to obtain a maritime studies degree.
‘Consort Bunkers will be operating the youngest bunkering fleet in Singapore after complete delivery of the ‘K’ series vessels by late-2023,’ Mr SK Yeo, Founder of Consort Bunkers, tells Manifold Times.
‘Vessel suffered inter alia damage to her engines as well as other losses and expenses, including but not limited to salvage costs, costs of repairs and time lost,’ states legal document obtained by Manifold Times.
‘It is undisputed that Sing Fuels furnished fuel in Port Elizabeth that enabled the M/V Lila Shanghai to continue on its way […] and it is undisputed that Sing Fuels was never paid for this fuel,’ states Judge.
JMs wanted to confirm if both of IPP’s former auditors ‘were reasonably assured that its assessment that the receivables owed by Mercuria Energy were not in any way doubtful’, according to court documents.
A Duraisamy received a SGD 42,870.60 fine and 10-month jail sentence while Lee Been Lian was fined SGD 6,795 and received a two-month jail term due to offences under the Prevention of Corruption Act.