So this CB Kia needs to pay US$146M plus $332K. Think his whole family sell backside also will become bankrupt.
https://www.straitstimes.com/busine...n-hian-found-liable-for-company-s-196m-losses
The High Court has found that Goh Jin Hian, a former director of insolvent marine fuel supplier Inter-Pacific Petroleum (IPP), is not entitled to relief from liability to pay US$146 million (S$196 million) plus interest in compensation for losses suffered by the firm.
This is due to “the egregiousness of his breaches of duty, chief among which was his ignorance as to IPP’s cargo trading business”, Justice Aedit Abdullah said in his 170-page grounds of decision issued on July 11.
The judge found that Goh had failed to take “reasonable steps”, such as making necessary inquiries when various red flags relating to the firm’s financial position arose.
His breach of duty “entailed an extent of carelessness or imprudence that struck at the very heart of his duty of skill, care and diligence”, said the judge.
He also ordered Goh to pay costs of $332,545 plus $94,301 in disbursements.
The judge’s grounds of decision comes after Goh appealed against the ruling in February that
found him liable for breach of director’s duties and statutory duties and losses suffered by IPP.
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