Singapore court rules son of ex-PM Goh Chok Tong caused RM696 million in losses to fuel supplier company

Goh Jin Hian outside the State Courts on Sept 20, 2023. Goh was on Jan 24 found liable for breach of director’s duties, statutory duties and losses suffered by IPP. - PHOTO: SHIN MIN DAILY NEWS FILE via The Straits Times/ANN

SINGAPORE (The Straits Times/ANN): The High Court has found Goh Jin Hian, a former director of insolvent marine fuel supplier Inter-Pacific Petroleum (IPP), liable for breach of director’s duties, statutory duties and losses suffered by the firm amounting to US$146 million (S$196 million - RM696 million) plus interest.

The liquidators of IPP had sued Goh to recover US$156 million in losses, accusing him of “sleepwalking through his time as a director” and failing to discover and stop drawdowns in trade financing between June 2019 and July 2019 to fund alleged non-existent or sham transactions.