Legal

Former CEO of Singapore-listed New Silkroutes Group amongst three others facing 31 charges at court

Dr Goh Jin Hian was the ex-Director of former Singapore bunker supplier and bunker craft operator Inter-Pacific Petroleum; he faced a USD 156 million civil trial at the Singapore High Court in April 2023.

Published

12 months ago

September 21, 2023

Admin

Former Chief Executive Officer of Singapore-listed New Silkroutes Group Limited (NSG), Dr Goh Jin Hian, former Chief Corporate Officer, Oo Cheong Kwan Kelvyn, and former Finance Director, Teo Thiam Chuan William, were charged in court on Wednesday (20 September) with false trading offences under the Securities and Futures Act (SFA).

A fourth individual, Huang Yiwen, the sole director of GTC Group Pte Ltd (a commercial market maker engaged by NSG during the material time), was also charged with similar offences.

The four men were each charged with 31 counts of Section 197(1)(b) of the SFA read with Section 109 of the Penal Code for engaging in a conspiracy to create a misleading appearance with respect to the price of NSG securities.

They allegedly placed orders and executed trades in NSG securities for a purpose of pushing up the price of NSG securities on 31 trading days between 26 February 2018 and 27 August 2018. The alleged price manipulative orders and trades include share buy-backs conducted through NSG’s corporate trading account.

Dr Goh faces a further eight counts of Section 197(1)(b) of the SFA for allegedly placing orders and executing trades in NSG securities through his personal trading account for a purpose of pushing up the price of NSG securities on eight trading days between 31 August 2018 and 4 December 2018.

The charges above arose from a joint investigation carried out by the Commercial Affairs Department of the Singapore Police Force and the Monetary Authority of Singapore which started in September 2020.

If convicted of an offence under Section 197 of the SFA, offenders may be liable to an imprisonment term not exceeding seven years, or a fine not exceeding $250,000, or both.

Inter-Pacific Petroleum

Dr Goh, who was the ex-Director of former Singapore bunker supplier and bunker craft operator Inter-Pacific Petroleum (IPP), in April 2023 faced a USD 156 million civil trial initiated by IPP liquidator Deloitte & Touche over alleged breach of his director’s duties for IPP.

The Singapore branch of Maybank and Societe Generale (SocGen), both IPP’s largest creditors, are respectively looking to recover from exposure of an estimated USD 88.3 million and USD 81.3 million.

Reportedly, Dr Goh has said it was not the responsibility of the director to authenticate documents from management and he disputes against the banks’ own due diligence and credit risk assessments.

International Energy Group

NSG in late March 2019 announced subsidiary New Silkroutes Capital signing a share sale and purchase agreement with Hong Kong-based TK Energy Limited for the disposal of the entire shareholding interests in International Energy Group Pte. Ltd. (IEG) for US $10 million in cash.

Singapore-headquartered IEG, which trades mainly gas oil and fuel oil, sells its products to international counterparties including oil majors and national oil companies.

In January 2021, stakeholders of IEG decided the firm can no longer continue business due to its liabilities and proceeded to summon a creditors’ meeting.

A meeting to distribute intended dividend to IEG creditors was later held in March 2023.

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

A timeline organised list of events preceding events of International Energy Group is as follows:

Photo credit: Manifold Times
Published: 21 September, 2023

Related Topics:Features Legal - Corruption Legal - Crime

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Vessel Arrest

Singapore: Vietnam-flagged tanker “GT Unity” placed under Sheriff’s arrest again

Ship was added to list of vessels under Sheriff’s arrest in Singapore’s court system and it is currently held at Raffles Reserved Anchorage; arrest was made on behalf of Resource Law LLC.

Published

15 hours ago

September 10, 2024

Admin

Vietnam-flagged oil and chemical tanker GT Unity was arrested for the third time in Singapore waters on Thursday (5 September).

The 7,631 DWT vessel was added to the list of vessels under Sheriff’s arrest in Singapore’s court system.

According to the list, the vessel was arrested at 10.45am and the arresting solicitor listed was law firm Resource Law LLC. The ship is currently held at Raffles Reserved Anchorage.

No further details regarding the reason behind the arrest were provided in the list.

Manifold Times previously reported GT Unity was arrested in the republic on 6 December, 11 October and 10 March last year.

Photo credit: Manifold Times
Published: 10 September, 2024

Winding up

Singapore: Annual general meeting set for Xihe Holdings subsidiary

Annual general meetings will be held on 23 September for Nan Chiau Maritime to receive an update on firm’s liquidation, according to Government Gazette notice.

Published

15 hours ago

September 10, 2024

Admin

A notice was published on the Government Gazette on Monday (10 September) regarding the annual general meetings to be held on 23 September for Xihe Holdings subsidiary Nan Chiau Maritime Pte Ltd.

Annual general meetings for Nan Chiau Maritime are to be held at the following times:

For the company: 2pm
For the creditors: 3pm

The agenda for all the meetings are:

To receive an update on the liquidation.
To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The following are the details of the liquidator:

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

Xihe Holdings Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

Manifold Times previously reported several resolutions for the firm were passed by written means, including winding-up the company.

Manifold Times also reported directors of Nan Chiau Maritime declaring the company’s inability to continue business.

Photo credit: Jo_Johnston from Pixabay
Published: 10 September, 2024

Winding up

Singapore: Notice of preferential dividend issued for Otto Marine

First and final preferential dividend will be payable from 27 September, according to latest Government Gazette notice.

Published

1 day ago

September 9, 2024

Admin

A notice of preferential dividend for Otto Marine Limited, which is in liquidation, was published on the Government Gazette on Friday (9 September).

The following are details of the notice:

Name of Company : Otto Marine Limited (In Liquidation)
Company Registration No. : 197902647M
Address of former registered office : 9 Temasek Boulevard, #33-01 Suntec Tower Two, Singapore 038989
Court : High Court of the Republic of Singapore
Number of matter : HC/CWU 213/2018
Amount per centum : 100 per centum of all admitted preferential claims pursuant to Section 328(1)(b) to (f) of the Companies Act 1967
First and final or otherwise : First and final
When payable : 27 September 2024
Where payable : Via bank transfer for local payees and telegraphic transfer for overseas payees (all remittance charges shall be borne by the recipient of the dividend payment)

In October 2016, it was reported that offshore services provider Otto Marine announced it would delist from Singapore Exchange (SGX) on 7 October 2016.

Otto Marine was principally engaged in offshore vessel construction, repair and conversion, fabrication, chartering, management and leasing of vessels as well as subsea activities.

Photo credit: Drew Beamer
Published: 9 September, 2024