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High Court rules former prime minister’s son liable for losses of up to US$146million

Singapore High Court finds Dr Goh Jin Hian, son of ex-PM Goh Chok Tong, liable for director’s duty breaches in the IPP case. Held accountable for substantial losses, Dr Goh’s lack of oversight led to US$156 million in claims, including US$146 million from cargo trading.



Justice Aedit Abdullah of the Singapore High Court found Dr Goh Jin Hian, son of former Prime Minister Goh Chok Tong, liable for breaches of director’s duties in the case involving the now-defunct Inter-Pacific Petroleum (IPP) Pte Ltd.

The court held Dr Goh, who served as a director of IPP from 28 June 2011 to 20 August 2019, accountable for the company’s substantial financial losses.

IPP’s liquidators had sued Dr Goh for US$156 million (S$209 million) in losses, alleging negligence in overseeing the company’s operations, which led to its engagement in fraudulent activities.

The claimed losses included US$146 million from cargo trading operations and US$10.5 million from bunkering operations, drawn at a time when IPP was reportedly in a state of balance-sheet insolvency.

In his brief ruling statement issued on 24 January, Justice Abdullah emphasized the responsibilities of a director. He stated, ‘The obligation is to monitor the affairs of the corporation.

This entails, among other things, at least a broad level of supervision of the activities of the officers of the corporation, for the protection of the company, its shareholders, and creditors.’

Justice Abdullah noted that while directors are not expected to manage daily operations or scrutinize every minor detail, they must maintain an active role in oversight.

The judge critically observed, “The defendant in his specific circumstances owed the duty to be fully apprised of the affairs of the company, especially those relating to its profitability or otherwise. That thus entailed a need for him to be aware of and to monitor all the activities, including the cargo trading business.”

He further added, “Not all details need be known by the director, but what was in issue here went beyond the level of day-to-day detail. The cargo trading business was a significant portion of the activity of the company. The evidence showed a lack of knowledge by the defendant of this activity.”

Justice Abdullah concluded that Dr Goh’s lack of diligence and oversight significantly contributed to the financial losses.

He noted, “Loss was caused to IPP through the transactions and drawdowns which should not have been carried out and would not have been had Goh performed his duties as a director.”

Addressing Dr Goh’s defence regarding the adequacy of information provided within the company, Justice Abdullah stated, “The information was insufficient to address or dispel the significant financial concerns that arose. An honest and reasonably diligent director would have conducted a more thorough investigation into these matters.”

Between 2017 and August 2019, Dr Goh held 36 concurrent directorships. In 2020, he stepped down as the non-independent, non-executive chairman of New Silkroutes Group, a healthcare and energy firm, and resigned as an independent director of Cordlife Group, a cord-blood banking firm.

The judge established that Goh is liable for the significant financial losses suffered by the company.

Justice Abdullah affirmed that due to Goh’s failure to act upon several red flags which emerged as early as 7 February 2018, he should bear responsibility for the entire loss incurred during the period of June to July 2019.

This loss amounts to a staggering US$146,047,099.60, along with the interest claimed on the relevant facilities, as outlined in the statement of claim.

Furthermore, Justice Abdullah dismissed Dr Goh’s argument about the banks’ alleged breach of duty as speculative and irrelevant to his liability.

He agreed with IPP that Goh breached his fiduciary duty to the company by failing to consider the interests of its creditors. This duty arises not only when a company is insolvent but also when it is in a precarious financial state, which was evidently the case by June 2019.

However, Justice Abdullah did not fully accept IPP’s claim for a specific loss of $10,508,238.71, citing a lack of sufficient evidence linking this loss directly to Dr Goh’s breach of duty.

In terms of relief under section 391 of the Companies Act, Justice Abdullah stated, “The provision requires that it appears to the court that the person had acted honestly and reasonably, and that the person ought to fairly be excused from negligence or breach. At the very least, the circumstances precluded the conclusion that the defendant had acted reasonably.”

A further hearing is scheduled to provide additional directions, including for cost submissions and to address any applications arising from this decision.

Dr Goh is also facing 39 charges under the Securities and Futures Act. Allegations against Dr Goh include manipulating the price of New Silkroutes’ securities on 31 trading days from February 2018 to August 2018.

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Who cares about this thing?

geong hee huat zai lah old bamboo🤣🥜🏳️

Wishing Goh Chok Tong, wife and son a smiling CNY 2024.

For a split second, I thought GCT was being charged. Turns out, it’s his flesh and blood.

Simply Lau Goh?

Sir , I beg to move. This CNY, did GCT gave his this Son a big Ang Pow or vice versa ?

Does Bamboo know too much?
Too much to fail?

The judgement is certainly unorthodoxed in this little red dot.
I think it is a tricky business to be in.
Nevertheless the judge’s career may be in jeopardy.

The Mom still in touch with TT Dulai ?

