Goh Jin Hian has resigned from his position as a non-independent director and non-executive chairman of New Silkroutes Group “to devote more time to personal affairs”, the company announced on Thursday (15 Oct).
Dr Goh, who is the son of former Prime Minister Goh Chok Tong, was New Silkroutes’ CEO from July 2015 till 1 October 2020.
He had also reportedly resigned from his role as an independent director of Cordlife Group with immediate effect, Cordlife announced yesterday.
Alongside with Mr Goh, New Silkroutes’ finance director William Teo had also stepped down from his role.
The firm noted that Mr Teo had resigned “to focus on personal matters and to pursue other interests”.
Earlier on 30 September, New Silkroutes disclosed that both of the directors are assisting the Commercial Affairs Department (CAD) with investigations into possible offence under the Securities and Futures Act.
The company understands that the alleged offence is false trading and market rigging pursuant to section 197 of the SFA in view of past share buy-backs and acquisitions of shares.
Also assisting with the CAD probe is Kelvyn Oo Cheong Kwan, New Silkroutes’ former chief corporate officer and executive director, who had left the company on 1 August “to pursue personal interest and other opportunities”.
The firm also noted on Thursday that its auditor Deloitte & Touche had issued a disclaimer of opinion on the financial statements of the group for the financial year ended 30 June.
Meanwhile, Dr Goh is also being sued by the judicial managers of Inter-Pacific Petroleum (IPP) for breaching the director’s duties during his time as director of IPP.
The suit seeks to recover about US$156 million with interest from him for drawdowns of trade financing between June and July 2019 that the banks alleged were “non-existent of sham transactions”.
Dr Goh had also resigned from the board of Swiss-based crypto bank Seba last week.