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CNA
5 days ago
- Business
- CNA
Goh Jin Hian wins appeal against former company IPP over US$146 million awarded in damages
SINGAPORE: Former Inter-Pacific Petroleum (IPP) director Goh Jin Hian won an appeal to the Appellate Division of the High Court, which on Thursday (Jun 5) set aside US$146 million (S$187 million) in damages previously awarded to IPP. Goh Jin Hian, who is the son of former Prime Minister Goh Chok Tong, was previously found liable for the losses of the now-insolvent IPP, a marine fuel supplier. On appeal, the Appellate Division of the High Court, comprising Justice of the Court of Appeal Tay Yong Kwang and Judges of the Appellate Division Woo Bih Li and Kannan Ramesh, found that even though Goh had breached his duty of care as a director, his breach did not cause loss to IPP. BACKGROUND IPP had sued Goh for breaching his director's duty and in February last year won the case, which was presided over by Justice Aidan Xu @ Aedit Abdullah at trial. The company said that Dr Goh had failed to look into certain issues which would have led him to realise that the company was being defrauded. The fraud relates to drawdowns of US$146,047,099.60 for cargo trades and US$10,508,238.71 for bunker trades between Jun 21, 2019 and Aug 2, 2029. IPP asserted that Goh had failed to act with reasonable skill and care in the face of three "red flags" - an audit confirmation request signed by Goh, the Maritime and Port Authority of temporary suspension of IPP's bunker craft operator licence, and three confirmations of indebtedness signed by Goh and sent to Maybank. Goh's inquiry into IPP's financial position over these red flags would have resulted in the sham cargo trades being uncovered, the company said. In his defence, Goh claimed that there was no breach, no loss caused and disagreed that the three red flags were sufficient to put him on a train of inquiry. Ruling in favour of IPP, Justice Xu then said Goh had an obligation to oversee the affairs of the company as a director. The judge said the evidence showed that Goh played an active role in the management of the company and had assumed responsibilities, and obtained knowledge and information. While Justice Xu said a director need not know all details, the evidence showed a lack of knowledge by Goh about IPP's cargo trading business, which was a significant portion of the company's activity. He found that Goh failed to act reasonably in the face of the three red flags, which should have raised alarm bells. Finding that IPP had proven loss in relation to the cargo drawdowns, Justice Xu awarded the company damages of US$146,047,099.60. Goh appealed the decision. APPEAL ALLOWED IN PART In a judgment issued by the Appellate Division of the High Court on Thursday, Justice Ramesh said the court agreed with Justice Xu that Goh breached his duty of care by failing to realise IPP was running a cargo-trading arm, but ruled that the company failed to prove that the lapses caused the loss. 'In our view, IPP has failed to discharge its burden of proving that Dr Goh's ignorance of the cargo trading business was the proximate cause of the loss in question, namely the cargo drawdowns,' Justice Ramesh said. The company failed to prove that the fraud would have been detected and the loss averted if Dr Goh had known that IPP was undertaking the cargo trading business, he said. To prove its case, IPP had to specify the steps that Goh would have taken that would have prevented fraud. However IPP did not state these steps or adduce any evidence. Instead it relied on "bare assertions" to suggest that Goh would have found out about the fraud and prevented the cargo drawdowns if he was aware of the cargo trading business, or acted reasonably in respect of the three red flags, Justice Ramesh said. The Appellate Division of the High Court also disagreed with Justice Xu on the issue of the three red flags, finding that they were in fact not red flags that would have put Dr Goh on a train of inquiry. "It cannot be part of a director's duty of supervision and oversight to pick up fraud unless there are tell-tale or 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. There is no suggestion by IPP there were any, apart from the 'red flags', which we have concluded were not in fact red flags," Justice Ramesh said. He found that Goh did not breach creditor duty, as he had not authorised the cargo drawdowns which IPP made between Jun 21, 2019 and Aug 2, 2019. Consequently, the Appellate Division of the High Court allowed the appeal in part and set aside the judgment. Goh was represented by TSMP Law Corporation's senior counsel Thio Shen Yi and Mr Nanthini Vijayakumar. On the case, Mr Thio said: "Dr Goh has always maintained that his conduct caused no avoidable loss to IPP, and we believe he has been vindicated." Mr Thio noted that the court had clarified the law of duties for directors, which was an "important decision with practical implications for all directors". "Directors owe fiduciary obligations and duties of care to a company but the Appeals Court has crucially recognised the practical and commercial limits to their ability to scrutinise for and detect fraud, especially deep-seated fraud. This acknowledges the complex commercial realities that directors often operate in," he said. Goh still faces criminal charges that are pending before the court.
Independent Singapore
23-05-2025
- Business
- Independent Singapore
Prime Minister Lawrence Wong, Goh Chok Tong meet former U.S. President Bill Clinton
Asia This Week US Singapore News SINGAPORE: Prime Minister Lawrence Wong met with former U.S. President Bill Clinton, this week. The meeting, which took place on Wednesday (May 21) as part of Mr Clinton's visit to the region, focused on exchanging insights on global and regional developments. In a LinkedIn post following the meeting, Prime Minister Wong expressed appreciation for President Clinton's longstanding support of U.S.-Singapore relations during his presidency. He noted that Mr Clinton had worked closely with then-Prime Minister Goh Chok Tong to lay the groundwork for the U.S.-Singapore Free Trade Agreement (USSFTA). The USSFTA was historic as it was the first bilateral free trade agreement between the United States and an Asian country. The FTA eliminated tariffs on goods, enhanced intellectual property protections, and expanded access to services, financial markets, and government procurement opportunities. The agreement was signed in 2003 and went into force in 2004. It remains a central component of U.S.-Singapore economic ties. See also Is Multi-Ministry Task Force changing its Covid-19 strategy? Prime Minister Wong said on social media, 'Singapore and the US continue to share many areas of strategic cooperation. We look forward to deepening this partnership in the years ahead.'
Independent Singapore
09-05-2025
- Business
- Independent Singapore
Singapore richer, healthier than most English-speaking countries?
Photo: Depositphotos/Cloud7Days SINGAPORE: Singapore is getting so accustomed to superlatives that not all of its achievements make the local news anymore. Perhaps, that's why the local media have been largely silent on the United Nations' (UN) latest Human Development Index (HDI) data, which places Singapore ahead of every English-speaking country except Australia. A report published in The Economist shows Singapore tied 13th place with the United Kingdom, behind only two Asia-Pacific countries and territories — Australia (7th) and Hong Kong (8th). European countries occupy all the other top 10 spots, including the 11th (Ireland) and 12th (Finland). Canada ranks 16th, while New Zealand and the United States are tied at 17th. South Korea comes in at 20th, and Japan at 23rd. Iceland tops the list, with Norway and Switzerland sharing second place. In view of the competition, Singapore ranking 13th — ahead of the US, Canada, Japan, and South Korea — is nothing to sneeze at. Yet, at the time of writing, there appears to be no mention of it on The Straits Times or the Channel NewsAsia website. Singaporeans can be so sniffy. Nothing will do but the very best — and coming in second to Hong Kong is unpardonable. My, my! Well, I have news for you, folks. Singapore has missed one growth target. The young may not know this, but old-timers will: In 1984, then Deputy Prime Minister Goh Chok Tong declared that Singapore's goal was to reach the Swiss standard of living by 1999. More than 25 years have passed since that deadline, and while the goal is now within reach, it remains elusive. Close, but no cigar, as the saying goes: Switzerland ranks second, Singapore 13th on the HDI. However, a closer look at the data shows just how narrow the gap is. The Index, published in The Economist, includes life expectancy at birth, expected years of schooling, and gross national income per person. Life expectancy is nearly identical for Singapore (83.7 years) and Switzerland (84 years). Expected years of schooling are also the same (16.7 years). Remarkably, Singapore outpaces Switzerland on average income. The gross national income per person is US$111,239 (S$148,746) for Singapore and US$81,949 for Switzerland, making Singapore the only country among the top 25 with a six-digit figure. Sceptics may question how the UN arrived at such a high number, given that the median income in Singapore is considerably lower. According to the Ministry of Manpower, the median monthly income of full-time employees, including employer CPF contributions, is S$5,500. That's a puzzle for experts to solve. As for the rest of us, we can only go by the figures presented. Incidentally, the top 10 countries, according to the index, are: 1. Iceland 2. Norway 2. Switzerland 4. Denmark 5. Germany 6. Sweden 7. Australia 8. Hong Kong 9. Netherlands 10. Belgium The 2025 Human Development Report, titled A Matter of Choice: People and Possibilities in the Age of AI , which contains the 2023 HDI data, also highlights how Singapore is adapting to developments in artificial intelligence. 