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 Hia 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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Related: With nearly $180 million of debt, IPP proposes interim judicial management
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Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: IPP responds to temporary suspension of bunker craft operator licence
Related: MPA temporarily suspends IPP bunker craft operator licence
Related: Singapore: Bunker Cargo officer, crew face charges over alleged MFM tampering
Photo Credit: Manifold Times
Published: 5 October, 2020
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