When common ordinary folks feel stressed, elites cannot appreciate. Perhaps now when they are slapped with such a huge liability, they now know what stress is about. But then again don’t rule out the possibility that their lawyers may get them off the hook through some unexpected avenue not available to commoners.

It seemed that pple like Dr Goh is suited to be a Dr in the first place but he did not have any business experience and this could be a factor in causing loss to the company in the first place

He has a Straight Face🤭🤣

Wah! So shiok ah!

Oh, that’s Peanuts!

Simply GOH

The son looks like the father. A lot. A lot.

Who Cares?
He is Not my Brother!

Why are the dumb oppies get so worked up in a retired politician sion, like having an orgasm? Brain full of shit but nothing else. That’s what the oppies make up of.

It seemed that he is still facing plenty of charges but it is going to b more interesting to know the verdict

The case is still in progress. It is too early to make a sensible comment. Many love to fry rices over and over again until they are tasteless.

Like father like son? No worries son, mum has a lot of peanuts to lend you
to pay for your failure ($600,000 are peanuts according to your mum Mrs Goh). Come son, have some peanuts.

Funny that he looks like daddy

You are Not My Brother.
Teck Koh man once said.🤣🤣🤣🤣🤣🤭🤭🏳️🏳️🏳️🏳️🏳️

Is Singapore getting whiter than white?

Is Singaporean becoming safer from scams ?

Are there more laundromats?

Asking only lah. Internet platoon don’t freak out.

When commenting, just Stick within the parameters of the case, if you have constructive points to contribute …🥱😴

Anyone legal expert in commercial law, white collar crimes

– what punishment for breach of Director duties?

A peanut fine?
One tight slap?
Or verbal warning?
Or 10 months of peanuts 🥜 of disbarment of directorship?

Now I know why Lau Goh is still working as MP..
They need the money… even though its just peanuts.

Debts…private settlement, so much to pay off…

“No retrenchment? very worrying… ” ha! ha! ha!

Another case of over-educated and under-skilled.
People who need to use “doctor” titles – when they are not medical practitioners nor in academe – worry me a great deal.

Hello oppies, this has got nothing to do with Mr Goh Chok Tong or PAP. Don’t drag their good names into this. Dr Goh Jin Hian’s problem is his problem. Not PAP. Please don’t anyhow defame my party’s name here or we will not hesitate to take actions!

Daddy is going to start making some important midnight phone calls soon. Someone’s red phone is going to be ringing non stop.

Wayang to make the oppie happy…..for a while.
After appeal end of everything….all wrong doing dismissed….
Ah Goh junior back to all smiles again while oppie cry father mother and shout corruption!😆😆😆🤣🤣🤣🤣

Karma is knocking at their doors. The wife of Woody once said paying NKF boss TT Is peanut $600k almost 20 years ago? Then Woody himself said $500k salary in Singapore is mediocre

Daddy once said “ministers are still not paid enough” after the ministers salary review.
Those earning below $500K are mediocres.
Well then it means that those losing less than $500K are also mediocres.
He was right!
His son is must be a blue chip director with hefty losses.

Monkeys will always be monkeys.

Director duties breached, neglected, by Goh.

How about Keppel Corpn Board Directors, when Keppel Corp guilty of Bribery – was there any local conviction carried out? Seems NO JUSTICE was dispensed.

Keppel Corpn was ONLY found guilty by 🇺🇸 DOJ, and made to pay for crimes in 🇺🇸.

Good news .

Hello all. I m no forensic analyst, or a source, spokesman (generic team of reliable pple which the State Controlled Papers always referred to) – to me most of these statements, found in the article, report are very broad, general, lack in specificities. So what does it means to layman, to Sheeps. What is one sheep expect to happen – Small Goh got indicted, sent to Changi Hotel? And senior Goh sent for rehabilitation to better bring up children, those under his love and care? And if practical ERASE all of Big Goh’s pmship legacy, of which shd he be… Read more »

There are lessons to learn from this.

Last edited 5 months ago by Chi Can

Daddy & Mummy are Mr & Mrs Moneybags…can easily pay for their sonny boy…

“Sins of the fathers” are often borne by their offspring…next generation or next ..
Dont be so arrogant next time…

ForeSEE his mother will tell the media that his son who is facing all those charges are only peanuts in her eyes.

“An honest and reasonably diligent director would have conducted a more thorough investigation into these matters.” – Justice Abdullah.

Honest! What is that?

Will the govt. reveal the multiple directorships of all civil servants,PAP Ministers and grassroots leaders in GICs, TH, all govt. agencies and related companies? Is Goh Jin Hian’s style of doing business the same as his father GCT? Is this the reason for the State’s sale of NOL and the adopted culture in doing business like the six KOM executives? In the T.T. Durai’s case GJH’s mother said that the $600,000 paid to Durai was peanuts even though it was a charity. What has she got to say now of her son? Is the son paying a price because of… Read more »