'Launched in 2019, Singapore's Model AI Governance Framework is paving the way for a strong AI ecosystem that balances innovation with concerns around security, privacy and accountability, among others,' it notes. Singapore has always capitalized on the latest business trends, from developing shipbuilding and ship-repairing facilities in the 1960s to welcoming family offices today. That, more than anything else, has been the key to its prosperity. The search for the next big prosperity aid continues to guide its leadership, and the majority of citizens appear content to be shepherded along. We saw that in the May 3 general election. The People's Action Party (PAP) was returned to power in a landslide, with an even larger majority than in 2020. Critics — and there are always critics — wondered how that could happen when the cost of living and housing prices are rising. Some pointed to the strong Singapore dollar, increasing income levels, and rising property values. Whatever the explanation, the HDI figures make one thing clear: Singapore is outperforming the vast majority of nations, ranking 13th out of 193. Even the opposition Workers' Party (WP) didn't attempt to unseat the government, contesting just eight of the 33 constituencies. The party cited a lack of resources. But the fact is, you don't change horses in midstream — especially when they seem to be advancing steadily towards greater prosperity. Featured image by Depositphotos (for illustration purposes only)
CNA
07-05-2025
- General
- CNA
Nominations open for 2025 Goh Chok Tong Enable Awards
SINGAPORE: Nominations for the 2025 Goh Chok Tong Enable Awards (GCTEA) have opened, with the closing date for submissions on Jun 25, a joint press release by Mediacorp and disability agency SG Enable said on Wednesday (May 7). Now in its seventh year, the awards are a key initiative of the Goh Chok Tong Enable Fund, which is a community fund is administered by SG Enable and supported by Mediacorp. It gives opportunities to persons with disabilities to actively contribute to society and lead socially integrated lives by providing financial aid, supporting aspirations and conferring awards. The awards comprise two categories: The GCTEA (Achievement) celebrates individuals with disabilities who have made significant achievements in their respective fields and inspire others. Up to three individuals will be awarded S$10,000 (US$7,700) each. Nominating organisations which are Institutions of Public Character or government educational institutions will each receive S$5,000 if their nominee is selected as a winner of this award category. This is in recognition of their "contributing role in the success journeys of persons with disabilities", said Mediacorp and SG Enable. The GCTEA (Promise) encourages individuals with disabilities who have shown promise to pursue greater heights in their areas of talent and willingness to serve the community. Up to 10 individuals will each receive S$5,000. Nominees for both categories must be individuals with disabilities, said Mediacorp and SG Enable. This refers to physical disabilities, sensory disabilities such as visual impairment and hearing loss, intellectual disabilities or autism. They must also be Singapore citizens or permanent residents, and aged 18 years and older for the GCTEA (Achievement) awards, or aged 12 years and older for the GCTEA (Promise) awards. There have been 84 awardees across the past six editions. Thirteen individuals with disabilities were honoured last year. Mr Michael Ngu, chairman of the GCTEA evaluation panel and SG Enable board member, said: "Since its inception in 2019, the GCTEA has honoured persons with disabilities who have overcome challenges and made remarkable achievements - much like how Singapore has stood resilient and defied the odds in its 60 years since independence."
New Paper
05-05-2025
- Sport
- New Paper
$1.9 million raised for 10 organisations at May Day charity event
An event held on May Day saw donors contributing around $1.9 million for 10 organisations, including the Singapore Hospice Council, Caregiving Welfare Association, Reach Community Services, Ambulance Wish Singapore and Seventy Times Seven (Prison Fellowship Singapore). The charity drive by the Singapore Island Country Club (SICC) comprised a charity golf game, which saw 500 players taking part, and a gala dinner at the club's location near Upper Thomson Road. Emeritus Senior Minister Goh Chok Tong and his wife, Madam Tan Choo Leng, donors, corporate partners and beneficiaries attended the dinner, which saw performances by the Dyslexia Association of Singapore, among others. In a statement, the club said other sports activities, including tennis, squash, pickleball and bowling, will continue until the end of the month as part of the charity drive. The charity drive has raised over $27 million since its first iteration in 1972, in support of more than 100 charitable organisations. Mr How Seen Yong, the organising chairman of the SICC May Day Charity 2025, said the event is more than just a tradition. "It is a powerful reminder of what we can achieve when we come together to serve others. The impact we create goes far beyond the dollars raised; it's about transforming lives, restoring hope and inspiring future generations to give back," he said. Thanking donors, Mr How said he was proud to stand with the club's members to continue the tradition of helping the needy and under-privileged in Singapore. The club was established in 1963. It has three golf courses and other sports facilities across its two locations. The courses have hosted international and local golf tournaments, including the Rolex Masters. The Singapore Open golf tournament will be held at SICC in November.
