Goh Jin Hian Steps Down As Cordlife Chairman After Getting Sued
Dr Goh Jin Hian, son of former Prime Minister Goh Chok Tong, has been in the news quite a bit lately.
Last Thursday (1 Oct), it was reported that he was under probe for alleged false trading and market rigging by the Commercial Affairs Department.
His passport was seized as a result of the investigations.
Now, Dr Goh has stepped down as chairman of a family cord blood banking firm on Monday (5 Oct).
This came after news broke that he is being sued by local bunker supplier Inter-Pacific Petroleum (IPP) for over S$212.6 million (US$156 million) in losses incurred.
Goh Jin Hian steps down as chairman, stays as independent director
Deloitte & Touche – the judicial managers of IPP – filed a lawsuit against Dr Goh on Friday (2 Oct), as reported by the Straits Times.
It is over allegations of a breach in his duties as director, which resulted in the loss of hundreds of millions.
Cordlife has since announced that Dr Goh will be stepping down as chairman with immediate effect to “devote more time to his personal affairs”, according to the Straits Times.
However, the firm says that he will continue his role as independent director (ID) of the company.
This decision was made by the nominating committee and the board.
They felt that Dr Goh has the “character and integrity” as well as the expertise, experience and qualifications to be an asset to Cordlife.
Sued over failure to act as director of IPP
Dr Goh was taken to task by IPP’s judicial managers over alleged breach of director’s duties when he suspended IPP’s bunker craft operator licence in Jun 2019, according to Manifold Times.
The amount of S$212.6 million was lost due to his failure to “act with skill, care and diligence” when he served as director from 28 June 2011 to 10 August 2019.
Hopeful investigations will shed light on this matter
It must be a challenging time for Dr Goh and his family amid multiple allegations and investigations.
Regardless, we hope that in time the truth will be uncovered and these cases can be put to rest.
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