Ex-IPP director Goh Jin Hian wins appeal, court says firm failed to prove his breach caused losses
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SINGAPORE — The Court of Appeal has found Goh Jin Hian, a former director of insolvent marine fuel supplier Inter-Pacific Petroleum (IPP), is not liable to pay US$146 million (S$187 million) plus interest in compensation for losses suffered by the firm. IEx-IPP director Goh Jin Hian wins appeal, court says firm failed to prove his breach caused losses
SINGAPORE — The Court of Appeal has found Goh Jin Hian, a former director of insolvent marine fuel supplier Inter-Pacific Petroleum (IPP), is not liable to pay US$146 million (S$187 million) plus interest in compensation for losses suffered by the firm. In overturning a lower court ruling that found Goh was not entitled to relief from liability, the Appellate division of the High Court clarified that «it cannot be part of a director's duty of supervision and oversight to pick up fraud unless there are tell-tale warning signs. »A director may be a sentinel, but he is not a forensics investigator or a sleuth, unless there are signs that would put him on inquiry,« according to a 63-page ruling on June 5 delivered by Justice Kannan Ramesh, a Judge of the Appellate division. »While we agree with the (High Court) Judge that Dr Goh had breached the care duty by reason of his ignorance of the cargo trading business, IPP has failed to show... that the breach caused the loss in question," the Appellate court said. Goh, the son of former prime minister Goh Chok Tong, served as a director of IPP from June 28, 2011, to August 2019. Read more
