In December 2019, the Maritime and Port Authority of Singapore had revoked the bunker supplier licence of Inter-Pacific Petroleum Pte Ltd (IPP). Judicial management was filed at the High Court of the Republic of Singapore and a judicial manager had been appointed.
What was worth noting was that one of the substantial shareholders in IPP was Goh Jin Hian – the son of Singapore’s former Prime Minister Goh Chok Tong. He was a director at IPP from 28 June 2011 to 20 August 2019.
Yesterday (16 September), the judicial managers of IPP were reported to have submitted an application to the High Court with the intent to extend the JM Order by a further six months to consider taking Dr Goh to court.
According to Manifold Times, the judicial managers had been looking into IPP’s records, as well as investigating the company’s affairs since it was placed under judicial management.
The judicial managers stated that the investigations revealed that IPP has a “viable claim” against Dr Goh for “breaches of his director’s duties”.
“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.”
It was also reported that two of IPP’s largest creditors, Malayan Banking Berhad (Maybank) and the Singapore branch of Societe Generale (SocGen) had indicated an intention to fund the prospective legal action against Dr Goh.
“Two of the Company’s largest creditors, Malayan Banking Berhad (“Maybank”) and Societe Generale, Singapore Branch (“SocGen”) have come forth to the JMs indicating an intention to fund the prospective legal action against Dr Goh in respect of this breaches of duties.”
Maybank is owed USD 88.3 million, and SocGen is owed USD 81.3 million.
The judicial managers from Deloitte & Touche LLP were also revealed to be considering to place IPP in liquidation before action was taken against Dr Goh, and to leave his prosecution be handled by the prospective liquidators.