Thursday, November 14, 2024

A Singapore court has ruled that former Prime Minister Goh Chok Tong’s son caused a loss of US$146 million to his company.

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In his defence, Mr Goh claimed that no breach or loss had occurred and claimed immunity from liability under the Companies Act.

In brief remarks released on January 24 ahead of the full judgment, which has not yet been released, Judge Abdullah said Mr Goh had a duty as a director to oversee the company’s affairs.

“The duty is to monitor the operations of the companies,” he said. “This requires at least a broad level of oversight of the activities of company officers, for the protection of the company, its shareholders, and its creditors, among other things.”

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The judge said the evidence showed Mr Goh played an active role in the management of the company, assumed responsibility and had access to knowledge and information.

Judge Abdullah said directors did not need to know all the details, but the evidence showed Mr Goh lacked knowledge of the cargo trading business, which formed a significant part of IPP’s activities.

The judge said there were three “red flags” that should have triggered Mr Goh to investigate the company’s financial situation. The company had debts of approximately US$132 million, its profitability was threatened by the suspension of its bunker license, and during the suspension of its license it owed Maybank a large amount totaling approximately US$15.6 million.

“The company’s financial situation is questionable and should have prompted the defendant to look further into the company to find out the true situation and monitor what is going on within the company. That is his duty as a director. ,” Judge Abdullah said.

He said if Mr Goh had carried out his duties, the trades and reversals that would have caused losses to the company would not have been carried out.

Mr Goh pointed to certain internal information and said there was sufficient basis to be satisfied or not investigate further, but the judge rejected this.

“An honest and reasonably diligent director would have persisted and investigated further,” he said.

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Mr Goh also claimed that the bank had breached its obligations to the company, but the judge ruled this was “speculative” and a separate matter from Mr Goh’s liability.

The judge ruled that relief under the Companies Act did not apply to Mr Goh. That provision requires the court to find that Goh acted “honestly and reasonably.”

Judge Abdullah said, “At the very least, we cannot conclude that the defendant acted reasonably.”

He measured the infringement from February 7, 2018, and the losses claimed by the company, including the entire drawdown from June to July 2019, totaling US$146,047,099.60 and related interest claims. approved the full amount.

A further hearing will be decided for further directions, including submissions on costs.

Apart from this civil case, Mr. Go is also involved in a criminal case in court.

At his last pre-trial conference on February 2, Mr Goh suggested he was innocent. His next pretrial conference will be in March.

This story was first published by CNA



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