Singapore: Ex-Director of Inter-Pacific Petroleum appeals High Court decision
- Published
by Admin
The former Director of defunct Singapore bunker supplier Inter-Pacific Petroleum (IPP) has reportedly appealed against the decision by the High Court that found him to be responsible for up to USD 146 million of the company’s total USD 156 million loss, according to media outlets on Thursday (11 July).
Manifold Times previously reported 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.
“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.
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.
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.
Photo credit: Manifold Times
Published: 15 July 2024
Related Topics:
